Saudi Arabia's Dar Al-Arkan confident about $1bn sukuk repayments

07 March 2012

Andy Raheja, the chief financial officer of Dar Al-Arkan has said the Saudi construction firm can repay a $1bn Islamic bond due this year and will not seek government aid, rejecting allegations that the company may struggle to pay its debts, Reuters has reported. The kingdom's largest property developer will use cash on hand and proceeds from land sales to repay the bond maturing in July, Said Raheja, The firm is also in talks with lenders to refinance a smaller SR700m ($190m) loan facility with an asset-backed Islamic facility using its Al Qasr Mall in Riyadh as collateral.

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