Riyadh – Mubasher: Saudi Real Estate Refinance Co has established a sukuk issuance programme, which will allow the state-owned firm to issue up to SAR 11 billion ($2.9 billion) riyal-dominated sukuk.

The company has mandated HSBC Saudi Arabia as sole lead manager and bookrunner to arrange meetings, according to Reuters.

The company is planning to initiate a senior sukuk issue under the new programme in accordance with the market’s conditions.