Saudi builder Dar Al-Arkan is able to repay a $1 billion Islamic bond due this year and will not seek government aid, a top executive said, rejecting allegations that the company may struggle to pay its debts.
Al-Arkan, the Kingdom’s largest property developer, will use cash on hand and proceeds from land sales to repay the bond, or sukuk, maturing in July, Chief Financial Officer Andy Raheja, told Reuters in an interview on Monday………………………………………..Full Article: Source