Moody's Investors Service has said that the planned sukuk by Saudi developer Dar Al Arkan Real Estate Development Co will set a pricing benchmark for the Gulf region's non-investment grade issuers, Bloomberg has reported. The Islamic bond issuance aims to refinance a $600m debt, two bankers with knowledge of the sale said. It is the first non-investment grade issue from the region, Jehad el-Nakla, a Dubai-based analyst at Moody's, told reporters at the formation of the Gulf Bond and Sukuk Assoc. 'It's a landmark issuance,' he said.