Shuaa Capital successfully issues SAR 506 mln sukuk for Jabal Omar

UAE-based financial services group, Shuaa Capital, announced on Tuesday the issuance and private placement of a SAR 506 million dollar-denominated five-year sukuk for Jabal Omar Development Company (JODC) as it seeks to strategically diversify its capital base.

Shuaa acted as the sole arranger for the sukuk, which was originally issued in the second half of 2018, the statement said.

Read: Shuaa Capital to reveal first deal with Jabal Omar: MD

“In line with our growing role in both the Saudi financial and real estate markets, SHUAA’s combination of expertise made us the natural partner for JODC and we are delighted to support its successful sukuk issuance,” Fawad Tariq-Khan, CEO of Shuaa, said.

The statement further noted that the company’s sukuk issuance will support its capital raising initiatives towards the growth and development of its real estate activities, specifically in and around Makkah.