Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Bahrain All Share Index, Islamic Index close higher
- CBB Government Development Bond issue 39 oversubscribed by 308%
- Closing Bell: TASI closes in green at 11,764
- Qatar, Germany discuss mutual investments to strengthen ties
- Al Ahlia wins contract to build largest Merc-Benz facility in Kuwait
- Quarterly earnings announcements, tariff hold support stock market's rise: financial analyst
- Gold rebounds on dip buying despite US-China trade deal hopes
- China says US should revoke unilateral tariffs, denies talks
- Saudi Awwal Bank signs SR2 billion credit facility with Saudi Binladin Group
- World Bank forecasts MENA growth at 2.6% in 2025, 3.7% in 2026
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 | 23.34 | 0.66 (2.91 |
| DARALARKAN | 23.40 | 0.40 (1.73 |
| EMAAREC | 15.60 | -0.14 (-0.89 |
| MCDC | 108.60 | 0.80 (0.74 |
| TAIBA | 43.00 | 0.35 (0.82 |
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
24/04/2025
QNB has launched a new campaign, aimed at rewarding customers to use their QNB Mastercard debit cards for everyday purchases.
The campaign, taking place from April 24-June 24, will offer win
Gulf Times
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia