Riyadh – Mubasher: Saudi real estate developer Jabal Omar Development on Tuesday revealed plans to issue domestic sukuk at a value of SAR 2 billion ($533 million).

This issue aims to finance the firm’s projects, according to a statement to the Saudi Stock Exchange (Tadawul), noting that the issuance will commence once the firm has obtained the necessary regulatory approvals.

Jabal Omar’s board of directors decided to hire GIB Capital, HSBC Saudi Arabia, and JP Morgan Saudi Arabia to manage the issuance, it added.

Jabal Omar last reported turning to profits during the third quarter of 2018, logging SAR 469.62 million, against incurring SAR 593.97 million losses in the same period a year earlier.

During the first nine months of 2018, the Saudi Arabia-listed firm also turned a profit, registering SAR 192.3 million against SAR 600.96 million in losses in the period from January to September 2017.

Jabal Omar Development’s stock shed 0.97% to close Tuesday’s trading session at SAR 35.65.