Sunday, 14 June 2009

New Saudi bond market opens

Saudi Arabia new bond market opened yesterday. Foreigners can tap the new investment tool in the Middle East's largest economy for the first time. The first bond session yesterday involved SR21billion (Dh20.5bn), including SR16bn bonds by Saudi Arabian Basic Industries CorporationSaudi Arabian Basic Industries Corporation and SR5bn by Saudi Electricity CompanySaudi Electricity Company.

Dubai and Abu Dhabi have spearheaded one of the largest bond issues in the region over the past two months.

The launching of a bond market in Saudi Arabia is the latest in a series of moves announced by the CMACMA to develop its financial market.

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