RIYADH — The Saudi Ministry of Finance, acting through the Debt Management Office, announced Sunday that it had established last July 20 an unlimited SAR denominated Sukuk Program to issue and offer, at its discretion, Sukuk in multiple issuances to investors, pursuant to the Royal Decree approving the budget.

The terms and conditions of each issuance will set out the details of such issuance including, but not limited to, the types of eligible investors, the size of the issuance and the expected return.

The Ministry also announced that it has submitted the Sukuk Program file to the Capital Market Authority.

The establishment of the Sukuk Program comes as a part of the Debt Management Office’s role in securing the Kingdom of Saudi Arabia’s financing needs with best financing costs. The Program will also contribute to the fulfillment of the objectives of the Fiscal Balance Program and to the development of the Saudi Sukuk market. — SPA