IslamicFinance.de

Saudi Binladin Group (SBG) is negotiating with banks an extension of up to two years on a 10 billion riyal ($2.7 billion) Islamic credit facility used to pay for building work at the kingdom’s Grand Mosque in Mecca. Contractors in Saudi Arabia have had to deal with delays and late payment after the government trimmed spending to adjust to the impact of lower oil prices. Mecca’s mayor Osama bin Fadl Al-Bar told Reuters in September that the expansion would be completed in either 2017 or 2018. But the timeline for the mosque has now been delayed. SBG had received some of the backlog of payment owed to it by the government in recent months, but a large portion remains outstanding.

Baker & McKenzie assisted Saudi Binladin Group with a SAR 1,000,000,000 short term sukuk al murabaha. The sukuk was issued by SBG Sukuk Limited as an exempt offering in Saudi Arabia. The sole Lead Manager in relation to the transaction is HSBC Saudi Arabia.

More on: http://www.zawya.com/story/Baker__McKenzie_act_for_Saudi_Binladin_Group_...

Saudi Binladin Group (SBG) has closed its second short term Sukuk. It attracted more than SAR 3 billion ($799.9 million) of orders for a SAR 1 billion ($266.6 million) issuance.
The privately placed Sukuk was offered to Saudi sophisticated investors and launched through SBG Sukuk Co.