23.01.2012 - GACA issue could pave the way for Kingdom's debut sovereign Sukuk
It is not that the SR15 billion sukuk offering a few days ago by the General Authority of Civil Aviation (GACA) was three times oversubscribed, but the fact that this was the first major Saudi quasi-sovereign to raise funds from the Saudi riyal market though a sukuk issuance. Hitherto it was utilities such as Saudi Electricity Company (SEC) and government owned entities such as Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Aramco and Total S.A. of France; and entities such as Saudi Basic Industries Corporation (SABIC), in which the government retains a 40 percent or so stake; that have lead the way in sukuk origination in the Kingdom usually through publicly listed local currency issuances. ..............................................Full Article: Source
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