JEDDAH - Shuaa Capital plans to structure and the sell Islamic bond issues by Saudi firms after the launch last week of a bond market in the kingdom, the head of its Saudi unit said.

“We are working hard to be active players in this market,” said Omar Al Jaroudi, the Chief Executive of Shuaa’s Saudi affiliate.

“We are seeking mandates and going after those companies that require financing that do not wish to open their equity base but are willing to open bonds,” he said. Saudi Arabia launched on Saturday a new market for Islamic bonds, or sukuk, diversifying Saudi companies’ financing options.  “Not only there is demand for sukuk, not only there is an interest in sukuk issuance, but there is also support from regulators to support this market,” said Jaroudi.