Saudi Arabia raised 8.834 billion Saudi riyals (Dh8.66bn) through a local currency-denominated Islamic bond issue as it continues to borrow from the domestic market as part of its wider debt management strategy to shore up finances and diversify its funding base.
The funds raised through September issuance under the government’s riyal-denominated Sukuk Program, were divided into three tranches for local lenders, Saudi Arabia’s Ministry of Finance said in a statement posted on its website.
The ministry raised 1.4bn riyals in the first tranche, part of a 4.65bn riyal programme due to mature in 2028. It raised 1.19bn under an 11bn riyal programme maturing in 2031, and raised 6.25bn riyals under a 15.5bn riyal issue maturing in 2049, according to its statement.
The kingdom raised 2.26bn Saudi riyals in August and 5.22bn Saudi riyals in July through its riyal-denominated sukuk issuance programme.
Saudi Arabia, the biggest Arab economy and Opec’s top oil producer, has regularly tapped the domestic debt markets with conventional and Sharia-compliant debt to bridge a fiscal deficit caused by low oil prices. At the end of 2018, the kingdom had more than $80 billion (Dh294bn) in outstanding domestic debt, borrowed through both conventional and Islamic bonds.
It has been issuing bonds in international debt markets since 2016 and is currently regarded as one of the biggest emerging markets issuers, having sold nearly $60bn in international bonds, including $11bn in Sharia-compliant debt issuance, according to reports.
The kingdom has unveiled two record expansionary budgets in a row for 2018 and this year as it looks to boost growth in the wake of fiscal consolidation and lower oil revenues as production has been cut to meet Opec+ output targets.
Saudi Arabia is expected to raise $3bn to $5bn in fresh debt through sukuk issuance in the third quarter of this year, Reuters reported in May, citing Fahad Al Saif, who heads the kingdom’s debt management office.
In a media round table event on the Islamic finance market on Tuesday, ratings agency S&P said the sukuk market expanded strongly in the first eight months of 2019, with $113bn issued globally, up 34 per cent year-on-year. It expects the total volume of issuance in Islamic countries to reach $140-$150bn this year, up from $131bn in 2018.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
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Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
World Mental Health Day
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Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
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Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
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Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
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ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)
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