Unicorn Investment Bank

Second Sukuk mandated by Dar Al-Arkan Real Estate Development Company

Bahrain, 18 June 2007 - Dar Al Arkan Real Estate Development Company (Dar Al Arkan), a leading residential real estate developer in the Kingdom of Saudi Arabia, has mandated ABC Islamic Bank E.C., Arab National Bank, Deutsche Bank AG, Dubai Islamic Bank PJSC, Gulf International Bank B.S.C., Kuwait Finance House Malaysia Berhad and Unicorn Investment Bank B.S.C. (c) (the “Joint Lead Managers”) to arrange a 5-year Sukuk al Ijara issue on behalf of the company. The Joint Lead Managers are also the Joint Bookrunners for the transaction whilst Unicorn Investment Bank is also the structuring agent and Shari’ah advisor.This Sukuk marks Dar Al Arkan’s second issue in the International Capital Markets and follows the enormous success of Dar Al Arkan’s US$600 million 3-year landmark Sukuk issue which closed earlier this year. The first Dar Al Arkan Sukuk marked the first international Sukuk to be issued by a Saudi corporate and received an overwhelming response from investors across Europe, South East Asia and the GCC region. Initially launched as a US$425 million issue, the Sukuk was significantly oversubscribed, with Dar Al Arkan opting to increase the issue size upon closing. The Sukuk was recently listed on the Dubai International Financial Exchange (DIFX). It is the sixth Sukuk to list on the DIFX and the first from a Saudi issuer.The funds raised by the second Dar Al Arkan Sukuk will be used to finance residential developments across the Kingdom of Saudi Arabia. Since its establishment, Dar Al Arkan has been providing international standard housing solutions to families in Saudi Arabia. The company has a corporate rating of (A-), with a stable outlook, assigned to it by Capital Intelligence.

Investor presentations for the second Dar Al Arkan Sukuk will be held in Riyadh, Manama, Dubai, London, Kuala Lumpur and Singapore. Distribution will be geared to a broad investor base.