23 Jan 2018
under which Sukuk tranches will be issued for Saedan’s upcoming social housing projects in the Kingdom of Saudi Arabia. Ibdar Bank has also been mandated to arrange an international rating for the Sukuk Program.
The signing ceremony included Ibdar Bank Chairman, Mr. Tareq Sadeq, and CEO of the Salman Abdullah bin Saedan Real Estate Group, Mr. Salman Abdullah bin Saedan. Commenting on the signing, Mr. Sadeq said: “We are pleased to announce our partnership with the Salman Abdullah bin Saedan Real Estate Group, in a deal that represents a new line of business for Ibdar Bank, and look forward to the successful issuance of the Sukuk.
Mr. Saedan stated: “The Salman Abdullah bin Saedan Real Estate Group is proud to partner with Ibdar Bank on this Sukuk issuance Program and is confident that it has chosen the right Arranger for its debut issuance. Ibdar Bank has a strong team with extensive experience in Sukuk and we look forward to a successful deal, and a long and fruitful relationship going forward.” He added: “There is a shortage of affordable housing in Saudi Arabia and this Sukuk will facilitate the development of much needed social housing projects that are in the pipeline.”
The deal is aligned with Ibdar’s strategic focus towards growing the Bank’s Capital Market business. Ikbal Daredia, Senior Executive Director, Capital Markets & Treasury at Ibdar added: “The Bank is looking to issue more Sukuk and other capital market instruments, as Capital Markets provides investors with a fixed income and can be easily traded in case liquidity is required.” He also mentioned that “…out of the Bank’s core business lines, Capital Markets is expected to witness the highest growth in 2018.”
Ibdar Bank is also engaged in Treasury, Aviation, Real Estate, Asset Management, and Wealth Advisory activities.