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Report: Saudi Arabian developer to raise 4B riyals through sukuk issues

Jabal Omar Development Co. is looking to raise 4 billion Saudi riyals from issues of local currency sukuk, Reuters reported, citing sources with knowledge of the matter.

The Saudi Arabia-based developer may commence the fundraising over the next few months, with the company's existing relationship banks expected to buy the Islamic bonds, the Aug. 14 report noted, citing the sources.

It is unclear whether the company will issue the bonds at one time or over a period of time, the report added.

Bank Al Bilad was reportedly appointed to arrange the issue, with other banks likely to take on leading roles as well.

As of Aug. 14, US$1 was equivalent to 3.75 Saudi riyals.