The National Debt Management Center (NDMC) announced the completion of arranging local Sukuk issuances under the Saudi Arabian Government SAR-denominated Sukuk Program for the debt principal repayments as per the financing needs for the year 2022, with a funding amount of approximately SAR 43 bn. NDMC stated that it may, in accordance with the Annual Borrowing Plan, continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally through debt markets and government alternative financing. This is to ensure Kingdom's continuous presence in debt markets and manage the debt repayments for the coming years, in addition to, facilitating the financing of capital expenditures and infrastructure projects which will contribute to promote economic growth while taking into account market movements and the debt portfolio risk management. As of today, the Kingdom's issuances for the year 2022 were in the local market as it is relatively stable in comparison to international markets. These issuances included early repurchase of some of the Kingdom's debt instruments and pre-funding transactions for maturities due in 2023, 2024 and 2026. In light of this, the NDMC CEO Hani Al Medaini commented that NDMC is working on expanding the investors base, strengthening communication channels, reaching new geographic areas, and utilizing the arising opportunities in local and international markets in accordance with risk management and debt strategy. He also added that the NDMC is working on attracting new capital, and international financial institutions to take part in the Primary Dealers Program, to capitalize on the debt instruments arranged by the NDMC.
