Saudi Arabia completed earlier than planned the repurchase of a portion of outstanding bonds and Sukuk due in August, September, October, November and December of 2022, with a total value of more than SR33 billion ($8.79 billion), Arab News quoted.

The kingdom, represented by the Ministry of Finance, also announced the issuance of new Sukuk under the Sukuk Issuance Programme in Saudi riyals, the National Debt Management Center (NDMC) said in a statement.

This transaction is one of the NDMC initiatives aimed at unifying its domestic issuances under the Sukuk Issuance Programme in Saudi riyals.

This is the second stage of the initiative, which started in 2020, and it will be followed by others, NDMC added.

The new Sukuk were divided into four tranches with a total value of SR33.48 billion. The first tranche was at a value of SR11.12 billion, maturing in 2029, the second tranche had a value of SR6.30 billion and will mature in 2030, the third tranche at a value of SR11.40 billion and will mature in 2033, and the fourth tranche valued at SR4.66 million will mature in 2036.