Alwaleed's Kingdom Said To Swerve Deal For Saudi Aramco Bonds

Kingdom Holding Co, the investment vehicle of Prince Alwaleed bin Talal, did not buy bonds of Saudi Aramco, according to its chief executive.

Talal Ibrahim al-Maiman was quoted by Reuters as saying that the yield on the bonds was “a bit lower” than what the company would expect.

On Tuesday, Saudi Arabia took its first major step onto the global financial stage to fund the ambitions of its crown prince, issuing $12 billion of bonds for its state-run oil company in one of the most oversubscribed debt offerings in history.

The demand for Saudi Aramco’s debut offering was so robust it allowed the energy giant to borrow at a lower yield than its sovereign parent, a rarity in the debt world.

The bond sale raises money to finance Saudi Arabia’s economic agenda after an initial public offering of Aramco was postponed last year until at least 2021.

Maiman, who was speaking at a conference in Abu Dhabi, also said Kingdom has signed term sheets for a $1 billion loan with three international and two local banks.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.

RECENT NEWS

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more