Saudi developer Salman Abdullah Bin Saedan Real Estate Group is planning its debut $1 billion sukuk issuance just before or after May this year, Reuters reported, citing a senior executive from Bahrain-based Ibdar Bank.

 

The sukuk will be listed on the Irish Stock Exchange with a possible listing on Nasdaq Dubai, said Ikbal Daredia, the bank’s senior executive director capital markets and treasury.

 

The proceeds from the sukuk will be used to build social housing projects that aim to address a shortage of affordable residential properties in Saudi Arabia.

 

Ibdar Bank also aims to bring on board one or two international banks and regional partners as joint lead managers for the deal, he added.

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