Facebook Twitter Linkedin Youtube RSS
Eye of Dubai
 
Tuesday, January 22, 2019
Sign up for newsletter:
Advertise with us
℃ Dubai   
Close
| Register | Login
Username
Password
Image Verification
Refresh
Close
|
Business & Money NEWS
Business & Money is sponsored by:
Posted on: Tuesday 8 January, 2019 6:30 pm
SHUAA successfully issues and places USD135 million (SAR 506 million) Sukuk for Jabal Omar Development Company
Fawad Tariq-Khan, CEO of SHUAA Capital
Fawad Tariq-Khan, CEO of SHUAA Capital

SHUAA Capital psc (SHUAA), the UAE-based financial services group is pleased to announce the issuance and private placement of a USD135 million SAR 506 million dollar-denominated five-year Sukuk for Jabal Omar Development Company (JODC), one of the largest publicly-listed real estate companies in Saudi Arabia as it seeks to strategically diversify its capital base. SHUAA acted as the sole arranger for the Sukuk , (The Sukuk was originally issued in the 2nd half of 2018).

The Sukuk represents a fitting choice of financing for JODC, given the long-term nature of its requirements as a real estate developer and its focus on the holy city of Makkah. It also reflects a growing trend for Sukuk issuances, which raised $97.79 billion globally in 2017, up 45 per cent year on year, and particularly in the Kingdom of Saudi Arabia, which raised more than $26 billion that year.

Fawad Tariq-Khan, Chief Executive Officer of SHUAA, said, “Sukuks represent an ideal financing mechanism for the long-term funding requirements of real estate, as reflected by the dominance of the sector in issuing Sukuks over the past 18 months in the region. In line with our growing role in both the Saudi financial and real estate markets, SHUAA Capital’s combination of expertise therefore made us the natural partner for Jabal Omar Development Company and we are delighted to support its successful Sukuk issuance.”

JODC is one of the largest listed real estate companies on the Saudi Tadawul Stock Exchange and the company’s Sukuk issuance will support its capital raising initiatives towards the growth and development of its real estate activities, specifically in and around the holy city of Makkah. Its flagship project, Jabal Omar, is a multi-use real estate mega development project consisting of a total built-up area exceeding 2.0 million square meters within walking distance of The Grand Mosque of Makkah.

 


Print this Article
comments powered by Disqus
Eyeofdubai Autos
Jobs
Realestate
Book Hotels
Our Sponsors
  • Mobily
  • Emirates Airline
  • Saudi Arabian General Investment Authority
  • Alsorayai Group
  • Emaar
  • HP
  • Council of Saudi Chambers
  • Lomar
  • SAUDIA AIRLINES
  • Emirates NBD
  • du
  • Dubai Chamber
  • Dubai Tourism
  • Microsoft
  • Riyadh Chamber of Commerce
Eye Of Dubai
Islamic Date Converter Close
Gregorian Calender
Month Day Year
Hijri/Islamic Calender
Month Day Year
Day of the Week:

World Time Close
Unit Converter Close
Kindly select the desired Values & Units:
Convert
 
Forgot Your Password Close
We will send an email to your inbox to clear things up
Username or Email
* Mandatory fields / Error alert
Submit
Track Shipments Online Close
Enter Aramex AWB number
Enter DHL AWB number
Enter Fedex AWB number
Enter TNT AWB number
Enter UPS AWB number
Daily Newspaper Close
www.emaratalyoum.com/
www.albayan.ae/
www.khaleejtimes.com/
www.alittihad.ae/
www.gulfnews.com
www.thenational.ae/
www.alroeya.ae/
www.emirates247.com/
www.alkhaleej.ae/
www.gulftoday.ae/