Jabal Omar Development Co.’s board of directors approved the issuance of a new riyal-denominated sukuk in a private placement.
The issuance size will not exceed SAR 2 billion, and the sale proceeds will be used to finalize Jabal Omar project, the company said in a statement to Tadawul on Tuesday.
The developer has picked GIB Capital, HSBC Saudi Arabia and JP Morgan Saudi Arabia to manage the Islamic bond sale.
Mansour Al-Busaili, a board member at HSBC Saudi Arabia, is a related party, Jabal Omar said.
The sukuk will be issued after obtaining the necessary regulatory approvals, the statement added.
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