Saudia sees SR5b sukuk issue in Q2 or Q3

RIYADH —  National carrier Saudi Arabian Airlines (Saudia) is seeking to raise SR5 billion ($1.3 billion) via the first tranche of a sukuk issuance program in the second or third quarter of this year, its director-general Saleh Al Jasser said on Tuesday. The funds will be used to finance fleet expansion, as the carrier aims to operate 200 aircraft by 2020, he told reporters at a business conference. Details of the second tranche of the sukuk program have not been determined, he added. The airline has been spinning off units in the last several years; it is now preparing documentation to hive off its cargo unit in an initial public offer of shares, Al Jasser said without giving details.