Arabian Centres to Issue USD-Denominated Sukuk; Fitch and Moody’s Assign Ratings

On the 24th of March, 2021, the Arabian Centres Company (ACC), an operator of 21 shopping centres in Saudi Arabia, announced its planned sale of USD-denominated Sukuk. In its Tadawul filing, ACC elaborated that the size of this issuance is to be determined depending on market conditions, its own financial health, the funding requirement and on strategy. The proceeds of the debt sale are to be used for general corporate purposes and to meet the company’s financial and strategic goals

Why it Matters?

The Kingdom’s lifestyle and entertainment industry is seeing what can be called a renaissance, following substantial social and political reform. This has in turn, boosted investment coming into the retail sector in Saudi Arabia. This Sukuk issu...