{"id":185283,"date":"2021-01-22T20:20:51","date_gmt":"2021-01-22T20:20:51","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=185283"},"modified":"2021-01-22T20:20:59","modified_gmt":"2021-01-22T20:20:59","slug":"saudi-arabia-offers-sukuk-worth-788-million-in-local-market","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/saudi-arabia-offers-sukuk-worth-788-million-in-local-market\/","title":{"rendered":"Saudi Arabia offers Sukuk worth $788 million in local market"},"content":{"rendered":"\n

The Saudi Ministry of Finance announced offering Sukuk <\/a>worth SR2.955 billion ($788 million) in the local market.\u00a0<\/p>\n\n\n\n

The issue size was set at SR2.96 billion ($790 million), and the Sukuk issuances were divided into two tranches. The first tranche, with a size of SR2.08 billion and a total tranche size of SR2.08 billion, matures in 2028. The second tranche, with a size of SR880 million and a total tranche size of SR880 million, matures in 2033.<\/p>\n\n\n\n

Saudi Arabia witnessed a decline in revenues due to oil prices drop due to the Coronavirus outbreak effect on demand.<\/p>\n\n\n\n

High public debt<\/strong><\/p>\n\n\n\n

The Saudi public debt increased to SR854 billion ($227.7 billion) by the end of 2020 (34.3% of the GDP). In 2019, the number was SR678 billion ($180.8 billion), 22.8% of the GDP.<\/p>\n\n\n\n

The Saudi Cabinet, headed by King Salman<\/a>, approved the Kingdom of Saudi Arabia’s general budget for 2021, with revenues of SR849 billion and spending of SR990 billion.<\/p>\n\n\n\n

The numbers show an expected deficit of SR141 billion, which is 4.9% of the GDP and total public debt of SR937 billion.<\/p>\n\n\n\n

Revenues in 2021 are expected to grow compared to 2020, by about 10% to SR849 billion, equivalent to about 30% of the GDP.<\/p>\n\n\n\n

King Salman said earlier Coronavirus affected the global economy and this was a challenging year in the world’s history.<\/p>\n\n\n\n

According to Bloomberg, the Kingdom was has prepared to return to the global financial markets to sell bonds, to raise $5 billion.<\/p>\n\n\n\n

The move aims to meet part of the increased financing needs due to oil prices<\/a> drop in 2020.<\/p>\n\n\n\n

Bloomberg <\/a>said the Kingdom came close to contracting with banks to manage the current month’s sales process. However, the country didn’t take a final decision on timing. Possibility of postponing sales is still present if market conditions deteriorated.<\/p>\n\n\n\n

Oil prices played a significant role by putting pressure on Saudi revenues over the past year. The average price of Brent crude recorded a continuous decline in recent years. The average price for 2020 was at $43 a barrel.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Saudi Ministry of Finance announced offering Sukuk worth SR2.955 billion ($788 million) in the local market.\u00a0 The issue size was set at SR2.96 billion ($790 million), and the Sukuk issuances were divided into two tranches. The first tranche, with a size of SR2.08 billion and a total tranche size of SR2.08 billion, matures in […]<\/p>\n","protected":false},"author":4,"featured_media":185284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[576],"class_list":["post-185283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-saudi-arabia"],"yoast_head":"\nSaudi Arabia offers Sukuk worth $788 million in local market - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport - Finance - The Saudi Ministry of Finance announced offering Sukuk worth SR2.955 billion ($788 million) in the local market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/saudi-arabia-offers-sukuk-worth-788-million-in-local-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia offers Sukuk worth $788 million in local market - 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