RIYADH: Saudi Arabia’s National Debt Management Center has closed the issuance of SR3.12 billion ($832 million ) riyal-denominated sukuk in October.

The total value of bids stood at SR700 million, NDMC said in a statement issued on Tuesday. The sukuk offering was divided into three tranches. The first tranche has a size of SR300 million maturing in 2029, while the second amounts to 300 million maturing in 2032. The third tranche has a size of SR100 million, maturing in 2037.

Sukuk, which is also called an Islamic bond, is a debt product issued in accordance with Shariah or Islamic laws. 

Saudi Arabia’s cumulative public indebtedness stood at SR966.5 billion by the end of the second quarter of 2022, according to data from the Ministry of Finance.

The aggregate public debt consisted of SR604.8 billion of domestic debt, and SR361.8 of the external debt.

Public debt in the Kingdom saw a SR7.9 billion increase from the first quarter to the second quarter of this year, according to data compiled by Arab News.