GlobalMarkets has announced Saudi Arabia as the best Sovereign Public Debt Office in the Middle East and North Africa. Additionally, the 2020 Global Capital Bond Awards, bestowed the Kingdom of Saudi Arabia the Most Impressive Middle East Sovereign Issuer Award and Most Impressive Emerging Market Issuer Award for the year 2020.
The Ministry of Finance announces that it has completed a tap issuance of the (10-2018) issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The tap issuance size was set at SAR 1.285 Billion. This brings the total amount of the (10-2018) issuance to SAR 6.535 Billion.Mr. Fahad Al Saif, Chief Executive Officer of the National Debt Management Center (NDMC) was pleased with this national achievement that reflects the center's performance during 2020, endured by unprecedented levels of market and commodity fluctuations, and the instability of the global economy, especially in light of the unprecedented impacts of the Corona pandemic.
Al Saif highlighted the Kingdom's efforts to mitigate the financial and economic impacts of the pandemic, and to maintain the stability of the economic situation. The NDMC has developed and introduced new funding channels to support the government's fiscal objectives, including a number of initiatives for the domestic sukuk market, where it has been considered as one of the main funding channels during the pendemic. The NDMC's ability to swiftly respond to fluctuating and uncertain global economic situation is attributable to the Ministry of Finance and the policies implemented by His Excellency the Minister of Finance, Mr. Mohammad Al-Jadaan that ensured stability of the economic situation of the Kingdom.
The National Debt Management Center's core responsibility is to secure the Kingdom's financial needs in the short, medium and long term at fair costs and risk levels that are in compliance with the Kingdom's fiscal policy by ensuring sustainable access to all funding channels.
The Sukuk issued were divided into three tranches as follows:
- The second tranche has a size of SAR 1.435 billion and matures in 2025.
- The third tranche has a size of SAR 2.370 billion and matures in 2028.