The Finance Ministry raised an additional SAR 4.08 bn from investors in the latest May sukuk issuance, marking a 10% increase compared to April’s SAR 3.71 bn, according to a National Debt Management Center (NDMC) statement (pdf). This is part of the government’s SAR-denominated sukuk program.

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The May issuance was structured in four tranches:

  • A four-year tranche valued at SAR 489.3 mn with a 4.97% yield;
  • A seven-year tranche valued at SAR 1 bn with a 5.07% yield;
  • An 11-year tranche valued at just under SAR 1.29 bn with a 5.27% yield;
  • A 14-year tranche valued at SAR 1.3 bn with a 5.45% yield.

A glimpse into the Kingdom’s debt landscape: As of March 2025, Saudi Arabia’s total direct debt reached SAR 1.33 tn (USD 354.3 bn) — SAR 797.1 bn (USD 231.6 bn) in domestic debt and SAR 531.7 bn (USD 141.8 bn) in external debt, according to NDMC’s data. This marks a 9.3% increase from the previous year, highlighting the ongoing expansion of the Kingdom's debt portfolio.

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