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Saudi Dar Al Arkan Lists $600M Sukuk on 'Nasdaq Dubai'

Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, rings the bells for inaugurating the market in celebration of issuing Sukuk. Asharq Al-Awsat Arabic
Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, rings the bells for inaugurating the market in celebration of issuing Sukuk. Asharq Al-Awsat Arabic
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Saudi Dar Al Arkan Lists $600M Sukuk on 'Nasdaq Dubai'

Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, rings the bells for inaugurating the market in celebration of issuing Sukuk. Asharq Al-Awsat Arabic
Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, rings the bells for inaugurating the market in celebration of issuing Sukuk. Asharq Al-Awsat Arabic

Dar Al Arkan Real Estate has listed its USD600 million Islamic bond on Nasdaq Dubai bringing the company’s total Sukuk value listed on Nasdaq Dubai to USD1.6 billion, following the listings of two Sukuks of USD500 million each in 2017 and 2018.

Dar Al-Arkan’s assets include about 12.4 million square meters of projects under development. The company has handed over 15,000 residential units in Saudi Arabia and holds a land bank with a book value of circa SAR17 billion (USD4.5 billion).

The Sukuk was more than 2.5 times oversubscribed and received significant interest from Middle Eastern, European and Asian investors.

Nasdaq Dubai stated that the issuance was Dar Al Arkan’s tenth issue since 2007 and the six tranches of its current USD2 billion program and it is due in February 2025 with a coupon rate of 6.75 percent.

Yousef Bin Abdullah al-Shalash, the Chairman of Dar Al-Arkan Real Estate Development Company, said, “With over USD1.5 billion of subscriptions, our latest Sukuk issuance was very well received by the market. It is a testament to our strong relationship with the global debt capital markets and a big vote of confidence from investors in our stewardship of their capital.

The funds raised provide us with the capital to dynamically invest in our business activities across Saudi Arabia as we see the market conditions improving and prepare for the next upcycle.”

For his part, Essa Kazim, Governor of Dubai International Financial Market, Secretary-General of Dubai Islamic Economy Development Centre and Chairman of Dubai Financial Market, said, "Dar Al-Arkan's new listing further strengthens the close Islamic capital markets ties between the UAE and Saudi Arabia, which greatly benefit issuers, investors and the wider economy.

We will continue to develop our relationships with Sharia'a-compliant entities across the GCC to underpin Dubai's expansion as the global Capital of Islamic Economy," Kazim noted.

Abdul Wahed al-Fahim, Chairman of Nasdaq Dubai, said, "We are delighted to deepen our relationship with one of the Middle East's largest real estate developers and its diverse Sukuk investors. This listing underlines the increasing success of Nasdaq Dubai's strategy of attracting high-quality issuers of Sukuk across a wide range of industry sectors."

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Business

Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.

Business

Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.

Business

Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.