Riyadh – Mubasher: Jabal Omar Development has appointed two banks to manage a sukuk sale of SAR 4 billion ($1.07 billion) in the first quarter of 2018, sources told Reuters.

The real estate company has hired Al Bilad Bank and GIB Capital to arrange its planned Islamic bond issue, sources added.

The Saudi company may raise funds through one or two sukuk issues, one of the sources noted.

In October, Jabal Omar announced that it invested SAR 1 billion in an in-kind stake in Alinma Makkah Real Estate Fund, and it will be deducted from the sale’s price.

In April, CEO of Jabal Omar Yasser Al-Sharif said that the company was is getting ready to join the sukuk market.

Jabal Omar’s stock closed Wednesday down 0.18% to SAR 60.30.