Gulf International Bank – Saudi Arabia successfully closes its debut SAR 1.5 billion Tier 2 Sukuk under its inaugural SAR 3 billion Tier 2 Sukuk Programme

Gulf International Bank – Saudi Arabia (the “Bank“ or “GIB KSA”) successfully raised SAR 1.5 billion through a debut issuance of a 10NC5 Tier 2 Sukuk (the “Sukuk”) under the Bank’s inaugural SAR 3 billion Tier 2 Sukuk programme. 

The Bank’s Sukuk programme is aligned with the Bank’s strategic objectives to facilitate balance sheet growth and actively contribute to the realization of the national economic objectives outlined in the Kingdom’s Vision 2030.

GIB’s Group Chief Executive Officer Abdulaziz Al-Helaissi said, “The successful Tier 2 capital issuance represents a significant milestone for GIB KSA. The Sukuk Programme will play an integral role in diversifying our funding sources and fuel the bank's expansion initiatives as the Bank seeks to capitalise on growth opportunities in the Kingdom. The strong investor support is a testament to the strength of GIB KSA’s credit story and its growth strategy. We are delighted to receive such a strong endorsement from the local Saudi capital markets.” 

GIB Capital’s Chief Executive Officer Osamah Shaker said, “GIB Capital is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance. The successful issuance highlights our capability to help issuers access a wide investor base and provide robust execution advice to navigate challenging market conditions”

GIB Saudi Arabia is headquartered in Al Khobar and has branches in Riyadh and Jeddah with its Riyadh based subsidiary, GIB Capital, delivering the Bank’s investment banking activities.