RIYADH – Saudi Arabian Mining Company (Maaden) aims to complete the financing for a $7 billion phosphate project by the end of the year, a senior executive at the firm said Tuesday. The cash will be used to fund the Umm Wual development at Waad Al-Shimal City in the north of the Kingdom, as well as connected infrastructure at Ras Al Khair on the eastern coast of the Kingdom, Khalid Al-Rowais, vice president of finance at Maaden, told a conference in Dubai. While the amount of money to be raised from the market has yet to be finalized, Rowais said government funds, banks - both local and international - as well as export credit agencies (ECAs) would be involved. Issuing an Islamic bond was also a possibility. “A sukuk is an option but the most important thing is to have the right balance to suit the project,” Rowais said, adding talks were ongoing with its financial adviser on funding plans. HSBC was financial adviser, with Baker & McKenzie its legal adviser, Rowais added on the sidelines of the event. – SG/Agencies
