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Thu 9 Jun 2016 08:46 AM

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Saudi Arabia to issue sukuk for real estate fund

Fund is largest financer for country’s real estate sector, says housing minister

Saudi Arabia to issue sukuk for real estate fund
Saudi Stock Exchange, or Tadawul. (Fayez Nureldine/AFP/Getty Images)

Saudi Arabia plans to issue a sukuk for its real estate development fund by the end of 2017/18, according to the Saudi housing minister.

"The sukuk programme is specialised for the real estate development fund," said Majed Al Hogail at a press conference.

The fund is the largest financer for the Saudi real estate sector and has a portfolio of about $50.67 billion (SR190 billion), he said.

"We believe we can get cash flow from issuing sukuk for these loans and getting money to deal with the fund's waiting list in the fastest time possible," said Al Hogail.

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