Saudi Arabia plans to issue an Islamic bond, or sukuk, for its Real Estate Development Fund by the end of 2017/2018, the housing minister said.

"The sukuk programme is specialised for the real estate development fund," Majed Al Hogail said at a press conference yesterday.

The fund is the largest financer for the Saudi real estate sector and has a portfolio of around SR190 billion ($50.67 billion), the minister said.

"We believe we can get cash flow from issuing sukuk for these loans and getting money to deal with the fund's waiting list in the fastest time possible," he said. - Reuters