Saudi Arabia, the largest Arab economy, sold 7 billion riyals (Dh6.85bn) worth of Islamic bonds or sukuk, its third issuance under a new programme that will help to plug its fiscal deficit.
The issuance, which was more than three times oversubscribed, was in three tranches, a 2.4bn riyal bond maturing in 2022, a 3.9bn riyal bond maturing in 2024 and a 0.7bn riyal bond maturing in 2027, the finance ministry said in a statement on its website. It did not provide profit rates for the bonds.
The sukuk paid yields of 2.75 per cent, 3.25 per cent and 3.45 per cent for the five, seven and 10-year bonds, respectively, sources familiar with the matter told Reuters.
The world’s biggest oil exporter began in July selling sukuk under a new programme, without specifying how much it planned to sell or the timeline for issuances. Its first issuance was 17bn riyals and its second in August was 13bn riyals.
The ministry revealed in July the names of 13 local banks that have qualified to take part in the sukuk programme.
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Read more:
Saudi Arabia plans riyal-denominated Islamic bonds
Saudi Arabia's 13b riyal sukuk nearly three times oversubscribed
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In April, Saudi Arabia sold US$9bn worth of international sukuk, its first foreign sale of Islamic bonds.
The Saudi government put on hold in October last year the sale of domestic conventional bonds after it sold a $17.5bn international bond, the biggest such by an emerging market nation.
Prior to the international sale, 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 this year, compared with an actual deficit of 300bn riyals last year.
The kingdom narrowed its fiscal deficit by a fifth from a year earlier in the second quarter, thanks to an uptick in revenues and a drop in spending.
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
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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.
The specs
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Company%20Profile
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Engine: Dual 180kW and 300kW front and rear motors
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
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APPLE IPAD MINI (A17 PRO)
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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.
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
