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Minister of Municipalities and Housing Attends SRC’s First International Sukuk Listing on the London Stock Exchange

London – 22 February 2025: H.E. Majed bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Saudi Real Estate Refinance Company (SRC), today marked a major milestone with the listing of SRC’s first international sukuk program — raising $2bn of capital on the London Stock Exchange’s International Securities Market (LSE). This achievement strengthens Saudi Arabia’s presence in global financial markets. 

The listing ceremony was attended by H.R.H. Prince Khalid bin Bandar bin Sultan Al Saud, Ambassador of the Kingdom of Saudi Arabia to the United Kingdom, and The Rt. Hon. Alastair King, Lord Mayor of the City of London, alongside senior figures from the financial and investment sectors. 

The sukuk issuance plays a key role in advancing Saudi Arabia’s housing finance sector by increasing liquidity and attracting foreign direct investment (FDI). It aligns with the objectives of Saudi Vision 2030, supporting key initiatives such as the Financial Sector Development Program, the Public Investment Fund (PIF) Program, and the Housing Program, all of which aim to strengthen the housing sector and promote sustainable homeownership financing. 

H.E. Al-Hogail emphasized that the listing underscores the resilience of Saudi Arabia’s economy and the attractiveness of its real estate market to international investors. He highlighted that issuing international sukuk enhances Saudi Arabia’s integration into global financial markets, attracts FDI, and diversifies funding sources for housing finance. 

He added that SRC plays a vital role in ensuring the sustainability of housing finance by developing innovative financing solutions that support mortgage lenders and expand financing options for Saudi citizens at competitive rates. 

H.E. Al-Hogail further noted that the sukuk issuance is expected to stimulate foreign investment in the housing sector, supporting Saudi Arabia’s goal of increasing homeownership rates to 70% by 2030 through sustainable financing solutions and the development of a secondary mortgage market. 

Majid Al-Abduljabbar, CEO of SRC, described the successful listing as a testament to global market confidence in Saudi Arabia’s economy and its housing finance sector. “This step paves the way for strategic partnerships with leading global financial institutions, reinforcing SRC’s role in providing advanced and sustainable financing solutions,” he added. 

Shrey Kohli, Head of Dept Capital Markets & Issuer Services, London Stock Exchange (LSE), commented: “"The listing of SRC’s international sukuk underscores LSE’s strength as a hub for debt financing and the world’s largest international market for sukuk issuance, supporting financial innovation and market expansion. The London Stock Exchange plays a pivotal role in connecting global investors with strategic opportunities, and facilitating capital flows for issuers through diverse sources of funding to create sustainable economic growth. 

This landmark achievement positions Saudi Arabia’s real estate sector as a key global investment destination, benefiting from a strong economic foundation, robust regulations, and Saudi Arabia’s commitment to attracting international investors—ultimately contributing to the sustainable growth of the housing sector. 

Established in 2017 by the Public Investment Fund (PIF), SRC is licensed by the Saudi Central Bank (SAMA) to strengthen Saudi Arabia’s real estate finance market. Playing a supporting role in the Housing Program under Saudi Vision 2030, SRC provides liquidity to lenders, enabling them to offer affordable housing finance to individuals. The company collaborates with industry stakeholders to enhance Saudi Arabia’s housing ecosystem and increase homeownership rates among Saudi citizens. 

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