Saudi Arabia has raised USD 3.25 billion, equivalent to SAR 12.19 billion, through an international US-dollar-denominated Islamic sukuk offering. The issuance was arranged and closed by the National Debt Management Center (NDMC), which operates under the Ministry of Finance.
The sale was completed under the Kingdom's Global Trust Certificate Issuance Program using an Ijarah structure, with the trust certificates issued through the vehicle KSA Ijara Sukuk Limited on behalf of the Kingdom. This marks the Kingdom's second international issuance based on an Ijarah structure under the program.
The offering was split into two tranches. The first tranche raised USD 1.25 billion (about SAR 4.69 billion) in a five-year sukuk maturing in 2031, priced at a spread of 70 basis points over US Treasury yields. The second tranche raised USD 2.0 billion (about SAR 7.5 billion) in a ten-year sukuk maturing in 2036, priced at 80 basis points over US Treasuries.
Investor demand was strong, with the order book reaching around USD 16.5 billion, roughly five times the size of the issuance. That level of subscription reflects continued international confidence in the Kingdom's debt.
For the community, government borrowing on favorable terms helps fund national projects and public spending tied to the country's long-term economic plans. The face values and pricing spreads are set in US dollars and basis points over US Treasuries, while the Saudi Riyal figures are provided for reference only. Details and documentation are available through official NDMC and Ministry of Finance channels, while primary market participation is limited to international investment banks and institutional investors rather than retail platforms.
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