The Ministry of Finance announces that it has closed the second domestic Sukuk issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The subscription applications for these Sukuk exceeded SAR 38 Billion whilst the issuance size was set at SAR 13 Billion, resulting in 295% coverage ratio.
The Ministry of Finance signed remotely (due to the precautionary measures currently being followed) a memorandum of understanding (MOU) with Bpifrance Assurance Export. The memorandum of understanding was signed by the Ministry of Finance, Chairman of the National Debt Management Center, His Excellency Mr. Mohammed Al-Jadaan, and from Bpifrance Assurance Export, General Manager, Mr. Francois Lefebvre. The two parties expressed their satisfaction with the new agreement and its role in strengthening bilateral economic relations between France and the Kingdom.The signing of the MOU is part of a plan to strengthen bilateral cooperation and partnership and discuss potential trade opportunities that will benefit both countries.The Sukuk issuances were divided into three tranches as follows:
The memorandum includes a number of cooperative activities, including providing cover either through export credit insurance schemes or through the strategic projects guarantee product for a number of government projects in the Kingdom.
- the first tranche has a size of SAR 2.1 billion and matures in 2022G.