Skip to content Skip to Search
Skip navigation

Saudi Arabia raises $230m from its first savings product

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.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]