Saudi Arabian real estate and energy companies are leading Islamic bond sales from the Persian Gulf as the kingdom’s $400 billion stimulus plan, the biggest among the Group of 20 nations, boosts spending.
Sukuk from borrowers in the largest Arab economy may more than double to $4.5 billion this year from $2.1 billion in 2009, as a “scarcity” of local notes that comply with the religion’s ban on interest bolsters demand from local banks, according to Riyadh-based HSBC Saudi Arabia Ltd.
Saudi Arabia, the world’s largest oil supplier, announced the five-year plan in 2008 to spur economic growth and finance construction projects. Saudi Finance Minister Ibrahim al-Assaf said on Feb. 11 that gross domestic product may increase more than 4 percent in 2010, compared with 0.6 percent last year.
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