Saudi Arabia increased spending on transportation to a record this year as the Arab world's biggest economy seeks to catch up with the United Arab Emi (more)
increased spending on transportation to a record this year as the Arab
world's biggest economy seeks to catch up with the United Arab Emirates and Qatar
in the race for pre-eminence as a trading center.
That expansion is deepening the bond market as Saudi Arabia expands port capacity to handle more than 5 million 20-foot equivalent units a year. The kingdom is also installing 2,400 miles (3,860 kilometers) of rail lines and has opened the Saudi aviation market to carriers Gulf Air and Qatar Airways.
Saudi Finance Minister Ibrahim Al-Assaf said on Dec. 30 that he expected more sukuk, or Islamic debt, for the planned expansion of Riyadh and Jeddah airports. Government agencies with "the ability to generate income and operate commercially" are wellp-laced to issue bonds, al-Assaf said in May.
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