Acwa Power Launches Maiden SAR 5 Billion Sukuk in Saudi Arabia

Acwa Power, Saudi Arabia-based utilities developer and investor, has launched a maiden Islamic Sukuk only in Saudi Arabia. According to local media reports, the aggregate nominal value of the Sukuk will not exceed SAR 5 billion, subject to an increase in accordance with the programme agreement.Acwa Power, Saudi Arabia-based utilities developer and investor, has launched a maiden Islamic Sukuk only in Saudi Arabia. According to local media reports, the aggregate nominal value of the Sukuk will not exceed SAR 5 billion, subject to an increase in accordance with the programme agreement.

Why it Matters?

The developer is only expecting to raise part of the SAR 5 billion (USD 1.3 billion) bond sale. Earlier in 2020, Paddy Padmanathan, Chief Executive Officer...