Middle East Economic Survey

VOL. L

No 30

23-July-2007

SAUDI ARABIA

SABIC Receives Approval To Increase Sukuk Offer

Saudi Basic Industries Corporation (SABIC) was given approval by the Capital Markets Authority (CMA) last week to increase the value of its second sukuk offering (SABIC Sukuk II) to a maximum of SR8bn ($2.1bn) from the maximum of SR5bn ($1.3bn) originally approved (MEES, 16 July). SABIC asked for the increase due to indications of strong investor demand during recent roadshows. SABICs...