?Sleeping giant? debt market awakes in Saudi Arabia

"Bank loans are still growing rapidly in Saudi Arabia because of strong economic growth; lending to the private sector climbed 15.6 percent from a year earlier in February to 1.02 trillion riyals ($272 billion). But sukuk issuance is now expanding much faster. Last year about 27.2 billion riyals worth of riyal-denominated sukuk were issued, according to HSBC, up from 11.3 billion in 2011. In the first quarter of this year, 10.3 billion riyals were issued. Three sukuk deals have closed in the past week alone: a 1.3 billion riyal deal from construction giant Saudi Binladin Group, 1.3 billion riyals from dairy firm Almarai Co, and 7.5 billion riyals from Sadara Chemical Co, a venture between Saudi Aramco and Dow Chemical. Some Saudi banks have run up against their internal lending limits for companies, an issue which is particularly acute for firms such as Saudi Binladin, which require large amounts of finance to undertake construction projects. This is pushing some companies towards sukuk."

Click here to read the full article on Trade Arabia

Source: http://sustg.org/blog/2013/04/30/sleeping-giant-debt-market-awakes-in-saudi-arabia/

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