Saudi Arabia Raises $989 Million Through Government Sukuk Program

Saudi Arabia Raises $989 Million Through Government Sukuk Program

Saudi Arabia’s National Debt Management Center (NDMC) said on Tuesday that it raised $989 million (SAR 3.71 billion) through the government’s Sukuk Program, which is in Saudi riyals.

Issuance details

The Sukuk issuance was split into four parts, according to a statement from NDMC on Wednesday.

• The first part is $350 million (SAR 1.31 billion) and will mature in 2029.

• The second part is $21.3 million (SAR 80 million) and will mature in 2032.

• The third part is $203.9 million (SAR 765 million) and will mature in 2036.

• The final part is $413.2 million (SAR 1.55 billion) and will mature in 2039.

This new issuance is 40% higher than the one in March, where the government raised $703.8 million (SAR 2.64 billion).

Euro bond issuance

In February, NDMC completed a bond issuance in euros under Saudi Arabia’s Global Medium-Term Note Issuance Program, totaling $2.57 billion.
The order was four times oversubscribed and was issued in two parts, including a new green bond.

• The green bond was $1.7 billion and will mature in 2032.

• The second part was $857.1 million and will mature in 2037.

Credit rating

In February, Fitch Ratings confirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook.
The rating reflects the country’s strong finances, with government debt and foreign assets much better than the average for other countries with similar ratings.

Global sukuk market

The global sukuk market is expected to do well in 2025, with total issuances predicted to be between $190 billion and $200 billion, according to S&P Global’s January statement.
Sukuk in foreign currencies are expected to make up $70 billion to $80 billion of this total.

Published: 24th April 2025

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