Saudi developer to repay $1.3bn debts this year following land sales
20-Feb-2012
Saudi property developer, Dar Al Arkan plans to repay about SR5bn ($1.3bn) of debt this year as the Saudi Arabian developer sells land to build its cash holdings, Bloomberg has reported. ÂWe will repay our debts this year, which amount to about 5 billion riyals and includes our sukuk maturing in July, chief financial officer Andy Raheja said. ÂWe have been selling land and not deploying it back into more land and are building up a cash pile in order to repay the sukuk. The second-biggest property company in the kingdom by market value holds about 35 million square metres of land mainly in Riyadh and Jeddah. It expects to continue making about SR800m every quarter from land sales, Raheja said.
