Saudi Arabia's massive industrialisation drive will increasingly rely on Islamic financing, said the treasurer of the country's national oil company, as international banks are constrained from investing in projects in the region.
Saudi Aramco - the world's largest oil company - has taken on many of the petrochemical and refining projects intended to diversify the national economy away from oil and provide jobs for Saudis.
Satorp, a Saudi Aramco petrochemical joint venture with France's Total, in 2011 launched a Sharia-compliant bond to fund the construction of a refinery.
Saudi industrial push to be fuelled by sukuk - The National
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