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Saudi Real Estate Refinance Company plans to raise USD267mn through sukuk

Saudi Real Estate Refinance Co, the kingdom’s first mortgage-refinancing firm, plans to raise as much as SAR1bn (USD267mn) in Islamic bonds by the end of the year. The sale by the state-run equivalent of Fannie Mae and Freddie Mac in the US would be its second this year and the company hasn’t decided whether it will be a local or international offering, CEO Fabrice Susini said in an interview in Riyadh. In March, it raised SAR500mn and also sold sukuk last year.