Saudi Real Estate Refinance Co., the kingdom’s first mortgage-refinancing firm, plans to raise as much as 1 billion riyals ($267 million) in Islamic bonds by the end of the year.
The sale by the state-run equivalent of Fannie Mae and Freddie Mac in the U.S. would be its second this year and the company hasn’t decided whether it will be a local or international offering, Chief Executive Officer Fabrice Susini said in an interview in Riyadh. In March, it raised 500 million riyals and also sold sukuk last year.