Saudi Arabia has raised SAR15.436 billion (about $4.11 billion) through its March 2026 sukuk issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The issuance was announced by the National Debt Management Center, which manages the Kingdom’s sovereign debt activities. In the previous month, the government raised SAR7.868 billion through a five-tranche sukuk issuance.
The March sukuk issuance was structured into six tranches with different maturity periods. The first tranche amounted to SAR1.154 billion, maturing in 2029. The second tranche was valued at SAR11 million with maturity in 2031, while the third tranche totaled SAR365 million, maturing in 2033.
The fourth tranche was worth SAR3.452 billion and will mature in 2036. Meanwhile, the fifth tranche reached SAR5.4 billion, maturing in 2039. The sixth tranche, valued at SAR5.054 billion, will mature in 2041, making it the longest-dated tranche in the March issuance.
The sukuk sale follows Saudi Arabia’s first international bond issuance of 2026 under the Kingdom’s Global Medium-Term Note (GMTN) program, which attracted strong investor interest. The total order book reached approximately $31 billion, representing an oversubscription of about 2.7 times the amount offered.
Through that bond offering, Saudi Arabia raised $11.5 billion across four tranches. The first tranche included a three-year bond worth $2.5 billion maturing in 2029, while the second tranche consisted of a five-year bond valued at $2.75 billion maturing in 2031. The third tranche totaled $2.75 billion with a 10-year maturity in 2036, and the fourth tranche was a 30-year bond worth $3.5 billion maturing in 2056.
According to a recent report by Fitch Ratings, Saudi Arabia’s debt capital market could reach $600 billion by the end of 2026, supported by growing financing needs across sectors and continued fiscal spending. The report also noted that the Kingdom was the largest dollar-denominated sukuk issuer globally in 2025, accounting for more than 31% of total global issuance.
Saudi Arabia’s outstanding debt has surpassed $520 billion, reflecting nearly 21% growth, with sukuk making up about 62% of the total. Dollar-denominated issuance also rose significantly, increasing 49% to around $100 billion, with sukuk expanding faster than conventional bonds.
Under its annual borrowing strategy approved by the National Debt Management Center, the Kingdom aims to obtain up to 50% of its sovereign funding from private markets, 25–30% from international debt capital markets, and 20–30% from domestic debt markets, helping diversify its funding sources for future development.