NDF signs SAR 5 bn credit facility agreement with Al Rajhi Bank, ANB + Awwal Bank to buy back SAR 5 bn sukuk

The National Development Fund (NDF) inked a credit facility agreement with Al Rajhi Bank and Arab National Bank (ANB) worth SAR 5 bn, it said on X yesterday. Further details on the facility were not disclosed.

Where will the money go? The facility is set to support development projects across the Kingdom and boost Saudi transformation through 12 affiliate development banks and funds.

ICYMI- The NDF, overseeing nine development funds along with three banks, became a member of the World Economic Forum back in March 2024. It tapped Northern Trust Saudi Arabia as the custodian for its SAR 60 bn asset portfolio last August.

ALSO- Tadawul-listed Saudi Awwal Bank (Sab) will fully buy back SAR 5 bn in Tier 2 sukuk at face value on 22 July, after 5 years of its issuance, it said in a Tadawul disclosure yesterday. The maturity date was due on 22 July, 2030.

The sukuk will be delisted following redemption, with our friends at HSBC Saudi Arabia acting as the payment administrator.

ICYMI-Earlier this month, Sab voiced intentions to issue SAR-denominated tier 1 sukuk through a private placement as part of its Additional Tier 1 Sukuk issuance program. The proceeds will be used to strengthen the bank’s capital base and support its long-term strategic goals. The size of the issuance will be determined at a later stage, depending on market conditions.