To mark the success and completion of the first private placement of local sukuk denominated in Saudi riyals with a total face value of 1 billion riyals, maturing in August 2020, Abdullah Al-Othaim Investment and Real Estate Development Company celebrated with its partnerat the Four Seasons Hotel in Riyadh.

For his part, Fahad bin Abdullah Al-Othaim, Vice Chairman of the company’s Board of Directors, expressed his delight at the success and full subscription of these sukuk at the targeted value and yield, which reflects and reinforces the company’s strong financial and credit standing and underscores the high level of trust it enjoys from investors. Al-Othaim noted that the offering attracted the interest of major investors, including banks, insurance companies, government entities, investment funds, and large corporations, noting in this regard that the offering of these sukuk was limited to experienced investors, and the issuance was managed by Saudi Fransi Capital, Al-Ahli Capital, and GIB Capital.

Al-Othaim expressed his thanks and appreciation to all those who contributed to the success of the offering, including the lead managers, legal advisors, certified public accountants, and company employees. He also extended special thanks to the sukuk holders for their trust in the company and their investment in it.

It is worth noting that Abdullah Al-Othaim Investment and Real Estate Development Company is one of the leading companies in the field of establishing and operating shopping malls and family entertainment centers. It currently operates five major malls in the Kingdom and sixteen family entertainment centers, and plans to open three new malls early next year and two more before the end of 2016. It also plans to open fifteen new family entertainment centers before the end of 2016, most of them outside the Kingdom in countries such as the UAE, Egypt, and Qatar, The company also has a nascent restaurants and cafes division that it intends to expand as part of its investment plans and programs.