Saudi Arabia, the largest Arab economy, sold 7 billion riyals (Dh6.85bn) worth of Islamic bonds or sukuk, its third issuance under a new programme that will help to plug its fiscal deficit.
The issuance, which was more than three times oversubscribed, was in three tranches, a 2.4bn riyal bond maturing in 2022, a 3.9bn riyal bond maturing in 2024 and a 0.7bn riyal bond maturing in 2027, the finance ministry said in a statement on its website. It did not provide profit rates for the bonds.
The sukuk paid yields of 2.75 per cent, 3.25 per cent and 3.45 per cent for the five, seven and 10-year bonds, respectively, sources familiar with the matter told Reuters.
The world’s biggest oil exporter began in July selling sukuk under a new programme, without specifying how much it planned to sell or the timeline for issuances. Its first issuance was 17bn riyals and its second in August was 13bn riyals.
The ministry revealed in July the names of 13 local banks that have qualified to take part in the sukuk programme.
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Read more:
Saudi Arabia plans riyal-denominated Islamic bonds
Saudi Arabia's 13b riyal sukuk nearly three times oversubscribed
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In April, Saudi Arabia sold US$9bn worth of international sukuk, its first foreign sale of Islamic bonds.
The Saudi government put on hold in October last year the sale of domestic conventional bonds after it sold a $17.5bn international bond, the biggest such by an emerging market nation.
Prior to the international sale, the government was selling 20bn riyals of bonds to banks each month since mid-2015 to help finance its budget deficit.
The government is forecasting a budget deficit of 198bn riyals for this year, compared with an actual deficit of 300bn riyals last year.
The kingdom narrowed its fiscal deficit by a fifth from a year earlier in the second quarter, thanks to an uptick in revenues and a drop in spending.
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THE DETAILS
Deadpool 2
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
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Sector: Water technology
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The five pillars of Islam
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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