Banking & Finance Saudi Arabia raises $230m from its first savings product By Pramod Kumar February 15, 2024, 5:50 AM Reuters The total number of savers for Saudi Arabia's sukuk product stood at 35,000, with the yield set at 5.64% Subscriptions to the first round of the Saudi government’s sukuk savings product reached SAR861 million ($229.6 million), the National Debt Management Center (NDMC) said. The total number of savers for the sukuk product stood at 35,000, with the yield set at 5.64 percent, the state-run Saudi Press Agency reported. GCC companies lead early sukuk moves in 2024 Late-year flurry could boost the sukuk market Saudi Arabia and First Abu Dhabi tap bond markets The sukuk maturity date is February 2025. The second savings round is scheduled for March 2024, according to the published calendar for government sukuk. The government sukuk product, launched by the finance ministry and NDMC, is part of the Saudi Vision 2030 initiative, which aims to increase the savings ratios among individuals. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
