PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk
- Date: 11-Mar-2021
- Source: Salaam Gateway
- Sector:Real Estate
- Country:Saudi Arabia
PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk
Published 10 Mar,2021 via Arab News - Economy RIYADH - The Saudi Real Estate Refinance Company (SRC) has announced SR4 billion ($1.07 billion) in long-term sukuk issuances, providing liquidity to the Kingdom's housing market.
The real estate finance company, owned by the Public Investment Fund (PIF), recently launched a SR10 billion sukuk program targeting local investors.
The latest issuance was offered in seven- and 10-year tenors and was part of a private offering to Saudi-based institutional investors.
“The successful Sukuk issuance demonstrates confidence among the investor community and trust in a robust housing market in the Kingdom and more broadly a resilient Saudi economy,” Majed Al-Hogail, the minister of housing and chairman of the SRC, said in a statement.
Al-Hogail said the sukuk program will help the Kingdom achieve its housing goals under Vision 2030, where mortgages are more affordable and accessible to Saudi citizens.
“The latest sovereign-guaranteed offering, underpinned by favorable cost of funding and terms, will further provide liquidity