One of Saudi Arabia's biggest contractors, Saudi Binladin Group, has completed a new sukuk issue which has allowed it to raise $346m (SR: 1.3bn) in loans.
The sukuk was the fifth issue undertaken by the firm and was fully susbscribed, according to the Saudi Gazette.
The two and-a-half year sukuk was arranged by Saudi Fransi Capital, which said that Saudi Binladin Group's reputation had been a strong draw for investors, meaning that it was priced at 170 basis points over the three-month Saudi Inter-bank Rate.
Saudi BinLadin Group asid that the success was an encouraging sign for further sukuk issues in the future.
The company is involved in several mega-projects in the Kingdom of Saudi Arabia, including the $7.2bn King Abdulaziz International Airport upgrade in Jeddah, the new King Abdfullah Economic City in Rabigh and it is an investor in Kingdom Holdings' plan to build the world's tallest tower in Jeddah - the 1km-high Kingdom Tower.
Source : http://www.constructionweekonline.com/article-22927-saudi-binladin-completes-346m-sukuk/