Saudi Arabia's Almarai Co, the Gulf's biggest dairy firm by market value, raised 1 billion riyals ($266.6 million) through a sukuk, or Islamic bond, issue on March 7, the firm said in a bourse statement.

'Almarai successfully issued sukuk for 1 billion riyals on March 7, 2012. The orders reached 4.7 billion riyals, 4.7 times oversubscribed,' the statement said.

It is the first time that Almarai has issued public debt, having begun roadshows for the offering last month.

HSBC Saudi Arabia was the arranger of the sukuk. - Reuters