Saudi Arabia raised 7.67 billion riyals ($2.04bn) through the sale of Sharia-complaint bonds, as the Arab World’s biggest economy continues to diversify its funding base.
The dual-tranche Saudi riyal-denominated issuance for the month of March is part of the government’s domestic sukuk programme, the kingdom’s National Debt Management Centre said in a statement on Wednesday, carried by state news agency SPA.
The first tranche of 2.71bn riyals matures in 2028, while the second 4.96bn riyals tranche will mature in 2031.
Saudi Arabia, which generates the bulk of its revenue through the sale of hydrocarbons, is diversifying its funding base in line with its Vision 2030 economic agenda and its Fiscal Balance and Financial Sector Development programmes.
The kingdom, which has regularly tapped the domestic debt market, raised €1.5bn ($1.82bn) through the sale of euro-denominated bonds in January, its second foray into the international bond market, after securing $5bn from a two-tranche, US dollar-denominated offering.
In February, Saudi Arabia’s minister of finance and acting minister of economy, Mohammed Al-Jadaan said the NDMC will continue to expand its investor base with a focus on developing and deepening the country’s domestic debt markets. It will also seek “access to global debt markets as part of its risk management strategy and obtaining fair prices”.
Saudi Arabia's debt portfolio rose by 176bn riyals, or about 26 per cent, in 2020. Based on its budget statement, the kingdom expects government borrowing to rise to about 937bn riyals by the end of this year, or more than 32 per cent of gross domestic product, according to NDMC's 2021 debt forecast.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
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Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
