Sultan Al-Sughair Saudi Gazette JUBAIL – Saudi Arabian Mining Company (Maaden) will start to approach export credit agencies (ECAs) at the end of June as it tries to raise funding for its SR28 billion new phosphates project in the north of the Kingdom. It plans to begin approaching commercial banks by the end of July, Khalid Al-Rowais, chief financial officer at Maaden, said that they will be ready by the end of this month to go to the ECAs, and sometime down road. He said "maybe in June or July, we will launch the project to the banks.” He added the company is still evaluating whether to issue a sukuk to fund the project. Al-Rowais said “sukuk is one of the options we are looking at, but if we do it then it will be part of the whole financial structure of the project plan." "We are looking it; and looking seriously,” he added. Maaden wants the financing to be in place by the end of the year. Al-Rowais said “we have a target for financial close before the end of the year.” “It's an aggressive timetable, but we believe it is achievable.” Funds will be used to develop the Waad Al-Shamal phosphates city which is being built at Umm Waal on the northern border with Jordan.
