Saudi Real Estate Refinance Company (“SRC”), the wholly-owned Public Investment Fund of the Kingdom of Saudi Arabia, has increased its programme limit from SAR 10 billion to SAR 20 billion and issuance of SAR 3 billion (USD798 million) sukuk guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia under its SAR 20 billion domestic sukuk programme.
The sukuk has a tenor of ten years and was offered as a private placement to Saudi institutional and qualified investors. The drawdown marks the issuance of the fifth series under SRC’s domestic programme and follows the SAR 4 billion guaranteed sukuk issuance in April 2022.
Aljazira Capital, Al Rajhi Capital Company, HSBC Saudi Arabia, Riyad Capital and SNB Capital Company acted as joint lead managers.
White & Case and the Law Office of Megren M. Al-Shaalan have advised SRC on the transaction. The team was led by partner Debashis Dey (Dubai & London, pictured left) and included counsel Xuan Jin (Hong Kong & Dubai) and associates Eren Ayanlar and Ghislaino Kamdo (both Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan (pictured right) and included local partner Waad Alkurini and associate Nezar Al Abbas.