Saudi Civil Aviation Authority considers sale of USD4bn in Islamic bonds

Saudi Arabia's Civil Aviation Authority President Abdullah al-Rahimi stated it is considering the sale of Islamic bonds (sukuk) worth up to SAR15 billion (USD4 billion) to fund a modernisation of Saudi Arabia's airports (Reuters/Al Arabiya, 12-Jan-2011). He stated the bonds will be issued in parts, with the first and tranches to be limited to SAR4.5 billion (USD1.2 billion) in each offering and the following tranche to be worth around SAR6 billion (USD1.6 billion). He provided no timeframe for the issues.