Riyadh, August 22, 2023, The Saudi Arabian Government's SAR-denominated Sukuk Program's August 2023 issue has been closed, according to the National Debt Management Center. In a recent development, a staggering sum of SAR 3.506 billion (equivalent to three billion and five hundred and six million Saudi Riyals) has been reported as the grand total of all bids received. Notably, this exact amount has been allocated, leaving no room for discrepancy. In a recent development, the Sukuk issuance has been split into two tranches. The first tranche, with a substantial size of SAR 2.406 billion (equivalent to two billion and four hundred and six million Saudi Riyals), is set to mature in the year 2031. This move aims to diversify the investment options available and cater to the varying needs of investors. In a significant financial development, the second tranche of funds has been announced with a substantial size of SAR 1.100 billion (equivalent to one billion and one hundred million Saudi Riyals). This tranche is set to mature in the year 2033, marking a significant milestone in the financial landscape. In a recent development, the NDMC has officially confirmed its stance on the matter, reiterating its commitment to pursue additional funding activities as outlined in the approved Annual Borrowing Plan. This decision comes in light of prevailing market conditions and the availability of funding channels, both locally and internationally. The NDMC remains steadfast in its determination to explore all viable options to secure the necessary resources. In a strategic move aimed at securing the Kingdom's enduring foothold in debt markets, the government has taken decisive action to effectively manage impending debt repayments in the years ahead. This calculated approach not only considers the ever-changing dynamics of the market but also prioritizes the crucial task of risk management within the government's debt portfolio.
