Middle East Economic Survey

VOL. XLVIII

No 20

16-May-2005

New Saudi Petrochemical Project To See First Wholly Islamic Term Sheet

This year a petrochemical project in Saudi Arabia will be the first financing in the GCC energy sector in which the entire term sheet, which will total around $400mn, is Shari'a compliant, MEES understands. The project will operate under the auspices of a new company, to be formed later this year and called Al-Waha Petrochemical Company. It is a joint venture between the...