Al Rajhi Cement Investment Company, a subsidiary of Al Rajhi Group, which has more than 45 years of experience in the cement industry in Saudi Arabia and the region, has mandated three firms to arrange $595 million worth of Islamic bonds or sukuk.

The mandated co-arrangers for the issue are Siraj Capital, Al Aoun Capital Group and Capital Investments. The sukuk is considered the first of its kind in the cement industry across the region and will finance Al Rajhi Cement’s investments there with the incorporation of new cement plants and the expansion of one existing facility.
The signing of the agreement took place in Amman. Present were Samer Berekdar, CEO of Al Rajhi Cement; Ibrahim Mardam Bey, CEO of Siraj Capital; Maher Othman, VP of Siraj Capital; Bassam Fadel Ali, CEO of Al-Aoun Capital, and Haytham Kamhiyah, general manager of Capital Bank/deputy chairman of Capital Investments.
Commenting on the agreement, Bey said: “We look forward to working on this asset-backed transaction and hope it will be a benchmark for sukuk structures in our region.”
Ali said: “There has been growing interest in the Islamic finance sector of the region and we are proud to be a contributing factor in developing these competencies.”
Kamhiyah observed: “Al Rajhi’s choice in our institutions is a testimony to our ability to support and lead financial development in the region.
“We welcome Al Rajhi and look forward to strengthening our collaboration with them in their future endeavours.”
Siraj Capital is a Middle East-based investment firm, specialising in developing innovative Shariah-compliant investment funds and opportunities focused on the region. Siraj has offices in Jeddah, Riyadh and Dubai.
Al Aoun Capital Group SA is an investment company with a diverse portfolio of international investments in financial services, communications, and real estate. Al Aoun Capital Group has offices in Panama City, Amman, and Madrid.
Capital Investments is the investment-banking arm of Capital Bank, wholly-owned by the bank. Capital Investments demonstrates broad experience in all areas of corporate finance, asset management and capital markets.