Gas Arabian Services, India’s Tubefit Engineers form manufacturing JV

Gas Arabian Services, India’s Tubefit Engineers form manufacturing JV

RIYADH: Saudi Arabia’s National Debt Management Center has concluded its riyal-denominated sukuk program issuance for August, with a bid amount totaling SR3.50 billion ($930 million), marking a 33.07 percent increase compared to July 2023.

The issuance was executed in two tranches, with the first tranche valued at SR2.40 billion set to mature in 2031 and the second worth SR1.10 billion in 2033, according to NDMC.

This issuance follows SR2.63 billion raised in July, SR2.25 billion in June and SR4.33 billion in May, showcasing a consistent engagement in the financial market.

“NDMC will continue, in accordance with the approved annual borrowing plan, to consider additional funding activities subject to market conditions and through available funding channels locally or internationally,” said the government entity in a press statement. 

The statement added: “This is to ensure the Kingdom’s continuous presence in debt markets and manage the debt repayments for the coming years while taking into account market movements and the government debt portfolio risk management.”

Sukuk, which adheres to Shariah law, is known as Islamic bonds.

Earlier this month, the institution took a strategic step to restructure SR35.7 billion of debt instruments into four new sukuk tranches featuring longer-term maturities in 2024, 2025 and 2026.

This initiative aims to strengthen