Dar Al Arkan's Islamic bonds have returned more than three times the regional average as the property developer benefits from Saudi Arabia's plan to b (more)
Dar Al Arkan's Islamic bonds have returned more than three times the regional average as the property developer benefits from Saudi Arabia
's plan to build at least 500,000 new homes.
Dar Al Arkan Real Estate Development Co.'s $450 million sukuk due February 2015 earned more than 7 percent this year including profit rate, the most among Islamic bonds in the Gulf Cooperation Council, according to data compiled by Bloomberg. Dubai-based Emaar Properties PJSC's (EMAAR) 2016 sukuk was secondp-laced with a return of 5.7 percent. The average gain was 2.1 percent.
Real estate companies in the Gulf are profiting as economic growth accelerates, with yields on sukuk from Emaar and Nakheel Properties PJSC tumbling amid surging Dubai property prices. Saudi Arabia's construction program, part of a plan to avoid unrest that toppled governments in Egypt, Tunisia, Libya and Yemen, helped Dar Al Arkan pay a $1 billion sukuk last year, easing concern over its finances.
Sukuk.me Wire External StoryFrom Source: Bloomberg - Read full article here
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