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01/11/2017 15:34 AST
Saudi Arabia's Jabal Omar Development Co, one of the country's largest listed property developers, has hired two banks to manage a sukuk sale which could exceed 4 billion riyals ($1.07 billion) and is likely to take place in the first quarter of 2018, sources familiar with the matter said on Wednesday.
The company, which is building a series of developments in Mecca, has hired Bank Albilad and GIB Capital to arrange the planned Islamic bond issue, said the sources, declining to be named because the matter is private.
Jabal Omar could raise the funds through one or two sukuk issues, one of the sources said. The company and the banks did not immediately respond to requests for comment.
The sukuk would be among just a few corporate debt sales expected over the next few months in the Saudi domestic bond market, which is still largely dominated by government bonds. The government has issued a total of 47 billion riyals through monthly sukuk sales since July, and is likely to continue to issue sukuk on a monthly basis.
Jabal Omar's flagship Mecca development project includes residential units, hotels and commercial malls over an area of 23,000 square metres.
The company has raised a number of large bank loans over the past few years, and the sukuk proceeds would partly be used to refinance its existing bank debt, said the sources. The issuance is likely to be absorbed by the company's existing relationship banks, sources told Reuters in August.
Reuters
04/03/2018
Jabal Omar Development Company, the largest listed real estate group in Saudi Arabia by market capitalisation, said it has signed a deal with Saudi Ground Services Company (SGS) to conduct a joint st
Trade Arabia
02/03/2018
Jabal Omar Development Co. , one of Saudi Arabia's largest listed property developers, expects to finalize its merger deal with Umm Al Qura Development and Construction in 2018, a senior company exec
Arab News
19/10/2017
Four Seasons Hotels and Resorts, the world's leading luxury hospitality company, and Jabal Omar Development Company (JODC), a leading developer in the Middle East, announce plans for a new Four Seas
Press Release
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MASAR | 23.92 | -0.06 (-0.26 |
| DARALARKAN | 21.40 | 0.54 (2.58 |
| MCDC | 109.80 | 1.40 (1.29 |
| EMAAREC | 14.36 | -0.22 (-1.51 |
| TAIBA | 48.00 | -0.05 (-0.11 |
29/03/2025
China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo
Reuters
28/03/2025
Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capita
The Peninsula
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
28/03/2025
AD Ports, a leading facilitator of global trade, logistics, and industry, has announced the signing of a 50- year agreement with Oylz Terminals, a UAE based oil supply and distribution provider to de
Trade Arabia
28/03/2025
Modon Holding, an Abu Dhabi-based holding company, and Elsewedy Industrial Development, one of Egypt's leading integrated industrial and logistics cities developers, have signed a letter of intent (L
Trade Arabia
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