Middle East Economic Survey

VOL. XLVIII

No 13

28-March-2005

SAUDI ARABIA

Saudi Electricity Company Plans To Issue Islamic Bonds

Saudi Electricity Company (SEC) announced on 16 March that it will propose permitting the issue of conventional and Islamic bonds at its next shareholders meeting on 16 April. The proposal requires a change to the company articles and should enable SEC to finance future projects via bonds without the need for bank loans, according to the companys chief executive officer...