Saudi Arabia’s General Authority of Civil Aviation (GACA) has said its first Islamic bond offering has been three times oversubscribed, Arab News has reported. On January 10, GACA offered sukuk worth SR15bn to investors.
“We have offered sukuk worth SR15bn for sale and that was oversubscribed more than three times thanks to the tremendous response from the investment firms, banks, government organizations and leading companies in the Kingdom,” said GACA president, Prince Fahd bin Abdullah. The funds would help GACA build the new SR27.1bn ($7.23bn) King Abdul Aziz International Airport in Jeddah. (Press Release)