Photo: The Mall of Arabia in Jeddah, Saudi Arabia, in September 2019. Leo Morgan/Shutterstock.com

Islamic Finance

Saudi’s largest shopping mall owner, operator plans USD sukuk


Saudi Arabia’s Arabian Centres Company is planning to issue a sukuk in U.S. dollars.

The Saudi shopping mall developer, owner and operator said in an exchange filing on Thursday (November 7) the value of the sukuk will be determined based on market conditions and the company’s financial and strategic needs.

Proceeds for the sukuk will be channelled to general corporate purposes, including to refinance existing debt, said the company.

Arabian Centres currently holds 19 malls in 10 Saudi cities in its portfolio, including 4,000 retail stores, according to its website.

The retail centres include Mall of Arabia and Nakheel Mall.

Arabian Centres posted 208.2 million riyals ($55.52 million) in profit for the three months ending September 30, up by 8.49% from the same period last year.

It reported an occupancy rate of 93.2% across its 19 malls.

The company went public in May this year, in a 2.47 billion riyals ($659 million) initial public offering (IPO). 

© SalaamGateway.com 2019 All Rights Reserved


tags:

Sukuk
Author Profile Image
Staff Writer