DUBAI, July 9 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.
The company's floating rate sukuk was bid
close to par, as it came closer to maturity. Its shares were
trading down 3.5 percent on the Saudi bourse at 1000 GMT.
(Reporting by Rachna Uppal and Praveen Menon; Editing by Dinesh