Search SaudiArabiaPR.com

Home >> Real Estate & Retail

SHUAA successfully issues and places USD135 million (SAR 506 million) Sukuk for Jabal Omar Development Company

SHUAA successfully issues and places USD135 million (SAR 506 million) Sukuk for Jabal Omar Development Company

Tuesday, January 8, 2019/ Editor -  

Share

Home >> Real Estate & Retail

Kingdom of Saudi Arabia, January 8. 2019:  SHUAA Capital psc (SHUAA), the UAE-based financial services group is pleased to announce the issuance and private placement of a USD135 million SAR 506 million dollar-denominated five-year Sukuk for Jabal Omar Development Company (JODC), one of the largest publicly-listed real estate companies in Saudi Arabia as it seeks to strategically diversify its capital base. SHUAA acted as the sole arranger for the Sukuk , (The Sukuk was originally issued in the 2nd half of 2018).

The Sukuk represents a fitting choice of financing for JODC, given the long-term nature of its requirements as a real estate developer and its focus on the holy city of Makkah. It also reflects a growing trend for Sukuk issuances, which raised $97.79 billion globally in 2017, up 45 per cent year on year, and particularly in the Kingdom of Saudi Arabia, which raised more than $26 billion that year.

Fawad Tariq-Khan, Chief Executive Officer of SHUAA, said, “Sukuks represent an ideal financing mechanism for the long-term funding requirements of real estate, as reflected by the dominance of the sector in issuing Sukuks over the past 18 months in the region. In line with our growing role in both the Saudi financial and real estate markets, SHUAA Capital’s combination of expertise therefore made us the natural partner for Jabal Omar Development Company and we are delighted to support its successful Sukuk issuance.”

JODC is one of the largest listed real estate companies on the Saudi Tadawul Stock Exchange and 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 the holy city of Makkah. Its flagship project, Jabal Omar, is a multi-use real estate mega development project consisting of a total built-up area exceeding 2.0 million square meters within walking distance of The Grand Mosque of Makkah.


Previous in Real Estate & Retail

Next in Real Estate & Retail


Home >> Real Estate & Retail Section

Latest Press Release

Mukhtar, the first Saudi film to be shot in the KSA, Egypt and Italy

Sports Collection - Autumn Winter 2019

Ralph Lauren at The Championships, Wimbledon – Sunday 14th July

Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone

IHG signs world's largest voco with Maad International in Saudi Arabia

Siemens to supply power equipment and services for 840 MW power plant in Iraq

Al Diyafa and its sister companies to consolidate Middle East market presence vi ...

Trend Micro Enables Saudi Youth Job Creation to Support SAR 22 Billion IT Market ...

Eternize your most special night at M Hotel Makkah by Millennium

Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlight ...

Festival of Speed Celebrates Aston Martin's Racing History

Makkah Hotel & Towers constantly committed To serving pilgrims and providing be ...

Saudi Arabia's Ministry of Energy, Industry and Mineral Resources signs a contra ...

Amanat portfolio company agrees to acquire three medical facilities in Jeddah ...

Stay this summer at Millennium Al Aqeeq Hotel Madinah

SANS Institute to Enhance Critical and Strategic Cybersecurity Skills in Saudi A ...

Let Your Style Roar

Cerruti 1881'

Redtag's Ramadan Bonanza Winners

Oracle Collaborates with Saudi Arabia's OceanX To Support Startup Growth in the ...