Jabal Omar Development Co. is expected to issue new riyal-denominated sukuk in Q1 2019, CNBC Arabia has reported, citing CEO, Yasser Al-Sharif.

 

“The sukuk issue will likely reflect investors’ turnout as well as their confidence in the market,” Al-Sharif said, adding that it will also signal a diversified lower-cost source of funding.

 

Elsewhere, Jabal Omar seeks to generate SAR 4.5-5 billion in proceeds from the off-plan unit sales, Al-Sharif noted.

 

Last December, Jabal Omar’s board of directors approved the issuance of a new riyal-denominated sukuk in a private placement, Argaam reported.

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