RIYADH — Saudi Arabia’s National Debt Management Center (NDMC) has successfully completed the issuance of a $5.5 billion (SR20.63 billion) international sukuk, marking the Kingdom’s first such offering structured under Ijarah.
The dual-tranche deal, issued under the Global Trust Certificate Issuance Program, comprised a five-year sukuk maturing in 2030 worth $2.25 billion (SR8.44 billion) and a 10-year tranche maturing in 2035 worth $3.25 billion (SR12.19 billion).
Investor appetite was strong, with orders totaling nearly $19 billion, more than 3.5 times the issuance size, signaling robust global confidence in Saudi Arabia’s economic fundamentals and its long-term investment outlook.
According to NDMC, the sukuk aligns with the Kingdom’s strategy to diversify its investor base and tap international debt capital markets efficiently to meet financing needs. The transaction also supports Saudi Arabia’s broader economic agenda under Vision 2030, which emphasizes sustainable fiscal management and the expansion of Islamic finance.
Global and regional banks played a significant role in the issuance. Citigroup, HSBC, JP Morgan, and Standard Chartered acted as joint global coordinators and active book-runners, while ICBC and Mizuho participated as active joint lead managers. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and Al Jazira Capital joined as passive joint lead managers.
Saudi Arabia continues to dominate the Gulf’s primary debt market, raising $47.9 billion in the first half of 2025 alone, accounting for over half of GCC issuances. Analysts expect the Kingdom’s leadership in sukuk markets to grow as global issuance is projected to reach up to $200 billion this year.
