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FinancialNews


  • 25-08-18

    Saudi Arabia to borrow USD12bn from int'l banks

    (MENAFN) The Financial Times reported the Saudi Arabian sovereign fund to be ready to apply for a USD12 billion loan from international banks.

    The decision comes after the temporary suspension of IPO plans for state energy group Saudi Aramco.

    Saudi Arabia cancelled its plans for listing Saudi Aramco while the Kingdom changes its focus to a planned stake in local petrochemicals maker Saudi Basic Industries Corp, as reported Reuters.

    The report added that around sixteen banks might take a part in the borrowing process, while lead banks are set to be chosen.

    MENAFN2508201800450000ID1097341424

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