Unicorn Investment Bank

In July 2007, Unicorn Investment Bank, working with a consortium of international banks, successfully closed the Dar Al-Arkan International Sukuk, a groundbreaking US$1 billion Sukuk issued on behalf of Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan). The landmark issue marked the second Sukuk for Dar Al-Arkan in 2007, bringing the total amount of capital raised to US$1.6 billion.

The Dar Al-Arkan International Sukuk received an overwhelming response from institutions across the Middle East, South East Asia and Europe. It was significantly oversubscribed, raising close to US$1.5 billion, with Dar Al-Arkan opting to close the issue at US$1 billion.

The Joint Lead Managers and Joint Bookrunners of the transaction were ABC Islamic Bank (E.C.), Arab National Bank, Deutsche Bank, Dubai Islamic Bank, Gulf International Bank, Kuwait Finance House (Malaysia) and Unicorn. Unicorn was also the Shari’ah and Structuring Advisor.

Established in 1994, Dar Al-Arkan is one of the largest residential real estate developers in Saudi Arabia. The company aims to provide affordable, international standard housing solutions to middle income families across Saudi Arabia. Dar Al-Arkan’s inaugural Sukuk, closed in March 2007 at US$600 million, marked the first Sukuk to be issued by a Saudi corporate in the international capital markets.

The Dar Al-Arkan International Sukuk is listed on both the Dubai International Financial Exchange (DIFX) and the Labuan International Financial Exchange (LFX). It is the first corporate Sukuk from Saudi Arabia to list on the LFX.