Abdullah Al Othaim Real Estate Investment and Development Company (OREIDCO) SR1 billion sukuk issue

Overview:

• Abdullah Al Othaim Real Estate Investment and Development Company (OREIDCO) has issued its debut sukuk (Islamic bond).
• The deal is a dual recourse instrument (the note holders have recourse to both the underlying credit of OREIDCO and to the land backing the sukuk).
• The sukuk was issued via a private placement and is due in September 2020.
• Banque Saudi Fransi, Gulf International Bank and NCB Capital acted as lead managers and bookrunners.

Sam Duke - Editor