DUBAI, July 25 (Reuters) - Saudi Arabia has raised 17 billion riyals ($4.53 billion) from investors for its riyal-denominated Islamic bonds, state news agency SPA reported on Tuesday.

Saudi Arabia's government offered its first riyal-denominated Islamic bonds to investors on Sunday, auctioning sukuk with maturities of five, seven and 10 years, a document seen by Reuters showed.

The kingdom's Ministry of Finance said on SPA it received more than 51 billion riyals ($13.60 billion) worth of bids from investors, resulting in 300 percent coverage ratio.

The first tranche, of 12 billion riyals, matures in 2022; the second tranche, of 2.9 billion riyals, matures in 2024; and the third tranche, of 2.1 billion riyals, matures in 2027, it said.

Riyadh is launching a domestic sukuk issuance programme to help cover a large budget deficit caused by low oil prices.

The Finance Ministry said last week that 13 domestic banks had qualified to participate in its domestic sukuk issues. Investors had to submit bids by Monday at 2 p.m. local time.

($1 = 3.7496 riyals)

(Reporting by Hadeel Al Sayegh; Editing by Bill Trott and Richard Chang) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))