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Jabal Omar Development issues US$135M sukuk

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Jabal Omar Development issues US$135M sukuk

Jabal Omar Development Co. issued a US$135 million Islamic bond, or sukuk, to fund its development projects in and around Mecca, Saudi Arabia, The National reported.

The five-year bond was issued in the second half of 2018, the Jan. 9 report added.

Shuaa Capital was the sole arranger for the private placement, the publication reported, citing the Riyadh-listed company's statement to the Dubai Financial Market.

Jabal Omar is currently developing a 2 million-square-meter mixed-use project close to the The Grand Mosque in Mecca.