Saudi's SABIC says to issue sukuk for projects
Saudi Basic Industries Corp (SABIC), the world's biggest petrochemicals group, will issue a sukuk late this year or next year to fund coming projects. SABIC has 40 billion riyals ($10.7 billion) worth of projects over the next few years and the company prefers to fund these with sukuk. Its Chief Financial Officer Mutlaq al-Morished said the timing of the sukuk would depend upon both the development of the projects and conditions in financial markets. It is too early to give the size of the sukuk, he added.
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