Today, Sunday, the Saudi energy company, Aramco, announced the start of issuing international Sharia-compliant sukuk in dollars.
The company said in two separate statements on the Saudi Stock Exchange "Tadawul": "The sukuk to be issued will be in compliance with the provisions of Islamic Sharia in US dollars, and will be direct and unsecured without the right of recourse to the assets."
The Saudi company indicated that the value of the offering will be determined according to market conditions.
It added that the net proceeds from each sukuk issuance will be used for Aramco's general purposes or for any other purpose specified in the final terms of a series of sukuks.
Saudi Aramco appointed Alinma Investments, Al Rajhi Capital, BNP Paribas, Citi, First Abu Dhabi Bank, Goldman Sachs, HSBC, JPMorgan and Morgan Stanley, NCB Capital and Riyad Capital, as joint lead bookrunners, to organize a series of meetings with fixed income investors starting today, June 7, 2021.
She indicated that the offering of these sukuk will be limited to qualified investors in the countries where the offering will take place, in accordance with the laws and regulations in force in those countries.
Saudi Arabia is the largest oil exporter in the world, and in March it remained the largest supplier of crude oil to China for the seventh month in a row.
Saudi Aramco's profits declined last year, but it did not deviate from its pledge of annual dividends of $75 billion, mostly to the kingdom's government.
Aramco, the largest oil company in the world, was listed on the Saudi Stock Exchange in late 2019, to raise $25.6 billion from the initial public offering, then sold more shares to the offering investors, bringing the total to $29.4 billion.
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