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ATM & BranchesHSBC leads a successful SAR 15 billion Sukuk issuance
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January 2012
HSBC Saudi Arabia Limited led the very successful SAR 15 billion 10-year Sukuk issuance for the General Authority of Civil Aviation (GACA). The funds from the Sukuk issuance will be used for the construction of the new King AbdulAziz International Airport in Jeddah.
Walid Khoury, CEO of HSBC Saudi Arabia Limited, said: "We are extremely proud and honoured to be part of this historic transaction, that is globally the largest single-tranche Sukuk ever issued. Moreover, the transaction is fully Shari'ah compliant, guaranteed by the Ministry of Finance and approved by Saudi Arabian Monetary Agency (SAMA) for repo-ability. Our dedicated team worked closely with the General Authority of Civil Aviation to meet all of their requirements and helped in setting another benchmark in Sukuk issuance in the Kingdom".
Fahad Al-Saif, Director and Head of Debt Capital Markets at HSBC Saudi Arabia Limited said: "The GACA Sukuk issuance has conceptually set the new risk-free rate for the Saudi Arabian markets. We are always keen to help lead the development of Islamic financing industry and Saudi capital markets through innovative solutions such as this issuance. This transaction stresses our integrated Islamic and innovative financing solutions capabilities which HSBC is committed to deliver in Saudi Arabia".
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.