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Saudi Al Rajhi Capital to Arrange Two Large Sukuk - ASHARQ AL-AWSAT English Archive
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RIYADH (Reuters) – Al Rajhi Capital, the investment banking arm of the biggest Saudi Islamic lender, Al Rajhi, is arranging two large Islamic bonds, or sukuk, for Saudi firms, executives said on Monday.

“We have two mandates at this stage right now,” said Joseph Rodriguez, managing director of the leveraged finance unit, declining to identify the firms or sectors.

“It’s big,” he told the Reuters Middle East Investment Summit when asked about the volume. The brokerage was also marketing 8-10 potential sukuk mandates.

Al Rajhi Capital, previously known as Al Rajhi Financial Services, plans to launch a fund for secondary sukuk or other Islamic financing tools as part of plans to boost its asset management arm, said Gaurav Shah, head of asset management.

“Asset management is really becoming a core business for us,” Shah said, adding that its managed assets now amounted to 7.5 billion ($2 billion).

Chief Executive Officer Marcus Andrade said the investment bank is targeting 15-20 percent of all deposits at Saudi banks under management in five years.

Other areas were retail, private equity, equity research, arranging reschedulings for firms running into trouble and for project financing.

The broker was offering research for Saudi stocks and would later expand to the Gulf and Middle Eastern companies.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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