The issuance comes under the Kingdom’s riyal-denominated sukuk program.

The first tranche had a size of SR200 million and matures in 2029 while the second tranche was valued at SR215 million and matures in 2031.

The Kingdom collected a total amount of SR74.8 billion of sukuk in monthly issuances for the previous 11 months. Now, it obtained a total value of SR75.2 billion financing from Sukuk.

The Saudi Finance Ministry established the sukuk program throough the NDMC in July 2017.

The Kingdom’s public debt stood at SR948.3 billion at the end of this year’s third quarter, according to the ministry’s latest quarterly budget report. Domestic debt accounted for 59.1 percent while external debt made up 40.9 percent of the debt.

In its 2022 budget statement, the ministry predicted that public debt will reach SR938 billion next year.