Saudi bond sales hit record this year
2012-04-17 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: EFG-Hermes Holding has said sukuk sales in Saudi Arabia rose to a record this year, as the government's $500bn spending plan encourages companies to raise funds to invest, Bloomberg has reported. Islamic bond offerings jumped to $6.55bn so far in 2012, about 77% of the Gulf region's total issuance and the most since 2003. The kingdom's General Authority of Civil Aviation was the Gulf's top bond issuer this year to help finance an airport in the Red Sea port city of Jeddah. "Over the last six to 12 months, economic activity has picked up and the government has stepped back a little from funding the projects directly because there is significant appetite to fill up that space," said EFG-Hermes analyst, Murad Ansari .  

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