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Saudi Arabia raises $230m from its first savings product

By Pramod Kumar
The total number of savers for Saudi Arabia's sukuk product stood at 35,000, with the yield set at 5.64% 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.

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.

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