KSA set to issue sukuk for Jeddah, Riyadh airports
In 2013 the government of Saudi Arabia plans to issue bonds backed by the Kingdom’s Ministry of Finance. The bonds will be used to fund construction work at airports in Riyadh and Jeddah. According to the Kingdom’s General Authority for Civil Aviation (GACA), its plans include the issuance of a second sukuk at the end of 2012 in order to help fund its SR27 billion ($7.2 billion) airport in Jeddah. The first sukuk which was launched earlier in 2012 managed to raise SR15 billion to help fund the Jeddah airport development.