Saudi Arabia opens December 'Sah' sukuk sale at 4.68% return

08/12/2025 05:03 AST

Saudi Arabia has opened subscriptions for its December issuance of the government-backed "Sah" savings sukuk, offering investors an annual return of 4.68 percent, slightly lower than the 4.71 percent provided in the previous month.

In a post on X, the National Debt Management Center announced that the subscription window opened at 10:00 a.m. Saudi time on Dec. 7 and will close at 3:00 p.m. on Dec. 9.

Part of the 2025 issuance calendar managed by the NDMC, the sukuk reflects the Kingdom's continued efforts to promote financial inclusion and encourage personal savings.

Launched under the Financial Sector Development Program - a key component of the Vision 2030 agenda - Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently.

According to NDMC, the minimum subscription amount is SR1,000 ($266.56), while the maximum is capped at SR200,000 per investor. The sukuk carries a one-year maturity and offers fixed returns paid at redemption.

Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest and Al-Rajhi Capital.

Sukuk are Shariah-compliant financial instruments that grant investors partial ownership in an issuer's underlying assets, serving as a popular alternative to conventional bonds.

Last month, NDMC announced that it raised SR5.83 billion through its riyal-denominated sukuk program.

The November issuance was divided into five tranches, with the first one valued at SR700 million, set to mature in 2027.

The second tranche amounted to SR1.37 billion, maturing in 2029, while the third tranche, worth SR180 million, will expire in 2032.

The fourth tranche, valued at SR197 million, is due in 2036, while the last tranche, due in 2039, was valued at SR3.38 billion.

Saudi Arabia's debt market has seen robust growth in recent years, drawing strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In October, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia dominated the Gulf Cooperation Council's primary debt market in the third quarter of 2025, raising $20.32 billion through 36 issuances - a 62.7 percent year-on-year increase in value.

Arab News