Unicorn Investment Bank

Landmark Sukuk launched on behalf of Dar Al Arkan - US$425 million Sukuk al Ijara marks first international Sukuk issue for Saudi corporate

Bahrain, 19 January 2007 - Dar Al Arkan Real Estate Development Company (DAAR), a leading residential real estate developer in the Kingdom of Saudi Arabia, has mandated ABC Islamic Bank E.C., Arab National Bank, Standard Bank Plc., Unicorn Investment Bank B.S.C. and WestLB AG, London Branch (together the Joint Lead Managers) to arrange a landmark 3-year US$425 million Sukuk al-Ijara issue (the DAAR Sukuk) on behalf of the company. The DAAR Sukuk is fully underwritten by the Joint Lead Managers, who are also the Joint Bookrunners for the transaction. Unicorn Investment Bank is structuring agent and Shari’ah advisor.The DAAR Sukuk marks the first international Sukuk issue for a Saudi corporate to date. Based on an Ijara structure, the Sukuk offers investors a tradable Shari’ah-compliant investment instrument. The Sukuk structure has been approved by the Shari’ah Board of Unicorn Investment Bank.

The DAAR Sukuk roadshow will kick off with a presentation in Dubai on the 24th of January. This will be followed by presentations in Bahrain and London on the 25th and 29th of January respectively. Distribution is geared to a broad investor base.