Thursday, July 9, 2026

WAS - Riyadh: Geographical References

The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, announced the pricing of the third issuance of international sukuk guaranteed by the Government of the Kingdom of Saudi Arabia, with a total value of $2.750 billion, divided into two tranches: the first worth $1.250 billion with a maturity of 5.5 years, and the second worth $1.500 billion with a maturity of 10 years.

The issuance saw strong demand from regional and international investors, with subscription orders reaching 6.8 times the offer value, reflecting the strong supply and demand for Saudi debt instruments and confirming the company's position as a regular and reliable issuer in international markets.

The company also announced an increase in its international sukuk program, listed on the International Securities Market (ISM) of the London Stock Exchange and backed by a government guarantee, from $5 billion to $10 billion.

His Excellency the Minister of Municipalities and Housing and Chairman of the Board of Directors of SRC, Majid bin Abdullah Al-Hogail, affirmed that the success of the third international issuance reflects the solid global confidence in the strength of the Saudi economy and underscores the company's pivotal role in enhancing liquidity in the real estate finance market and expanding the investor base. This success also embodies the commitment to supporting the targets of Saudi Vision 2030 by enabling Saudi families to own homes and developing the real estate finance system to promote social and economic stability. Meanwhile, CEO of SRC, Majeed bin Fahd Al-Abduljabbar, explained that completing the third pricing of international sukuk reflects the attractiveness of Saudi debt instruments to global investors, broadens the investor base, and contributes to developing the secondary market for real estate finance in the Kingdom.

The company had launched its international sukuk program in February 2025 with a total value of $5 billion, successfully completing the first issuance under the program worth $2 billion divided into two tranches with maturities of 3 and 10 years. Later that year, it completed a second issuance worth $2.5 billion divided into two tranches with maturities of 3.5 and 10 years.

It is noteworthy that the international sukuk program enjoys strong credit ratings from major international rating agencies, including Moody's (A1) and Fitch (A+), which enhances the company's position as a key enabler of the housing sector in the Kingdom.

The Saudi Real Estate Refinance Company was established in 2017 by the Public Investment Fund to develop the real estate finance market in the Kingdom after obtaining a license from the Saudi Central Bank.

The company plays a pivotal role in achieving the targets of the Housing Program under Saudi Vision 2030 by providing liquidity to financiers and enabling them to offer diverse housing finance solutions to individuals, and working with partners to support the housing ecosystem in the Kingdom.

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