Rawabi Holding closes third issuance of sukuk worth SAR 583 mln

Rawabi Holding Company had successfully concluded its third issuance of a SAR 583 million Sukuk due on July 28, 2022 (“Third Series”) under the SAR 1.5 billion Sukuk program established by a special purpose vehicle (“Sukuk Program”).  

The third series follows two successful issuances since the program was established earlier in the year. Albilad Capital, Alinma Investment Company and Riyad Capital acted as co-dealers for the Third Series. 

Ahmad Al-Shubbar, Vice President, Treasury & Strategy, at Rawabi said: “The successful issuance of three series totaling almost SAR 1.16 billion under the Sukuk Program in the year to-date demonstrates the resilience of Rawabi’s business model and growth strategy during a remarkably challenging period. The Sukuk Program plays an integral role in helping Rawabi to diversify its funding sources, ensuring that the Company is well-positioned to execute its ambitious growth strategy going forward.” 

“We are delighted to receive such a strong endorsement from capital markets investors, recognizing Rawabi’s unique position to capitalize on its leading position in the regional oilfield services industry.”  

“We are very pleased to work with our investment banking partners to attract strong institutional interest for the Sukuk Program.” 

Simmons & Simmons LLP acted as legal counsel.