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Saudi Arabia ends the year with local Sukuk issuance worth $110.5 million

Saudi Arabia ends the year with local Sukuk issuance worth $110.5 million

Saudi Arabia ends the year with local Sukuk issuance worth $110.5 million

Image: Arab News

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RIYADH: The Saudi government offered denominated Sukuk in Saudi riyals worth SR415 million ($110.5 million) for the December issuance, the National Debt Management Centre announced.

The issuance comes under the kingdom’s riyal-denominated Sukuk programme. The first tranche had a size of SR200 million and matures in 2029, while the second tranche was valued at SR215 million and matures in 2031.

The kingdom collected a total amount of SR74.8 billion of Sukuk in monthly issuances for the previous 11 months. Now, it obtained a total value of SR75.2 billion financing from the Sukuk.

The Saudi Finance Ministry established the Sukuk programme through the NDMC in July 2017.

The kingdom’s public debt stood at SR948.3 billion at the end of this year’s third quarter, according to the ministry’s latest quarterly budget report.

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Domestic debt accounted for 59.1 per cent, while external debt made up 40.9 per cent of the debt.

In its 2022 budget statement, the ministry predicted that the public debt will reach SR938 billion next year.

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