DUBAI, June 10 (Reuters) - Saudi Telecom Co 7010.SE (STC), the Gulf's largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue.

The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate SASAR3MD= , currently at 0.9525 percent.

Government investors, banks, asset managers and insurance companies bought the sukuk, the statement added.

JP Morgan Chase JPM.N , Standard Chartered STAN.L and the investment banking arm of Saudi Arabia's National Commercial Bank managed the issue, which was part of a 5 billion riyal sukuk programme established last month.

(Reporting by Andrew Torchia; Editing by David French)

((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))

Keywords: SAUDI TELECOMUNICATIONS/SUKUK