Dar Al Arkan Real Estate Development Co. plans to repay about 5bn riyals ($1.3bn) of debt this year as the Saudi Arabian developer sells land to build its cash holdings, the chief financial officer said.
“We will repay our debts this year, which amount to about 5 billion riyals and includes our sukuk maturing in July,” Andy Raheja said in an interview at the Bloomberg office in Dubai on Feb. 15. “We 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.”
Dar Al Arkan, the second-biggest property company in the kingdom by market value, holds about 35 million square meters of land mainly in Riyadh and Jeddah. It expects to continue making about 800 million riyals every quarter from land sales, Raheja said.
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