Riyadh, 15th March 2018:  Bidaya Home Finance (“BHF”) is pleased to announce the establishment of its inaugural SAR 500 million Sukuk Programme under the auspices of the Capital Market Authority of Saudi Arabia.  This landmark initiative represents the first real estate focused, non-banking financial institution in the Kingdom of Saudi Arabia (“KSA”) to establish such a Sukuk Programme for the purpose of tapping the Islamic debt capital markets.  The Sukuk Programme was announced during the Euromoney Conference held in KSA on 14 March 2018.  Ashmore Investment Saudi Arabia is acting as Arranger and Albilad Capital is acting as Dealer in relation to the Sukuk Programme with King & Spalding in cooperation with the Law Offices of Mohammed Al Ammar advising the Arranger and Dealer.  Clyde & Co and Al Ghazzawi Professional Association are advising the BHF.

BHF, headquartered in Riyadh, KSA, was established as a Saudi Closed Joint Stock Company in 2015 and provides home financing products to Saudi Arabian retail customers for the purchase of homes, including new, ready built and off-plan sales against security of the real estate assets. BHF, licensed and approved by the Saudi Arabian Monetary Agency, is keen to offer a wide range of Sharia-compliant home finance products to its customers and partners.

BHF's shareholders include several well-known institutions with a long history and extensive experience in the real estate finance sector in KSA, such as the Public Investment Fund (PIF), Islamic Corporation for the Development of the Private Sector (ICD), a member of the IDB Group, and a number of other institutions interested in supporting housing finance and the overall residential real estate sector in KSA.

Mr. Mazin Al Ghunaim, Chief Executive Officer of BHF said ""Bidaya is pleased to announce the establishment of its inaugural Sukuk Programme.  This ground-breaking initiative is a core component of the company’s medium term financing strategy and in line with our business operating model.  Additionally, as per the Saudi Vision 2030, we are especially excited about playing a material role in the development of the domestic capital markets and enabling homeownership for all.""

Dr Abdullah Alshwer, Managing Director of Ashmore Investment Saudi Arabia, said, “We are proud to be helping Bidaya on its inaugural capital market financing which we believe will attract demand from a diversified set of investors seeking exposure to strong credit within this strategic sector.  This debut Sukuk Programme is intended to support Bidaya’s growth plans through complementing and further diversifying its funding sources.”