Saudi builder Dar al-Arkan Real Estate Co on Monday said it will repay a $1 billion Islamic bond, or sukuk, at maturity on July 16. “Dar has taken all the steps for redemption through the principal paying agent,” the company said in a statement to Nasdaq Dubai bourse.
Dar, the kingdom’s largest property developer, had said earlier that it would use cash and proceeds from land sales to repay the bond………………………………………..Full Article: Source