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Saudi Real Estate Refinance Co sells domestic Sukuk

Saudi Real Estate Refinance Co sells domestic Sukuk
The company also plans to issue Sukuk denominated in US dollars by the end of this year.

Riyadh – Mubasher: Saudi Real Estate Refinance Co (SRC), modelled on US mortgage finance firm Fannie Mae, has issued SAR 4 billion ($1.07 billion) in a two-tranche private placement of Sukuk last week, the company’s chief executive, Fabrice Susini, told Reuters.

The issuance was SRC's third in the local currency, but the first to be guaranteed by the Saudi finance ministry.  

Moreover, the company plans to issue Sukuk denominated in US dollars by the end of this year.

Founded in 2017, SRC is owned by the Public Investment Fund (PIF) and aims to develop the housing finance market in Saudi Arabia.