Saudi Arabia raised 17 billion Saudi riyals (Dh16.65bn) from its first local Islamic bond sale this year as the biggest Arab economy seeks funds to bridge a budget deficit amid low oil prices.
The government received investor offers in excess of 51bn riyals, more than three times the deal size, according to a statement posted on the ministry of finance website. The kingdom sold 12bn riyals of bonds maturing in 2022, 2.9bn riyals of seven-year notes and 2.1bn riyals of 10-year bonds, according to the statement.
The 10-year sukuk was priced at 3.55 per cent, the seven-year at 3.25 per cent and the five-year securities at 2.95 pe rcent, according to people familiar with the sale who asked not to be identified.
The deal comes as lower oil prices and austerity measures weigh on Saudi Arabia’s economy. The government has forecast a budget deficit of 198bn riyals this year, or 7.7 per cent of economic output, although it appears on course to improve on that after reporting a first-quarter fiscal gap of 26.2bn riyals, government data showed in May. The deficit will be financed by issuing debt and drawing from reserves after it raised 97bn riyals from the sale of domestic bonds last year.
GDPcontracted in the three months through March for the first time since 2009 - illustrating the scale of the challenge facing the country’s new heir, crown rince Mohammed bin Salman, as he implements his blueprint for a transition away from oil dependency.
The government, which said on Sunday it started a local sukuk program of unlimited size, raised US$9bn from its inaugural sale of international Islamic bonds this year as it seeks to finance its budget deficit.
The kingdom’s three-part Islamic bonds had earlier been marketed to investors at between 2.9 per cent and 3 per cent for five-year securities, 3.25 per cent and 3.35 per cent for seven-year notes and 3.55 per cent and 3.65 per cent for a 10-year issue, people said, who asked not to be identified.
Bloomberg
Company%20Profile
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COMPANY%20PROFILE%20
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY%20PROFILE
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The%C2%A0specs%20
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UFC%20in%20Abu%20Dhabi
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Company%20Profile
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Mountain%20Boy
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THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
Easter%20Sunday
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