The success of Saudi Arabia’s first sovereign
Islamic bond might signal a new era for Saudi’s
nascent debt markets.
In a landmark move, the government has helped facilitate the
development of the sukuk market by giving its guarantee to the
Saudi General Authority for Civil Aviation’s
(GACA) 15 billion riyal (£2.5 billion) borrowing. The
airport authority’s sukuk is the biggest of its
kind ever issued in the Kingdom....