RIYADH: According to official figures, Saudi Arabia generated SR5.35 billion ($1.42 billion) through its July issue under the SR-denominated Sukuk Program, a 49 percent decrease from the previous month. According to a statement from the Kingdom’s National Debt Management Center, the July issuance was split into five tranches that matured between 2031 and 2041.
The Kingdom’s yearly borrowing plan, which includes the issuance of the Shariah-compliant bonds, states that NDMC will continue to access both domestic and foreign debt markets to effectively meet financing needs while preserving a diverse investor base and managing debt maturities.
The most recent sukuk issue coincides with the International Monetary Fund’s prediction that Saudi Arabia’s economy will expand by 3.6 percent in 2026 due to increased oil production and ongoing non-oil sector growth. Despite uncertainty in the global economy, the IMF said consistent investment under Vision 2030 is expected to support medium-term growth.
Gulf sukuk programs are less a funding exercise than a shift in the fiscal regime. They enable Gulf governments to create the domestic yield curves required by capital markets, access Islamic liquidity pools that conventional bonds cannot, and separate multi-year infrastructure investment from oil prices.
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