Saudi Arabia’s National Debt Management Centre (NDMC) has closed its October 2026 issuance under the government’s riyal-denominated sukuk programme, allocating SR6.749 billion, about US$1.8 billion, across four tranches maturing between 2031 and 2039. The result was announced on 21 October 2026, TradeArabia reported, citing the Saudi Press Agency.
The details
| Tranche | Size | Maturity |
|---|---|---|
| First | SR265 million | 2031 |
| Second | SR2.735 billion | 2033 |
| Third | SR3.446 billion | 2036 |
| Fourth | SR302 million | 2039 |
Demand concentrated in the middle of the curve. The 2033 and 2036 tranches together took about SR6.2 billion, or more than 90% of the total. The issuance was made under the Saudi Arabian Government SR-denominated Sukuk Programme. The Ministry of Finance also published the announcement.
How does this fit the wider market?
Saudi Arabia has become the centre of the sukuk market. The ICD-LSEG Islamic Finance Development Report 2026 found that Saudi Arabia became the largest sukuk market by outstanding value for the first time, EnterpriseAM reported, with GCC governments leaning on sukuk as oil prices stayed low.
The local riyal programme matters more this half-year because dollar issuance has slowed. Fitch Ratings said in July that it expected no new public external US dollar sovereign sukuk from Saudi Arabia in the second half of 2026, as its funding plan was complete. We covered that outlook in our summary of Fitch’s first-half 2026 sukuk review.
Why it matters
Local sukuk give Saudi banks, takaful operators and funds a steady supply of riyal-denominated, Shariah-compliant government paper, which helps them manage liquidity and price other assets. For investors watching the Gulf, the October result shows that the government continues to fund itself through sukuk at home even while staying out of the international dollar market.
This is market information, not investment advice.
What’s next
No date for the next local issuance had been published at the time of writing. Results are announced by the NDMC and the Ministry of Finance.
FAQ
SR6.749 billion, about USD 1.8 billion, across four tranches.
The National Debt Management Centre, on behalf of the Ministry of Finance.
Sources: TradeArabia and the Saudi Ministry of Finance, 21 October 2026.
