JEDDAH — On 26 July, the Saudi Arabia (A1 stable) Ministry of Finance debt management office announced the completion of its first sukuk issuance under the primary dealers program, which was established for the distribution of local government sukuk securities.

This issuance, which totalled around SR3.5 billion ($925 million), is positive for the development of Islamic debt capital markets in Saudi Arabia because it broadens the investor base for government sukuk securities in the primary market and supports liquidity in the secondary market, Moody’s Investors Service said in its comment on Thursday (Aug. 2, 201).