Saudi Real Estate Refinance Co (SRC), a wholly owned subsidiary of the Public Investment Fund (PIF), has completed a SAR 750 million ($200 million) sukuk issue with multiple tenors, it said in a statement on Wednesday.

 

The transaction, which is the first by a non-sovereign issuer in Saudi Arabia this year, is part of its SAR 11-billion local sukuk program.

 

The company mandated HSBC Saudi Arabia as sole lead manager and bookrunner of the sukuk programme.

 

Last week, Saudi housing minister Majed Al-Hogail said that the real estate finance sector needs SAR 60 billion to SAR 80 billion per year.

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