RIYADH: Saudi Arabia’s government-backed savings sukuk program, “Sah,” has opened subscriptions for its second savings round of 2026, offering an annual return of 4.58 percent. 

The subscription window is available through approved digital channels of accredited financial institutions, as the Kingdom continues its efforts to encourage household savings, according to an announcement published by the program’s official account on X, 

The product gives individual investors access to government-backed instruments with a one-year maturity and fixed return. 

The second tranche follows the first savings round of 2026, which offered an annual return of 4.73 percent. Subscriptions for that period were open in early January and closed after several days, underscoring continued demand for government-backed savings products among individual investors. 

For the second round of 2026, the minimum subscription amount is SR1,000 ($266.59) per sukuk, while the maximum allocation allows investors to subscribe to up to 200 sukuk, equivalent to SR200,000. 

Sah is structured with a one-year savings period and a fixed return, with accrued profits disbursed at the bond’s maturity. 

Returns for future rounds are expected to be influenced by market conditions on a month-to-month basis. 

Subscriptions run from Feb. 1 until Feb. 3, starting at 10:00 a.m. on the first day and closing at 3:00 p.m. on the final day. 

The sukuk are issued by the Ministry of Finance and organized by the National Debt Management Center as Saudi Arabia’s first savings product designed specifically for individuals. Eligible investors must be Saudi nationals aged 18 or older and hold accounts with participating institutions including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al Rajhi Capital. 

The Sah program forms part of a broader effort to strengthen domestic savings and expand access to low-risk investment options, supporting financial stability and citizen participation in local markets.  

The offering comes as international credit assessors signal confidence in the Kingdom’s financial position. Fitch Ratings recently affirmed Saudi Arabia’s sovereign rating at A+ with a stable outlook, citing comparatively strong debt metrics and large sovereign financial assets. 

Fitch expects the economy to grow 4.8 percent in 2026 and projects the fiscal deficit will narrow to 3.6 percent of gross domestic product by 2027, helped by rising non-oil revenues and improved efficiency. 

The agency also pointed to reform momentum, including investment rule changes and continued opening of real estate and equity markets to foreign investors.