Saudi Real Estate Refinance Company’s SAR 4 Billion Guaranteed Sukuk Issuance

White & Case and the Law Office of Megren M. Al-Shaalan have advised Saudi Real Estate Refinance Company on the transaction.

Saudi Real Estate Refinance Company (SRC) announced the issuance of SAR 4 billion (US$1.067 billion) sukuk guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia under its SAR 10 billion domestic sukuk programme.

The sukuk has a tenor of eight years, was offered as a private placement to Saudi institutional and qualified investors and was 1.8 times oversubscribed. The drawdown marks the issuance of the fourth series under SRC’s domestic programme and follows the SAR 2 billion guaranteed sukuk issuance in December 2021. Aljazira Capital, HSBC Saudi Arabia, Riyad Capital and SNB Capital Company acted as joint lead managers.

SRC is wholly-owned by the Public Investment Fund of the Kingdom of Saudi Arabia and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the Saudi housing finance market.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London; Picture) and included counsel Xuan Jin (Hong Kong & Dubai) and associates Eren Ayanlar and Ghislaino Kamdo (both in Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan and included associates Waad Alkurini and Nezar Al Abbas.

Involved fees earner: Nezar Al Abbas – White & Case; Megren Al-Shaalan – White & Case; Waad Alkurini – White & Case; Eren Ayanlar – White & Case; Debashis Dey – White & Case; Xuan Jin – White & Case; Ghislaino Kamdo – White & Case;

Law Firms: White & Case;

Clients: Saudi Real Estate Refinance Co;