Hassan Allam + AlBawani to work on USD 490 mn Museum of Contemporary Art

Hassan Allam, AlBawani JV lands USD 490 mn contract for museum in Diriyah

A JV between Hassan Allam Construction Saudi Arabia and AlBawani Holding Company landed a USD 490 mn contract for the construction of the Saudi Arabia Museum of Contemporary Art, according to a statement (pdf). The museum will be built in Diriyah. No details were provided on the timeline for the project.

Al Ramz, SNB Capital to roll out SAR 650 mn Riyadh real estate fund

Al Ramz Real Estate Company and SNB Capital agreed to establish a shariah-compliant real estate investment fund with a target size of SAR 650 mn, according to a Tadawul disclosure. The fund will be used to develop the Ramz Al Raed residential project in Riyadh’s Al Raed district, with SNB Capital serving as fund manager and Al Ramz as unitholder, developer, and marketer.

Alinma Bank eyes AT1 sukuk to strengthen capital base

Alinma Bank plans to issue SAR-denominated additional tier 1 (AT1) capital sukuk under its SAR 5 bn AT1 sukuk program to strengthen its capital base, according to a Tadawul disclosure. The size and timing of the issuance remain subject to market conditions.

ADVISORS- Alinma Capital and HSBC Saudi Arabia were appointed as joint lead managers for the potential private placement.