Saudi Stock Exchange Approves Listing of SR45.28 Billion Government Debt Instruments
RIYADH: In a significant move, Saudi Arabia’s stock exchange has given the green light to list SR45.28 billion ($12.08 billion) worth of government debt instruments submitted by the Ministry of Finance. This approval marks a key development in the country’s financial market.
Expansion of Government Debt Instruments Approved
A statement from Tadawul disclosed that the exchange has also approved the increase in issuance of government debt instruments dated April 7, from SR15.98 billion to SR17.63 billion. Additionally, another instrument dated April 1 saw an increase from SR29.29 billion to SR38.53 billion.
Listing Commences on May 27
The listing process officially began on May 27, according to the statement released by Tadawul. This listing is expected to create more opportunities for investors in the Saudi financial market.
Recent Financial Movements in Saudi Arabia
Earlier this month, the National Debt Management Center of Saudi Arabia announced the completion of the riyal-denominated sukuk issuance for May, totaling SR3.23 billion. This move is in line with the country’s ongoing efforts to strengthen its financial position.
Positive Projections for Global Sukuk Issuance
Reports from credit-rating agencies like S&P Global and Fitch Ratings have projected a positive outlook for global sukuk issuance. With Saudi Arabia playing a key role in the issuance of this debt product, the future looks promising for the market.