Middle East Economic Survey

VOL. LII

No 47

23-Nov-2009

SAUDI ARABIA

Saad Group Misses Scheduled Bond Payment

Saudi Arabias Saad Group said on 15 November that it has missed a scheduled payment for its $650mn Islamic bond, the Golden Belt-1 sukuk. Payments on the sukuk are made bi-annually, with the previous payment in May having been made successfully. We invite the certificate holders to refrain from proceeding with any legal action, read a statement by Saad Trading Contracting & Financial...