SRC establishes SAR 11 billion Sukuk program

Saudi Real Estate Refinance Company (SRC) has established a Sukuk program allowing issuances of up to SAR 11 billion, a statement said on Thursday.

SAR-denominated Sukuk will be issued and offered from time to time, at SRC’s discretion, through multiple issuances to investors, the statement said.

SRC has mandated HSBC Saudi Arabia as sole lead manager and book-runner to arrange investor meetings.

“Proceeds from the issuance will help SRC fund its business strategy to increase the liquidity in the Saudi Arabian mortgage market in compliance with its mission statement and the pursuit of its objectives,” the statement added.