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  • Acwa Power raises $746m through sukuk issuance to fund growth

    The issuance was the first the company has completed in the Saudi Arabian market and benefited from "significant interest from fund managers, government funds and insurance companies", the company said in a statement on Monday evening. The offer was 1.8-times oversubscribed.

  • Saudi VC Sukna, Unifonic launches entrepreneurship program

    Saudi venture capital firm Sukna has partnered with Dubai-based Unifonic to host an entrepreneurship program in the Kingdom, the pair announced in a statement.

  • Saudi Arabia Re-Enters Full Scale Financial Markets, Aramco $6 billion Sukuk and PIF Infrastructure Fund Stake

    Saudi Aramco’s financial attractiveness has not been dented lately, even that volatile oil markets and unilateral oil export cuts have put a dent in its profitability at present. With orders of between $33 -55 billion in place, the oil giant has been able to raise $6 billion with a new sukuk offering. The oil giant’s sukuk had a price guidance of under 70 basis points (bps) over US Treasuries (UST) for a 3-year tranche, 90 bps over UST for 5-year, and 125 bpd over UST for a ten-year tranche. On Monday June 7 Aramco’s first US dollar-denominated sukuk was launched. The total sukuk is launched in three tranches.

  • Travel: US eases travel rules for 61 countries – but not UK

    Its public health agency updated its criteria on Monday, which saw 61 countries lowered from a Level 4 "avoid all travel" rating. Countries such as France, Spain and Italy are now Level 3, which means fully-vaccinated passengers may go to these areas. Travellers from the US can visit the UK but must self-isolate. Because the US is on the UK's "amber list" visitors from the country have to self-isolate for 10 days on arrival.

  • Saudi Aramco seen raising $3 bln-4 bln with dollar sukuk

    Saudi Arabian oil giant Aramco (2222.SE) is likely to raise between $3 billion and $4 billion on Wednesday, two sources said, as it returns to the international debt markets with its first U.S. dollar-denominated sukuk sale.

  • Saudi Aramco mandates banks for inaugural dollar sukuk

    Saudi Aramco has hired a large group of banks to arrange its inaugural issuance of U.S. dollar-denominated sukuk, a document showed on Monday, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government. The banks will arrange fixed income investor calls starting on Monday, the document from one of the banks showed. An issuance of sukuk in three-, five- and 10-year tranches will follow, subject to market conditions.

  • Saudi Arabia’s Flynas low-cost airline enters Ukrainian market

    Saudi Arabia's Flynas low-cost airline is entering the Ukrainian market. In particular, it will provide regular flights between Ukraine and Saudi Arabia, as reported by Ukrainian Infrastructure Ministry's press service.

  • Saudi Arabia closes May sukuk program at $900 million – ministry

    Saudi Arabia's National Debt Management Center closed on Tuesday its local issuance for May 2021 of the government's Saudi riyal-denominated sukuk, or Islamic bonds, program at a total of 3.53 billion riyal ($941.36 million), the finance ministry said.

  • UK’s Middle East minister holds climate and security talks in Saudi Arabia

    Britain’s Middle East minister has arrived in Saudi Arabia for talks on a variety of issues including climate change, security and trade. James Cleverly also met Yemeni Foreign Minister Ahmed Awadh bin Mubarak and delivered a message from Britain's Queen Elizabeth II to Yemeni President Abdrabu Mansur Hadi.

  • Iran official says nuke inspector deal expired; talks go on

    The nuclear negotiations have been plagued by contradictory, anonymously leaked information coming from Iran. It’s likely a sign of the conflict between the administration of the outgoing President Hassan Rouhani, the relatively moderate cleric who clinched the 2015 deal, and the hard-liners now seeking to replace him.