Sabic plans US$2.7 billion bond sale to Saudi fund
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Tue December 29, 2009 9:48 pm

SAUDI ARABIA. Saudi Basic Industries Corp., the world’s largest petrochemical maker known as Sabic, plans to raise SAR10 billion (US$2.7 billion) in a private placement of bonds to the government-run Public Investment Fund reported Bloomberg, citing a company statement.

The seven-year notes will help finance the company’s expansion plans, the Riyadh-based petrochemical maker said in a statement on the Saudi bourse Website today. Sabic signed an agreement with the Public Investment Fund for the bond issue, according to the statement.

Sabic wants to triple its petrochemical production to 130 million tons by 2020 by building plants and acquiring facilities as the company prepares for higher demand for its products. Sabic’s bond issue will be the biggest since June when Saudi Electricity Co., the state-controlled power producer, raised 7 billion riyals by selling five-year Islamic bonds.

The Public Investment Fund, set up by a royal decree, provides financing for projects that are of a commercial nature and are having a significant importance in developing the national economy, according to information available on the Ministry of Finance website.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
SAUDI ARABIA. The GCC said in a statement that foreign ministers of the six-member body had met in Riyadh for a comprehensive review of measures used to implement foreign and security policies.
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