Saudi Arabia’s Rawasi Albina Investment Company is looking to tap into the debt capital markets with the issuance of up to SAR 500 million ($133 million) debt instruments.

The Riyadh-headquartered contractor, whose clients include the Saudi Electricity Company, telecom giant stc and National Water Company, has obtained the approval from the Capital Market Authority (CMA) to proceed with the public offering.

The public offering is part of the company’s debt instruments issuance programme. A prospectus will be published prior to the start of the subscription period.

The company, which specialises in electrical contracting, telecommunications management consulting and construction services, has obtained a long-term entity rating of “BBB” with a “stable” outlook from Saudi-based Financial Analytics (Rating).

The GCC countries’ debt capital markets are expected to grow further in 2025 and 2026 on the back of government project financing, maturing debt, fiscal deficits, diversification goals and regulatory reforms, according to Fitch Ratings in December 2024.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com