Dar Al Arkan Confident Can Repay $1 Billion Sukuk, Arabian Says

Dar Al Arkan Real Estate Development Co. (ALARKAN) is confident it will be able to repay a $1 billion Islamic bond maturing in July, Arabian Business reported, citing the company’s chairman.

Saudi Arabia’s largest property developer has been building up cash reserves to repay the bond and is able to use assets and land as collateral to secure funding in the case of a shortfall, the Dubai-based magazine reported, citing Yousuf Bin Abdullah Al Shelash.

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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