Riyadh – Mubasher: Saudi Binladin Group has started marketing a 364-day Sukuk issue to local investors, which may raise up to SAR 1 billion ($265 million) for the construction firm, first-hand sources told Reuters.

According to the sources, the Sukuk issue is being managed by BNP Paribas' Saudi unit and the investment banking arm of Gulf International Bank.

Funds from the deal will go for financing costs related to the group’s work at the King Abdulaziz International Airport in Jeddah.