GIB launches inaugural SAR 1.5B Tier 2 sukuk issuance

25/12/2023 Argaam

GIB launches inaugural SAR 1.5B Tier 2 sukuk issuance

Logo of Gulf International Bank (GIB)

Gulf International Bank (GIB) - Saudi Arabia successfully issued its first Tier 2 sukuk, raising SAR 1.5 billion. This is part of a SAR 3 billion issuance program with a 10-year maturity and a five-year redemption period.

 

The bank's sukuk program supports its strategic goals, including balance sheet growth and contribution to Saudi Vision 2030's economic objectives.

 

CEO Abdulaziz Al-Helaissi explained that the program diversifies funding sources and aids the bank's expansion efforts to leverage Saudi growth opportunities.

 

GIB - Saudi Arabia is equally owned by the Public Investment Fund (PIF) and GIB, according to data compiled by Argaam.

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