AlJazira Bank closes SAR 1.5 bn tier 1 sukuk

AlJazirah Bank raised up to SAR 1.5 bn after closing the private placement of its SAR-denominated AT1 Capital Sukuk under its SAR 5 bn program, it said in a Tadawul disclosure. The issuance comprises nearly 1.5k certificates, offering a 6.35% annual return until 12 March 2031, after which the rate resets every five years. The sukuk are perpetual but callable after five years.

It’s official — Riyadh is getting an arts university

King Salman Al Saud issued a royal decree approving the establishment of the Riyadh University of Arts, which will provide specialized education in arts and culture. The institution will possess administrative and financial autonomy and — pending the establishment of a board of trustees — will be supervised by the Culture Ministry.

We’ve been waiting for the news to become official since Culture Minister Bader bin Abdullah bin Farhan announced the plans to set up the university back in September.

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