Saudi Arabia Raises $3.25bn in Dollar Sukuk

Saudi Arabia returned to international debt markets in early September 2026 with a US dollar-denominated sukuk offering totaling USD 3.25 billion, sold across two tranches to global investors.

The deal was split into a five-year tranche maturing on 9 September 2031 and a ten-year tranche maturing on 9 September 2036, both offered in benchmark size. The sukuk were issued under the Kingdom's Global Trust Certificate Issuance Program in a US dollar 144A / 3(c)(7) / Reg S global format, with settlement set for 9 September 2026.

Investor demand was strong. The order book reached about USD 16.5 billion, roughly five times the size of the issue. That interest allowed pricing to tighten during the process: initial price thoughts of around 100 basis points over US Treasuries for the five-year tranche and about 110 basis points for the ten-year tranche were narrowed, with the ten-year priced at around 80 basis points above US Treasuries, roughly 30 basis points tighter than early guidance.

Part of the 2026 funding plan

The issuance fits within the Kingdom's 2026 funding plan, which allocates roughly 25–30% of expected funding to international debt markets, with a focus on US dollar-denominated instruments. Separately, the National Debt Management Center has continued regular Saudi Riyal sukuk issuances under the Local Saudi Sukuk Issuance Program, with closures announced during February, March, June, and August 2026. It also carried out an early redemption of government sukuk maturing between 2025 and 2029, valued at around SAR 60.4 billion, alongside new issuance of about SAR 60.3 billion.

For residents and businesses, these are sovereign capital-markets instruments aimed at institutional investors. They are not accessed or managed through everyday government service platforms such as أبشر, مقيم, قوى, ناجز, نفاذ or توكلنا. Official details on issuances and calendars are published through the Ministry of Finance and the National Debt Management Center.

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