Here is breaking news from Saudi Arabia involving HSBC and the Bin Laden family. The Saudi Binladin Group successfully completed the issuance of a privately placed SAR Sukuk of finance raising more than SR1bn from the capital markets in Saudi Arabia. This is the Saudi Binladin Group’s first go at the Saudi debt capital markets. HSBC Saudi Arabia was the sole Lead manager and bookrunner for the issuance.

The Saudi Binladin Group is not liable for the Sept. 11 2001 attacks, attorneys for the multinational engineering firm claim, because it made Osama bin Laden surrender his stake in the company 14 years ago. Responding in federal court to lawsuits over the attacks, the lawyers wrote that in 1993, the terrorist mastermind was forced out as a shareholder in two companies his family owns.

A Saudi Riyal is worth about 25 cents, as it has been since the 1950’s. Timothy Gray is the CEO of HSBC Saudi Arabia.

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