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Sunday, Nov 28, 2021

Saudi Arabia issues local sukuk in November worth $164 million

Saudi Arabia issues local sukuk in November worth $164 million

Saudi Arabia’s government offered SR-denominated Sukuk worth SR 614.179 million ($164 million) for the November issuance, the National Debt Management Center (NDMC) announced in a statement.
The issuance comes under the Saudi Arabian Government SR-denominated Sukuk Program.

The Kingdom collected a total amount of SR74.2 billion of Sukuk in monthly issuances for the previous 10 months. Now, the country obtained a total value of SR74.8 billion financing from Sukuk.

In an Information Memorandum, dated 20 July 2017, Saudi’s Ministry of Finance (MoF), acting through NDMC, announced the establishment of an unlimited SR-denominated Sukuk Issuance Program. The memorandum was updated on 21 July 2020. It also stated that the ministry will issue and offer Sukuk to investors at its discretion.

The Kingdom’s public debt stood at SR948.3 billion at the end of this year’s third quarter, according to the MoF’s latest quarterly budget report. Domestic debt accounted for 59.1 percent while external debt made up 40.9 percent of the debt.

In its Pre-Budget Statement for 2022, the MoF predicted that public debt will reach SR989 billion next year.

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