Middle East Economic Survey

VOL. XLIX

No 28

10-Jul-2006

SAUDI ARABIA

SABIC Receives CMA Approval For Sukuk Issue

Saudi Basic Industries Corporation (SABIC) announced on 4 July that it had been given approval by the kingdoms Capital Market Authority (CMA) to issue up to SR3bn ($800mn) worth of sukuk (Islamic bonds). The sukuk, which will be cleared through Tadawul (Saudi stock exchange), were promoted to investors in roadshows in Riyadh on 4 July and Jiddah on 5 July. Issuance is initially limited...