Saudi Housing Minister Attends Listing of SRC's First Int’l Sukuk Program on London Stock Exchange

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
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Saudi Housing Minister Attends Listing of SRC's First Int’l Sukuk Program on London Stock Exchange

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)
The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030. (SPA)

In a strategic move that reinforces Saudi Arabia's position in global financial markets, Minister of Municipalities and Housing and Chairman of the Saudi Real Estate Refinance Company (SRC) Majed Al-Hogail visited London to oversee the listing of SRC's first international sukuk Program, valued at $5 billion, on the London Stock Exchange.

The listing marks a pivotal step in strengthening the Kingdom's mortgage finance market by enhancing liquidity, attracting foreign investments, and supporting the objectives of Saudi Vision 2030.

It also aligns with the goals of the Financial Sector Development Program and the Public Investment Fund (PIF) initiatives by advancing the housing sector and enabling citizens to access sustainable home financing.

The listing ceremony was attended by Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar bin Sultan, Lord Mayor of the City of London Alastair King and senior officials from the financial and investment sectors, reported the Saudi Press Agency on Saturday.

Al-Hogail emphasized that this listing reflects the strength of the Saudi economy and the attractiveness of the Kingdom's real estate market to international investors. The international sukuk issuance facilitates Saudi Arabia's integration into global financial markets, bolsters foreign direct investment, and diversifies funding sources for the housing sector.

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

The sukuk issuance aims to stimulate foreign investment in the housing market, as Saudi Arabia seeks to increase homeownership rates to 70% by 2030 through sustainable financing solutions and the development of a secondary mortgage market, he went on to say.

SRC CEO Majid Al-Abd Al-Jabbar stressed that the successful listing of the Sukuk Program reflects global market confidence in Saudi Arabia's economy and the sustainability of its mortgage finance sector.

This milestone will pave the way for new strategic partnerships with leading global financial institutions, enhancing SRC's ability to provide advanced and sustainable financing solutions, he stated.

This move further strengthens Saudi Arabia's real estate market as a global investment hub, benefiting from a robust economic environment, flexible regulations, and the Kingdom's strategy to attract international investments ultimately contributing to the sustainable development of the housing sector.

The Saudi Real Estate Refinance Company was established by the Public Investment Fund in 2017 with the aim of developing the Kingdom's real estate finance market.

Licensed by the Saudi Central Bank to operate in the field of real estate refinancing, SRC plays a pivotal role in achieving the objectives of the Housing Program under Saudi Vision 2030, which seeks to increase homeownership rates among Saudi citizens. This is accomplished by providing liquidity to financiers, enabling them to offer affordable housing finance to individuals, and working closely with partners to support the Kingdom's housing ecosystem.



Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
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Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)

Saudi Arabia’s Diriyah Company has awarded a contract worth SAR5.75 billion to the branch of China Harbour Engineering Company Ltd. for the construction works of the Arena Block, a district that includes the multi-purpose indoor Diriyah Arena, three mixed-use office buildings, and a parking facility.

Diriyah Arena will have a gross floor area of approximately 74,000 square meters and is designed as a flexible and scalable venue to accommodate events such as concerts, sporting events, esports competitions, exhibitions, and live shows, said a statement from Diriyah Company on Wednesday. With a seating capacity of 20,000 spectators, it aims to attract residents and visitors from around the world.

Designed by the renowned global architecture firm HKS Inc., the Diriyah Arena’s design draws inspiration from the natural geology surrounding Diriyah, while honoring traditional Najdi architectural elements, to create a harmonious blend of heritage and modernity.

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events, fostering a sense of community spirit, and contributing to the overall well-being of the area.

In addition to the Diriyah Arena, the Arena Block development will include three mixed-use office plots designed by international architects John McAslan + Partners, covering approximately 114,000 square meters, supported by state-of-the-art technology and infrastructure. The contract also includes over 4,000 parking spaces to support both Diriyah Arena events and office facilities.

Diriyah Company Group CEO Jerry Inzerillo stated: “The Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030.”

“By attracting both residents and global visitors to experience world-class sports and performances, the Diriyah Arena firmly demonstrates our commitment to creating a world-leading gathering place,” he added.

General manager of China Harbour Engineering Company Ltd. (Middle East) Yang Zhiyuan said: “This award marks a significant milestone for CHEC in the Kingdom. CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record of delivering successful projects.”

“We will mobilize the best resources and talents from across our international network and strive for excellence to ensure the successful and timely delivery of this world-class Arena. We will continue to deliver excellence in support of Vision 2030. We are deeply proud to be part of this initiative,” he remarked.

The contract is the latest in a series of major announcements so far in 2025 as Diriyah Company continues to accelerate its development program for Diriyah, realizing milestone after milestone.

The Diriyah Arena will join world-class cultural and entertainment assets in Diriyah, including the Royal Diriyah Opera House, nine museums, and academies, all featuring Najdi architectural elements inspired by the At-Turaif UNESCO World Heritage Site.