Riyadh, Saudi Arabia – Gulf International Bank and Saudi Arabia successfully raised SAR 1.5 billion ($405 million) through a debut issuance of a 10NC5 Tier 2 Sukuk under the Bank’s inaugural SAR 3 billion ($810 million) Tier 2 Sukuk programme.
The Bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives outlined in the Kingdom’s Vision 2030.
GIB’s Group Chief Executive Officer Abdulaziz Al-Helaissi said: “The successful Tier 2 capital issuance represents a significant milestone for GIB KSA. The Sukuk Programme will play an integral role in diversifying our funding sources and fuel the bank’s expansion initiatives as the Bank seeks to capitalize on growth opportunities in the Kingdom.”
GIB Capital’s Chief Executive Officer Osamah Shaker said: “GIB Capital is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance.
“The successful issuance highlights our capability to help issuers access a wide investor base and provide robust execution advice to navigate challenging market conditions,” he added.