This kingdom is in trouble financially

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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.

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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.

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www.msn.com/en-us/money/markets/saudi-arabia-is-reportedly-trying-to-plug-a-21-billion-deficit-by-selling-bonds/ar-BB1nchE0?

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