#Saudi Real Estate Refinance Co plans up to $267mln sukuk -CEO | ZAWYA MENA Edition

Saudi Real Estate Refinance Co plans up to $267mln sukuk -CEO | ZAWYA MENA Edition:

Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, is planning an up to 1 billion riyal ($267 million) sukuk this year and a potential U.S dollar debt issue next year, its CEO told Reuters. 

SRC, a subsidiary of Saudi Arabia's PIC sovereign wealth fund, aims to boost housing construction - a top priority of Saudi Arabian economic reforms - by injecting liquidity into the real estate market.

It is preparing to issue a sukuk, or Islamic bonds, to back the purchase of home loan portfolios from mortgage financing companies and banks.