Saudi Arabia Taps Bond Market With $5 Billion Sukuk Dealhttps://t.co/N9TCB10hl8
— Jack Straw (@JackStr42679640) May 29, 2024
The kingdom will issue dollar-denominated three, six, and 10-year sukuk notes as part of an effort to plug a fiscal shortfall that’s expected to hit $21 billion by the end of the year, the outlet reported citing an unnamed source.
Riyadh previously sold $12 billion of sovereign debt in January, while planned desert megacity Neom has also reportedly mulled issuing Islamic bonds in a bid to raise more cash.
The latest bond sale comes as Saudi Arabia presses ahead with Mohammed bin Salman’s Vision 2030 plan that seeks to diversify its oil-reliant economy.