SRC raises USD 2.75 bn in a record GCC sukuk, Raff closes a USD 1.7 mn pre-seed

SRC raises USD 2.75 bn in a record GCC USD sukuk

Saudi Real Estate Refinance Company (SRC) raised USD 2.75 bn through a dual-tranche international Sukuk, attracting USD 18.7 bn in orders, or 6.8x the offering, according to a statement from Bahrain-based Al Salam Bank, the joint lead manager and bookrunner for the move. The issuance is the largest international USD-denominated GCC Sukuk of 2026.

REMEMBER- The USD 1.25 bn 5.5-year tranche priced at T+85 bps, while the USD 1.5 bn 10-year tranche priced at T+95 bps. Strong demand allowed SRC to tighten pricing from initial guidance of more than T+115 bps for the 5.5-year tranche and T+125 bps for the 10-year tranche. The issuance carries government assurance.

Background: The PIF-owned mortgage refinancing company last accessed international markets with a USD 2 bn Sukuk in 2025, which was also around 6x oversubscribed. SRC has been buying mortgage portfolios from local banks to recycle capital into new home lending and aims to raise up to SAR 150 bn through international Sukuk by 2030.

Raff closes USD 1.7 mn pre-seed

Riyadh-based retail-tech platform Raff raised USD 1.7 mn in a pre-seed funding round, according to a press release (pdf). The round was led by Vision Ventures, with 500 Global, Palm VC, Oqal Group, and Salla co-founder Salman Butt also taking part.

Where will the money go? Raff will use the funding to expand across the GCC and build out its product and AI capabilities, with the aim of making it easier for consumer brands to manage distribution and move into physical retail.

About the company: Founded in 2024 by Ali Al Qudah (LinkedIn) and Abdul Kareem Munla, the Riyadh-based platform connects consumer brands with retailers, handling distribution, inventory, order fulfillment, and payments in one digital place.