PIF hires banks for sukuk sale

The Public Investment Fund (PIF) hired banks for its the first dollar-denominated sukuk sale to help finance its global spending plans, Bloomberg reported, citing sources familiar with the matter.

The Saudi wealth fund mandated HSBC Holdings, Standard Chartered, Emirates NBD Bank, and Al Rajhi Capital for the offering, the sources said, adding that more banks could be added later.

The fund may raise $3 billion, and the final offering size is pending investor orders.

The sukuk sale may be carried out before the end of 2023, although no final decision has been taken, the sources said, adding that the PIF may postpone the offering as it enjoys financial flexibility.

Source : Argaam