Middle East Economic Survey

VOL. L

No 28

16-July-2007

SAUDI ARABIA

SABIC Launching Second Sukuk, As SEC Issue Closes

Saudi Basic Industries Corporation (SABIC) was given approval by the Capital Markets Authority (CMA) last week to launch its second sukuk offering (SABIC Sukuk II) up to the value of SR5bn ($1.33bn). SABICs inaugural offer, the kingdoms first corporate bond, was issued last year and came in one-and-a-half times oversubscribed when the books closed on 18 July 2006 (MEES, 24 July...