Saudi Arabia opens July Sah sukuk subscription with 4.88% annual return
Sukuk reflects ongoing efforts to promote financial inclusion
Product offers secure, fee-free investment avenue with stable, government-guaranteed returns
Updated 06 July 2025
Nour El-Shaeri
RIYADH: Saudi Arabia has launched the July subscription window for its government-backed savings sukuk, “Sah,” offering an annual return of 4.88 percent—slightly up from June’s 4.76 percent.
Part of the 2025 issuance calendar managed by the National Debt Management Center under the Ministry of Finance, the sukuk reflects ongoing efforts to promote financial inclusion and encourage personal savings among Saudi citizens.
“Sah” is issued under the Financial Sector Development Program, a core component of Vision 2030, which aims to raise the national savings rate from 6 percent to 10 percent by 2030.
Targeted at individual investors, the product offers a secure, fee-free investment avenue with stable, government-guaranteed returns. The July issuance window opened at 10 a.m. Saudi time on July 6 and will close at 3 p.m. on July 8.
As with previous tranches, the sukuk is Shariah-compliant, denominated in Saudi riyals, and carries a one-year maturity, with fixed returns paid upon redemption. The minimum subscription remains SR1,000 ($266.56), while the maximum is capped at SR200,000 per investor.
The marginal increase in return reflects slight shifts in domestic funding costs and market liquidity, as the government responds to growing demand for low-risk savings instruments.
Subscription is open to Saudi nationals aged 18 and above through approved digital platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.
The Ministry of Finance has confirmed that monthly issuances will continue, with each offering’s yield determined by prevailing market benchmarks.
According to NDMC, the sukuk also supports broader collaboration with the private sector, including banks, asset managers, and fintech companies, as the Kingdom works to expand access to savings products and build a more diversified financial ecosystem.
Red Sea’s oxygen balance under strain, experts warn
Scientists say warming waters, nutrient runoff and coastal development could quietly erode coral resilience
Updated 13 February 2026
Ghadi Joudah
RIYADH: The Red Sea may not have dead zones, but its fragile ecosystem is vulnerable to oxygen depletion — a quiet decline that can undermine coral health and disrupt marine life.
Sea dead zones are hypoxic or low-oxygen pockets that form most often when nutrient pollution — especially nitrogen and phosphorus from farm runoff and wastewater — fuels blooms that ultimately strip oxygen from the water.
Experts say the risk is not inevitable, but it depends on earlier detection and tighter control of the conditions that drain oxygen from coastal waters.
A sea that relies on its own “breathing” is also a sea shaped by geography.
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The Red Sea is naturally low in oxygen because of its warm waters and high salinity — making it especially vulnerable to further oxygen decline.
The Red Sea’s narrow Bab Al-Mandab strait limits deepwater exchange, meaning the basin largely depends on its own internal circulation to ‘replenish’ oxygen.
Saudi Arabia’s coastline features steep underwater drop-offs, allowing deep, oxygen-poor water to move closer to coral reefs near shore.
Matheus Paiva, a senior oceanographer, told Arab News that “the Red Sea’s shallow Bab Al-Mandab choke point limits deepwater exchange,” meaning oxygen replenishment depends heavily on internal overturning circulation.
He said this circulation is driven as surface waters flow north, cool, become denser and sink, helping ventilate deeper layers through vertical mixing.
Paiva said the Saudi coastline’s underwater topography makes the risk more immediate close to shore.
Coral reefs along Saudi Arabia’s Red Sea coast, where scientists say warm, salty waters and limited deep-water exchange can leave ecosystems vulnerable to low-oxygen stress. (Unsplash.com)
“Unlike regions with wide, gradual shelves, our coast features narrow fringing reefs that drop sharply into deep water via steep underwater cliffs and canyons,” he said.
“This ‘step-and-drop’ topography brings deep oxygen-poor water close to shore.”
Paiva said warming at the surface can intensify stratification and reduce vertical mixing. He said that can allow low-oxygen water to creep upslope and affect shallower reef zones.
How oxygen gets consumed faster than it’s replaced is where human pressure can tip the balance.
Carlos Duarte, executive director or the Coral Research and Development Accelerator Program at KAUST, told Arab News that the Red Sea’s baseline conditions create vulnerability. “Because of its warm waters and high salinity, the Red Sea is inherently low in oxygen and, therefore, vulnerable to processes that decline oxygen further.”
He said algal blooms and heat waves raise biological oxygen demand, linking low oxygen to coral mortality.
Duarte said human-driven nutrient and organic inputs can intensify these declines.
He said poorly managed urban development and aquaculture operations can contribute nutrient and organic loads that fuel algal blooms.
Coral reefs along Saudi Arabia’s Red Sea coast, where scientists say warm, salty waters and limited deep-water exchange can leave ecosystems vulnerable to low-oxygen stress. (Unsplash.com)
Duarte said that as bloom material decomposes, it strips oxygen from the water and can lead to hypoxia.
The Red Sea’s celebrated clarity reflects a naturally nutrient-poor system. “The risk is amplified because the Red Sea is naturally oligotrophic. It is nutrient-poor and crystal clear,” Paiva said.
He added that wastewater releases and heavy rain events that trigger flash floods can push large nutrient loads into coastal waters in a short time.
In turn, those pulses can threaten biodiversity and the marine environment that underpins tourism investments along the Kingdom’s Red Sea coast.
Seeing low oxygen coming — rather than reacting after the fact — is the promise of new monitoring and analytics.
Paiva said high-accuracy oxygen data still relies on direct measurements collected during vessel surveys.
Carlos Duarte, executive director or the Coral Research and Development Accelerator Program at KAUST.
“We still depend heavily on classic vessel surveys,” he said. Teams deploy multiparameter sondes to profile the water column and collect water samples to establish a baseline.
“This ‘water-truthing’ remains the industry standard for high-accuracy data,” he said.
Saeed Al-Zahrani, general manager for Saudi Arabia at NetApp, said continuous data can help teams intervene earlier. “Oxygen depletion is rarely sudden; it tends to build over time when conditions line up,” he said.
Al-Zahrani said AI can flag anomalies, learn what “normal” looks like in specific locations, and generate short-horizon risk forecasts.
He added that it creates a decision window — guidance on when to increase sampling, where to focus response efforts, and when to tighten controls around discharges.
Coastal development that reduces oxygen risk starts, Duarte said, with what never reaches the sea.
Duarte said Saudi Arabia’s west coast investments have an advantage compared with older coastal destinations: the opportunity to design sustainability into projects from the outset rather than trying to retrofit after degradation becomes evident.
Duarte said nutrient control is a direct lever to reduce oxygen-depletion risk. “Achieve circular economies where organic products and nutrients are recycled and reused in the system to avoid discharging nutrients to the marine environment,” he said.
Al-Zahrani said wastewater and environmental systems produce huge volumes of information, but fragmentation can slow decisions.
He said connecting data in near real time can help detect problems earlier and anticipate load spikes tied to rainfall, tourism peaks, or industrial activity.
Reef resilience depends on reducing stress before heat and low oxygen overlap.
Duarte told Arab News: “Coral reefs are extremely vulnerable to oxygen depletion.” He added that it can contribute to bleaching and mortality in a warmer ocean.
He said marine heat waves can worsen oxygen stress by reducing oxygen solubility and limiting ventilation of subsurface waters, while increasing oxygen demands of organisms.
Duarte said reducing nutrient inputs and managing reefs to avoid excessive growth of seaweed can build resistance.
He also said models that account for how waves and currents interact with reef topography — work he said is being developed at KAUST — can help guide restoration toward sites more likely to remain oxygenated during heat stress.