Saudi Electricity Company (SEC) has announced plans to begin meetings with fixed income investors starting January 14, 2026. The company is considering issuing a U.S. dollar-denominated Sukuk under its international Sukuk programme, depending on market conditions.
The potential offering would be conducted through a special purpose vehicle and made available to eligible investors both in Saudi Arabia and internationally. SEC has appointed several financial institutions as Joint Lead Managers for the possible transaction, including J.P. Morgan, HSBC, BOFA Securities, Abu Dhabi Commercial Bank, DIB, Emirates NBD, First Abu Dhabi Bank, Kuwait Finance House Capital, Standard Chartered Bank, Al Rajhi Capital, Alinma Capital Company, Bank of China, The Islamic Corporation for the Development of the Private Sector (ICD), Intesa Sanpaolo, Industrial and Commercial Bank of China, SMBC, and SNB Capital.
The board’s decision regarding this potential issuance was made on November 4, 2025. The value of the offer will be determined later based on prevailing market conditions and SEC’s funding needs at that time.
According to SEC’s statement: “The Purpose of the offer: To fund SEC’s general corporate purposes, including capital expenditures.”
The company also noted that any offering will require approval from relevant regulatory authorities and will comply with applicable laws and regulations. SEC stated: “This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. SEC will announce any other relevant material developments in due course as required by the relevant rules and regulations.”
