Saudi’s Taif airport project to raise funds through sukuk
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Saudi Arabia is contemplating seeking funds for its new airport in the western town of Taif through sukuk issuance (Islamic bonds), said Ibrahim Al Assaf, finance minister of Saudi Arabia, as reported in Zawya.
The minister said his department will cooperate with the Civil Aviation Authority to secure funds.
“We had a successful experience with the aviation authority by issuing sukuks to fund certain projects and are planning to repeat the process to fund others. We have already agreed on construction of the new airport through private sector funds,” he added.
Assaf added that the King Abdul Aziz airport in Jeddah is progressing on schedule and would be completed by end- 2014. A trial-basis commissioning is scheduled in the first five months of 2015, according to media reports.
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