Riyad REIT to kick off SAR 1 bln sukuk program

Riyad REIT is planning to launch a SAR 1 billion sukuk program to finance its growth strategy and expand asset base, it said in a statement to Tadawul.

The fund seeks to offer multi-tranche sukuk issues in Saudi Arabia, with aim to diversify its financing sources and maturity profiles.

Execution of the program awaits regulatory approval, the fund said.

In May, Riyad REIT’s board of directors approved the takeover of assets worth SAR 1.05 billion.