PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk

PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk

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 to the Saudi housing market that helps our citizens climb the housing ladder," he said. "This issuance will also contribute to the realization of the Public Investment Fund's strategy, a key driver in promoting the growth of the Saudi economy and diversifying sources of income by launching