The Ministry of Finance, acting through the Debt Management Office, announces that it had, on 26 Shawwal 1438H (corresponding to 20 July 2017), established an unlimited SAR denominated Sukuk Program to issue and offer, at its discretion, Sukuk in multiple issuances to investors, pursuant to the Royal Decree approving the budget.
The terms and conditions of each issuance will set out the details of such issuance including, but not limited to, the types of eligible investors, the size of the issuance and the expected return. The Ministry also announces that it has submitted the Sukuk Program file to the Capital Market Authority.
The establishment of the Sukuk Program comes as a part of the Debt Management Office’s role in securing the Kingdom of Saudi Arabia’s financing needs with best financing costs. The Program will also contribute to the fulfillment of the objectives of the Fiscal Balance Program and to the development of the Saudi Sukuk market.