Saudi Arabia, the world’s biggest crude exporter, received around SAR 32 billion in bids for its fourth sukuk issue, Saudi ministry of finance said on Monday.

 

The Kingdom raised nearly SAR 10 billion from the sukuk sale.

 

The Islamic bonds were issued with three categories of tenures; SAR 4.15 billion to mature in 2022, SAR 1.35 billion to mature in 2024 and SAR 4.50 billion to mature in 2027.

 

The issue will help the government narrow an expected budget deficit of SAR 198 billion this year, or 7.7 percent of economic output. The country is implementing a transformation plan aimed at weaning the economy off oil. 

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