Kuwait, 21 July 2026: Kuwait International Bank (KIB), through its Islamic investment arm, KIB Invest, participated as a Joint Lead Manager in the pricing of the third issuance of international Sukuk guaranteed by the Government of the Kingdom of Saudi Arabia for the Saudi Real Estate Refinance Company (SRC), with a total value of US$2.75 billion.
The US dollar-denominated issuance was structured in two tranches under the company’s international Sukuk issuance program. The SRC is a subsidiary of the Saudi Public Investment Fund.
The issuance was structured under Mudaraba and Murabaha arrangements and priced on 7 July 2026, with settlement scheduled for 14 July 2026. The Sukuk was issued in two tranches: a US$1.25 billion tranche with a 5.5-year tenor, maturing on 14 January 2032, and a US$1.50 billion tranche with a 10-year tenor, maturing on 14 July 2036.
Commenting on KIB’s participation, Mohammad Al Duwaillah, General Manager of Treasury at KIB, said: “The success of this landmark issuance amid the current regional environment is a clear testament to the resilience and depth of the region’s financial markets. It also reflects the strong confidence that global investors place in the Saudi Real Estate Refinance Company, as well as the continued appeal of debt instruments and Islamic financing solutions. At KIB, we are proud to have contributed to this issuance and to support the allocation of capital to high-quality, sustainable investment opportunities that meet investors’ expectations and help our partners achieve their objectives.”
From his side, Jamal Al-Barrak, Chief Executive Officer of KIB Invest, said: “KIB Invest’s participation as a Joint Lead Manager in this prominent regional transaction reflects the company’s strong market position and the advisory and execution expertise it has built across the capital markets. It also underscores the banking syndicate’s ability to attract a broad and diverse base of institutional and international investors. At KIB Invest, we remain committed to developing Sharia-compliant investment solutions and strengthening our position as a trusted strategic partner in regional and global capital markets.”
Al-Barrak added: “Despite volatile geopolitical conditions and prevailing uncertainty, the Saudi Real Estate Refinance Company timed the issuance as market conditions improved, focusing on execution quality and achieving competitive pricing in line with global sovereign and quasi-sovereign issuances, which helped attract a broad investor base. KIB’s active role throughout the book-building process also contributed to the issuance’s positive momentum and supported the success of the offering.”
KIB Group participated in the issuance alongside a syndicate of leading regional and international financial institutions, including DBS Bank Ltd, HSBC Bank plc, the Islamic Corporation for the Development of the Private Sector, J.P. Morgan, KFH Capital, Mizuho, Bank Al Salam, and Standard Chartered. This participation further underscores the Group’s strong standing in the Islamic and international capital markets.
KIB Invest continues to offer a comprehensive range of innovative Sharia-compliant investment solutions and products designed to meet clients’ evolving needs and aspirations. In line with the Group’s vision to reinforce its position in the Islamic banking sector regionally and internationally, the company draws on a team of experts and specialists with extensive experience and in-depth knowledge of local and global capital markets, enabling it to deliver specialized investment solutions in accordance with the highest professional standards.