Kingdom Holding Co., an investment company controlled by billionaire Prince Alwaleed bin Talal, is seeking to sell bonds for the first time, joining an increasing number of Saudi Arabian companies aiming to tap the debt market.
Kingdom Holding will hold a shareholders’ meeting March 27 to seek approval to sell conventional or Islamic bonds, the Riyadh-based company said in a statement to the Saudi bourse today. It didn’t provide further details.
Saudi Arabian corporate bond sales are poised to set a record in 2012 as a surge in state spending in the Arab world’s biggest economy encourages private businesses to invest more in expansion projects. Saudi Arabian Mining Co., the nation’s largest miner, and Almarai Co. are among five companies that unveiled plans to issue bonds this year. The state-run General Authority of Civil Aviation sold 15 billion riyals ($4 billion) of Islamic bonds in January.
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