May 23, 2012 / 6:53 AM / 8 years ago

Saudi SABIC to buy land from Dar Al Arkan for $198 mln

DUBAI, May 23 (Reuters) - Saudi Basic Industries Corp (SABIC), the world’s biggest petrochemicals group by market value, is buying part of a residential project from Saudi builder Dar Al Arkan for 741.7 million riyals ($197.77 million), the two companies said on Wednesday.

Dar, the kingdom’s largest property developer with a $1 billion Islamic bond maturing in July, said it will book gains from the SABIC land sale in the second quarter of 2012.

$1 = 3.7503 Saudi riyals Reporting By Mirna Sleiman

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