Dar Al-Arkan has listed its US$1 billion Sukuk on the Dubai International Financial Exchange (DIFX). This is the company’s second Sukuk listing on the DIFX, following its US$600 million issue in May 2007.
Lovells acted as international counsel for the Sukuk, advising the banks on English law, which Dubai financial laws are based on. White & Case advised the lenders from a Saudi Arabian perspective, while Dar Al-Arkan was advised by Kuwait’s Al-Sarraf & Al-Ruwayeh and Maples and Calder gave advice on Cayman law.
Dar’s listing has brought the value of Sukuk listed on the DIFX to US$13.78 billion, accounting for 48% of globally listed Sukuk. The Sukuk is also due for a Labuan listing. (See the Termsheet on page 20 for the full details on this deal.)