Saudi Arabia’s Dar Al-Arkan Real Estate Development Co., rated B1 by Moody's (stable outlook), has mandated banks to arrange a series of fixed income investor calls starting on Tuesday June 24.

A 5-year Regulation S USD fixed rate benchmark senior unsecured sukuk offering could follow subject to market conditions under Dar Al-Arkan Sukuk Company Ltd's $2.5 billion Trust Certificate Issuance Programme.

The Ijara-commodity Murabaha sukuk is expected to be rated B1 by Moody’s. The issuance will be listed on LSE’s Main Market and Nasdaq Dubai’s

Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, Alkhair Capital Dubai Ltd, Al Rayan Investment LLC, Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank are joint lead managers and bookrunners.

Dar Al-Arkan is the largest listed real estate developer in Saudi Arabia, and has assets of $9.6 billion  and $1.7 billion in cash as of Q1 2025 end. The developer has issued a total of 13 sukuk since 2007 raising $6.4 billion, of which $5 billion has been repaid, according to the investor presentation.