The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has completed the issuance program of local sukuk with a total value of SAR 10 billion, after closing the last tranche of the program worth SAR 4 billion with a record coverage of more than 1.8 times, which indicates investors" confidence in the company's business model and confirms its active role in the Saudi housing market and mortgage refinancing to achieve the objectives of the Vision 2030 programs.

The local sukuk program, which was launched in March 2021 with 3 tranches targeting local investors from financial institutions and investment funds, the first tranche of which was worth 4 billion riyals with maturities of 7 and 10 years, and the sukuk witnessed a coverage of more than 2.15 times and attracted an order book of more than 8 billion riyals.

December 2021 saw the issuance of the second tranche of the program worth 2 billion riyals and targeted financial institutions, investment funds and other local institutions at a competitive fixed financing rate of 3.04 % and recorded positive market reactions and a coverage of more than 2.5 times the subscription.

The issuance recorded positive reactions from the market and coverage exceeded 2.5 times the subscription.

Fabrice Souissini, CEO of Saudi Real Estate Refinance Company, explained that the local Sukuk issuance program witnessed a positive market reaction and that all of the company's issuances exceeded the subscription limit, reflecting investors' confidence in the company's active role in stimulating the growth and sustainability of the mortgage finance sector in the Kingdom to increase home ownership for citizens.