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  • Fitch Assigns Saudi Electricity Company’s Green Sukuk Final Rating of ‘A-‘

    Proceeds from the sukuk certificates will finance and/or refinance in whole or in part green projects focused on procurement and installation of smart meters as well as construction and operation of infrastructure for connecting renewable energy sources to the grid, as further described in SEC's Green Sukuk Framework.

  • Saudi Arabia chases UK tech firms to partner on $500bn Neom City

    Saudi Arabia has called on UK companies to partner and invest in its multi-billion dollar smart cities as part of the kingdom’s transformation drive. “The drive behind all these opportunities is that smart cities will help Saudi Arabia,” Moath Alzahrani, smart cities domain lead at the kingdom’s National Digital Transformation Unit told delegates at London’s Tech Week event.

  • Bahrain sells $2 billion in sukuk and bonds

    Bahrain sold $2 billion in its second bond offering of the year on Wednesday, a dual-tranche issuance comprising seven-year sukuk, or Islamic bonds, and a 12-year conventional tranche. The small oil producer, which averted a credit crunch in 2018 with a $10 billion aid package from its Gulf neighbors, raised $2 billion in May to bolster finances battered by low oil prices and the coronavirus crisis.

  • Wheat Rivalry Heats Up as Ukraine Starts Sales to Saudi Arabia

    Ukraine joined Russia in starting wheat sales to Saudi Arabia, giving European Union exporters another rival in one of their top markets.

  • Walid Abukhaled, chief executive officer of the Saudi Arabian Military Industries

    Walid Abukhaled has been appointed as chief executive officer of the Saudi Arabian Military Industries (SAMI). The decision was based on his proven ability as acting CEO in managing the company’s affairs during the last few months.

  • GCC sovereign sukuk issuance to reach $34bn this year on rising funding needs

    Sovereign sukuk issuance in the Gulf is expected to pick up pace in the second half of this year, driven by higher government funding needs amid lower oil prices and the pandemic-driven economic slowdown, according to Moody’s Investors Service. Gulf sovereign borrowers are expected to raise a total of $34 billion (Dh124.78bn) through Islamic bonds this year, up from $25bn in 2019, the lead analyst of Moody's sovereign risk group, Thaddeus Best, said in a media call on Tuesday. The biggest rise will come from Saudi Arabia, the largest Arab economy, whose sukuk issuance is expected to grow by roughly $8bn in 2020, to $27bn.

  • Saudi Arabia Appoints First Female Head To Tabuk’s Regional Council

    Saudi Arabia has just appointed Dr. Khulood Mohammed al-Khamis to become the head of Tabuk’s regional council. A historical moment in the Kingdom as al-Khamis is the first woman to reach this position. After approval from Saudi Arabia’s Interior Minister,  al-Khamis officially became the Secretary-General of Tabuk’s regional council.

  • Saudi’s SRC to issue domestic sukuks with $1.3bn funding target

    Saudi Real Estate Refinance Company (SRC) is looking to issue domestic sukuks in the coming months with the hope of raising up to SAR5 billion ($1.3bn). While CEO Fabrice Susini told Arabian Business that the company, the kingdom’s equivalent of Fannie Mae and Freddie Mac in the US, has plans to tap the international markets for what he described as a “significant amount”.

  • Saudi Arabia’s SABB offers $1.33bln local sukuk

    Saudi British Bank (SABB) has completed the first offering of Tier II SAR-denominated Sukuk for private placement in Saudi Arabia under its local Sukuk programme at a total value of SAR 5 billion. The total number of Sukuk amounts to 5,000 and the par value of each one is SAR 1 million, according to a stock exchange statement on Thursday. Moreover, the Sukuk return will be based on the current lending price, SAIBOR, for six months besides a profit margin of 195 basis points (bps).

  • Money Market Fund Sukuk Default Puts Regulation in Spotlight

    Saudi Arabia is the GCC's largest and longest-established MMF market, with the first local fund launched in 1987. The only other GCC countries with locally domiciled MMFs are Kuwait and Oman, although other GCC countries have registrations from offshore MMFs, most of which are European.