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Saudi Arabia’s capital market regulator has approved the application of Al Rajhi Bank’s programme to offer debt instruments of a total value of 10 billion riyals ($2.66 billion).
The Capital Market Authority’s (CMA) approval shall be valid for six months and would be deemed cancelled if the offering and listing of the issuer’s first intended tranche of debt instruments are not completed within this period.
In January, Al Rajhi Bank, the largest Islamic bank in the world, issued a $1.5 billion AT1 sustainable sukuk.
Saudi Arabia’s debt capital market (DCM) is growing significantly and likely to exceed $500 billion outstanding by end-2025, according to Fitch Ratings.
The DCM reached $465.8 billion outstanding at end-1Q25, up 16% year-on-year, with sukuk majority at 60.4%.
(Writing by Brinda Darasha; editing by Bindu Rai)
