Saudi Arab

Saudi Arabia Raises $2.27 Billion in Islamic Bonds- Finance Ministry

Saudi Arabia has raised $8.495 billion riyals ($2.27 billion) in Islamic bonds, in June, the finance ministry said on Sunday.

The first tranche of the bonds issue is 2.494 billion riyals, and the total tranche size is 5.017 billion riyals, maturing in 2027, a ministry statement said. The second tranche has a size of 3.670 billion riyals , and a total tranche size of 13.966 billion riyals, maturing in 2030. The third tranche has a size of 2.331 billion riyals, and a total tranche size of 10.569 billion riyals, maturing in 2035. ($1 = 3.7503 riyals)

The Saudi public debt rose to about $181 billion by the end of 2019, accounting for 24 percent of GDP, while it was expected to increase to $ 201 billion in 2020 (26 percent of output) before coronavirus. Declines in oil prices, the main source of income for the Kingdom, have led to an acceleration of the government’s resort to debt markets in recent years.

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