Saudi Property Stokes 3-Times Bigger Bond Gains: Islamic Finance
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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 2016 sukuk was second-placed with a return of 5.7 percent. The average gain was 2.1 percent.