Saudi Arabia raises $2.09bn in October sukuk issuance 

This marks a continuation of the Kingdom’s strong activity in the sukuk market, following SR6.01 billion in August, SR3.21 billion in July, and SR4.4 billion in June. Shutterstock
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Updated 23 October 2024
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Saudi Arabia raises $2.09bn in October sukuk issuance 

  • In September, the issuance totaled SR2.60 billion
  • October issuance was divided into five tranches, with the first valued at SR823 million, maturing in 2029

RIYADH: Saudi Arabia’s National Debt Management Center raised SR7.83 billion ($2.09 billion) through its riyal-denominated sukuk issuance in October, a sharp 201 percent increase from the previous month. 

In September, the issuance totaled SR2.60 billion. 

This marks a continuation of the Kingdom’s strong activity in the sukuk market, following SR6.01 billion in August, SR3.21 billion in July, and SR4.4 billion in June. 

Sukuk, or Islamic bonds, are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s assets. 

The increase in Saudi Arabia’s sukuk issuance aligns with a broader trend highlighted by Moody’s, which noted in September that global sukuk markets are on track for a robust 2024, with issuance volumes expected to exceed 2023 levels despite a slowdown in the second half of the year. 

S&P Global also projected that global Shariah-compliant bond issuance could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023. 

According to a statement released by NDMC, the October issuance was divided into five tranches, with the first valued at SR823 million, maturing in 2029.  

The second tranche totaled SR320 million, set to mature in 2031, while the third was SR2.18 billion, maturing in 2034.  

The fourth tranche, worth SR1.43 billion, matures in 2036, and the fifth, valued at SR3.07 billion, is set to mature in 2039. 

Earlier this month, Fitch Ratings noted that sukuk issuances globally are rising on improved financing conditions followed by the US Federal Reserve’s rate cuts to 5 percent in September.  

The US-based agency said that interest rates are expected to be 4.5 percent and 3.5 percent by the end of 2024 and 2025, respectively, resulting in a boost in sukuk issuances in the short term.  

Fitch added that outstanding global sukuk reached $900 billion by the end of the third quarter of 2024, an 8.5 percent increase year-on-year.  

In a separate August report, Fitch highlighted the UK’s position as a key center for Islamic finance, with the London Stock Exchange ranking as the third-largest listing venue for US dollar-denominated sukuk globally. 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.