The Sukuk issuance was divided into three tranches as follows:
•The credit rating agency Moody's has updated the Kingdom of Saudi Arabia's credit opinion report at “Aa3" with a “stable" outlook. The agency highlighted that the Kingdom's credit profile is underpinned by its large and prosperous economy, supported by its vast hydrocarbon resources, improving institutional effectiveness, and a robust government balance sheet.
The first tranche has a size of SAR 1.6Bn (one billion and six hundred million Saudi Riyals) maturing in (2027).Moody's noted that while the Kingdom remains exposed to cyclical declines in oil prices and longer-term risks, continued progress in economic and fiscal diversification will, over time, gradually reduce its reliance on hydrocarbons and exposure to developments in the oil market.
•
The second tranche has a size of SAR 53mn (fifty-three hundred million Saudi Riyals) maturing in (2031).
The Agency expects the Kingdom's economic momentum to remains solid, with non-hydrocarbon activity still robust. It estimates Saudi Arabia's real GDP growth to pick up to around (4.1%) in 2025, and expect the growth to reach (4.5%) in 2026. The ongoing implementation of large-scale projects and strong private consumption, alongside record low unemployment, are supporting non-hydrocarbon activities.
• The third tranche has a size of SAR 2.761Bn (two billion and seven hundred and sixty-one million Saudi Riyals) maturing in (2034)Furthermore, The Agency noted that the growth in the non-oil sector will remain supported by domestic demand and the ongoing implementation of large-scale projects. Despite lower oil prices, Saudi Arabia's diversification momentum has remained intact in 2025. The non-oil sector grew by an average of 4.5% year-on-year in the first two quarters of the year, led by the expansion of services sectors such as tourism, wholesale and retail trade and restaurants and hotels as well as mining (excluding petroleum) and manufacturing sectors.
*Numbers are rounded to the nearest decimal point.