FINANCIAL NEWS

Oman mulls issuing USD517.9m worth of bonds, sukuk

14 Mar 2013

(MENAFN) The Central Bank of Oman’s (CBO) executive president, Hamoud Sangour Al Zadjali, stated that the Sultanate is mulling the issuance of USD517.93 million worth of bonds and sukuk, reported Times of Oman.

Al Zadjali said that the aim of the issuance, the country’s first sovereign sukuk issue, is to meet budget-financing requirements.

He added that the sukuks, denominated in rials, will be issued by the end of the current year or at the start of 2014, noting that it will take the government some time to structure these sukuks to comply with the Islamic sharia law.

It is worth noting that the government of Oman plans infrastructure projects exceeding USD35 billion, representing over 50 percent of the Sultanate’s gross domestic product (GDP), however, the government has been able to meet those obligations through its own resources, owing to high oil prices and high oil output.

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