Saudi to issue bonds for Jeddah, Riyadh airports
Dubai, December 30, 2012
Saudi Arabia's government will issue bonds next year backed by the kingdom's ministry of finance to fund construction work at airports in Riyadh and Jeddah, Finance Minister Ibrahim Alassaf told Al Arabiya television on Sunday.
"The rest of the bonds for King Abdulaziz Airport in Jeddah and King Khaled Airport in Riyadh will be issued this (coming) year," Alassaf said.
The kingdom's General Authority for Civil Aviation (GACA) said in January it planned to issue a second sukuk, or Islamic bond, at the end of 2012 to help fund its 27 billion riyal ($7.2 billion) airport in Jeddah.
A first sukuk, launched earlier this year and fully guaranteed by the Saudi Ministry of Finance, raised 15 billion riyals to help fund the Jeddah airport development.
Last year, industrial conglomerate Saudi Bin Laden Group won the contracts to develop the first phase of the Jeddah airport, raising its annual capacity to 30 million passengers.
Saudi Arabia is currently investing in multi-billion dollar infrastructure projects and revamping many of its airports to cater to a growing number of passengers. – Reuters
More Construction & Real Estate Stories
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum