Arab News: PIF-backed shipping company to issue $1BN sukuk

In the media
15 April 2021 Riyadh, KSA
bhari susuk
  • Bahri, which is part-owned by Saudi Aramco, plans Shariah-compliant bond.

The National Shipping Company of Saudi Arabia (Bahri), which is part-owned by PIF and Saudi Aramco, plans to issue a SAR 3.9 billion ($1.04 billion) sukuk, or Shariah-compliant bond, Arab News reported.

Bahri, which has some 90 vessels, plans the offering to refinance an existing sukuk due to mature later this year, according to a filing on the Saudi Exchange.

Transport and Logistics is one of 13 key sectors identified in the Public Investment Fund's five-year strategy. The plan specifies an aim to improve connectivity in logistics infrastructure in Saudi Arabia, and increase the participation of the private sector in industries that depend on logistics services.

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