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.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.