Funding Arranged For Saudi Airport Expansion

December 15, 2011

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The investment banking arm of Malayan Banking and Bahrain's Gulf International Bank have arranged an 8.5 billion Saudi riyal (USD$2.27 billion) Islamic financing facility for Saudi Binladin Group, the Malaysian bank said on Thursday.

Twelve banks participated in the facility including Abu Dhabi Commercial Bank, Samba Financial Group, Ahli United Bank and Emirates NBD Bank, Maybank said in a statement.

The proceeds would be used to help finance the expansion of King Abdulaziz Airport, the third largest airport in Saudi Arabia, it said.

(Reuters)