Saudi aviation authority raising $2.7bn in first tranche
Saudi Arabia’s General Authority for Civil Aviation (Gaca) has launched a sukuk (Islamic bond issue) aimed at raising funds for the redevelopment of Jeddah airport.
The sukuk is being arranged by the UK’s HSBC and is expected to raise up to SR10bn ($2.7bn) in its first tranche, and it will have a tenor of 10 years. The debt is guaranteed by the Finance Ministry and the Saudi Arabian Monetary Agency (Sama).
The sukuk is expected to be the first of several tranches issued by Gaca. The Jeddah airport project is expected to cost SR27.1bn. Saudi Binladin Group has been awarded a contract for the project and last year raised SR8.5bn in contractor financing to fund its work on the scheme (MEED 29:11:11).
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