Saudi Basic Industries Corporation (SABIC) has announced plans to issue the Kingdom’s first major domestic corporate bond next year to help finance its global expansion. Speaking at a petrochemicals conference in Dubai yesterday, SABIC Vice President Homood Al-Tuwaijiri said the bond will most likely be worth around one billion Saudi riyals [U.S. 267 million]. There is, he declared, “considerable appetite” in the domestic market for SABIC assets. SABIC is also investigating the acquisition of a credit rating in order to have the option of borrowing on international markets.

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