GACA Islamic bonds oversubscribed 3-fold JEDDAH — The SR15 billion Islamic bonds or sukuk issued here last week by the General Authority of Civil Aviation (GACA) was oversubscribed three-fold, said Prince Fahd Bin Abdullah Bin Muhammad, Chairman of GACA. In a statement, Prince Fahd said the bond issue was a resounding success. “Some of these establishments were major public companies in the Kingdom but most of them were banks. This reflects the confidence Saudi investors have in the economy and major government development projects,” the GACA chairman added. The 10-year bonds were issued in Saudi riyals for the first time and supported by the Ministry of Finance and the Saudi Arabian Monetary Agency (SAMA). The finance raised is expected to be used for development at King Abdulaziz International Airport in Jeddah, which will cost about SR27 billion. There will be further bond issues in future, according to reports.
