GIB launches inaugural SAR 1.5B Tier 2 sukuk issuance

Gulf International Bank (GIB) - Saudi Arabia successfully issued its first Tier 2 sukuk, raising SAR 1.5 billion. This is part of a SAR 3 billion issuance program with a 10-year maturity and a five-year redemption period.

The bank's sukuk program supports its strategic goals, including balance sheet growth and contribution to Saudi Vision 2030's economic objectives.

CEO Abdulaziz Al-Helaissi explained that the program diversifies funding sources and aids the bank's expansion efforts to leverage Saudi growth opportunities.

GIB - Saudi Arabia is equally owned by the Public Investment Fund (PIF) and GIB, according to data compiled by Argaam.