Jan. 21 (Bloomberg) -- Dar Al Arkan Real Estate Development Co., Saudi Arabiaâs biggest property company by market value, plans to sell Islamic bonds to refinance its $600 million debt, said two bankers with the knowledge of the sale. Goldman Sachs Group Inc., Deutsche Bank AG and Unicorn Investment Bank BSC are managing the transaction, said the bankers, who declined to be identified before the deal is complete. The bond may be the first international issue from the Gulf region since the state-controlled Dubai World roiled the global markets in November by announcing plans to delay debt payments. Dubai Electricity & Water Authority said last week it postponed the sale of a $1.5 billion bond to the second quarter as yields remained unattractive. Gulf International Bank BSC, a Bahrain- based lender owned by the governments of six Arab states, said in November it deferred a sale of five-year bonds.
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