The National Debt Management Center announced the closure of May 2023 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount of bids received stood at SAR4.339 billion and the total amount allocated was set at SAR4.339 billion.

The Sukuk issuance was divided into two tranches as follows:

* The first tranche has a size of SAR1.305 billion, maturing in 2033.

* The second tranche has a size of SAR3.034 billion, maturing in 2037.

This issuance confirms the NDMC's statement, in mid-February 2022, that NDMC will continue, following the approved Annual Borrowing Plan, to consider additional funding activities subject to market conditions and through funding channels available locally or internationally. The goal 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.

Source: Saudi Press Agency