Dar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by market value, can repay 7.8 billion riyals ($2.1 billion) of debt maturing within five years without tapping the bond market again, according to its general manager.
“We are on sound footing to manage all of our debts,” Saud Al Gusaiyer said in an interview in Riyadh Dec. 1. The loans are “nothing compared with our assets.”
Rental income from properties in Mecca, Medina and Riyadh will generate 300 million riyals a year and the company plans to raise money by selling residential properties and land in its portfolio, though not fixed assets, Al Gusaiyer said. Dar Al Arkan has total assets worth 23 billion riyals, according to its third-quarter balance sheet.
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