Saudi Arabia, the Arab world's largest economy, said its 13 billion Saudi riyal (Dh12.7bn) Islamic bond sale drew demand for nearly three times the amount of sukuk on sale.
Subscription for the issue, which was divided into three tranches, exceeded 38bn riyal, the equivalent of 295 per cent coverage ratio, the Saudi Arabian Ministry of Finance said on its web site.
The Islamic bonds were issued as part of the Saudi Arabian government riyal denominated sukuk program. The government sold a 2.1 bn riyal tranche that matures in 2022, a 7.7 bn riyal tranche that matures in 2024 and a 3.2bn riyal tranche that matures in 2027.
The ministry didn't give the profit rates that came with Islamic issue. Bloomberg News, citing people familiar with the sale, said the five-year sukuk was priced at 2.70 per cent, the seven-year at 3.20 per cent and the 10-year securities at 3.50 per cent.
Gulf countries have drawn down on reserves, taken advantage of low borrowing costs and turned to international and regional markets to raise debt as a three year oil slump has decreased revenues and widened budget deficits.
"We expect GCC states to continue borrowing both domestically and internationally, ramping up their debt burdens," BMI Research, a unit of Fitch said in a report today. "While borrowing costs will rise, we expect all GCC governments to retain access to foreign funding in the years ahead, as debt ratios remain relatively low across the region."
Last month, the kingdom sold 17 billion Saudi riyals of sukuk under a newly-launched issuance programme. In April, Saudi Arabia sold US$9bn worth of international sukuk, its first foreign sale of Islamic bond.
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Read more:
Saudi Arabia can earn 80bn riyals in non-oil income
Higher interest rates and cost cutting lifts Saudi banks outlook
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In October Saudi Arabia sold $17.5bn worth of bonds internationally for the first time to help shore up its finances to offset revenue shortfalls from stagnant oil prices. Prior to that, 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 2017, compared with an actual deficit of 300bn riyals last year. This month Saudi Arabia's Ministry of Finance said the kingdom narrowed fiscal deficit by a fifth from a year earlier in the second quarter, thanks to an uptick in revenues and a drop in spending.
Revenues rose 6 per cent year-on-year to 163.9bn riyals during the second quarter, with oil revenues surging 28 per cent to 101bn riyals on higher oil prices.
Spending fell 1.3 per cent to 210.4bn riyals in the second quarter, leading to a deficit of 46.5bn riyals, compared to a deficit of 58.4bn riyals in a year earlier period.
The state relies on sales of crude to fund more than 75 per cent of its budget. The plummeting of oil prices, which began in late-2014 has prompted the government to try and plug the gap in its finances via debt sales, reduction in subsidies and new forms of taxation.
Fiscal deficits across the GCC are set to narrow gradually to an average of 10.3 per cent of GDP in 2017 and 5.0 per cent annually over the 2018-2022 period from 11.3 per cent of GDP for 2016, according to BMI.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Pakistanis%20at%20the%20ILT20%20
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Diriyah%20project%20at%20a%20glance
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Kill%20
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Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
MORE ON IRAN'S PROXY WARS
COMPANY%20PROFILE%20
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The%20Specs
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY%20PROFILE
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Bullet%20Train
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88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
BRAZIL%20SQUAD
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
COMPANY%20PROFILE
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The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan