Saudi Arabia Plans to Issue $9.6 Billion in Sukuk After Buyback - Bloomberg
Saudi Arabia has completed an early purchase of more than 35.7 billion riyals ($9.5 billion) of outstanding debt and will issue about 35.9 billion riyals in sukuk as the kingdom plans to bolster its domestic market.
The government bought a portion of its debt instruments maturing in 2024, 2025 and 2026, the National Debt Management Center said in a statement on Sunday. The buyback represents the largest early purchase transaction arranged by NDMC.
The Saudi government will issue new sukuk worth 35.9 billion riyals under the Local Saudi Sukuk Issuance Program, NDMC said. The program will be divided into four tranches, with issuances maturing in 2031, 2032, 2033 and 2038.
The initiative is part of NDMC’s efforts to strengthen the domestic market and “to keep up with market developments which have been reflected positively on the growing trading volume in the secondary market,” the agency said. The transaction will also align NDMC’s efforts with other initiatives to enhance public finances in the medium and long term.
HSBC Saudi Arabia, Al Rajhi Capital, SNB Capital, and AlJazira Capital have been appointed as joint lead managers to lead the transaction.
Sunday 13 August 2023
Most stock markets in Gulf track oil prices higher | Reuters
Most stock markets in Gulf track oil prices higher | Reuters
Most stock markets in the Gulf ended higher on Sunday in the wake of Friday's rise in oil prices, with the Saudi index gaining for a third consecutive session.
Oil prices - a key catalyst for the Gulf's financial markets - edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to their seventh straight week of gains, the longest such streak since 2022.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from its previous forecast. Prospects for the oil market look healthy for the second half of the year, OPEC said.
Saudi Arabia's benchmark index (.TASI) advanced 1.1%, rising for a third consecutive session, led by a 1.6% leap in oil giant Saudi Aramco (2222.SE).
Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended.
In Qatar, the index (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.8% higher.
Most stock markets in the Gulf ended higher on Sunday in the wake of Friday's rise in oil prices, with the Saudi index gaining for a third consecutive session.
Oil prices - a key catalyst for the Gulf's financial markets - edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to their seventh straight week of gains, the longest such streak since 2022.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from its previous forecast. Prospects for the oil market look healthy for the second half of the year, OPEC said.
Saudi Arabia's benchmark index (.TASI) advanced 1.1%, rising for a third consecutive session, led by a 1.6% leap in oil giant Saudi Aramco (2222.SE).
Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended.
In Qatar, the index (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) putting on 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.8% higher.
#SaudiArabia's Ma'aden profit sinks 91% on lower prices, higher costs | Reuters
Saudi Arabia's Ma'aden profit sinks 91% on lower prices, higher costs | Reuters
Saudi Arabian Mining Company (1211.SE), known as Ma'aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products.
Ma'aden posted net profit of 350.9 million riyals ($93.53 million) in the second quarter, down 91.3% from just over 4 billion riyals a year prior, the firm said in a stock exchange filing.
That missed analysts' average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data.
It was also 16.3% below Ma'aden's first-quarter net profit of 419.4 million riyals.
The fall in profit was due to lower average realized sales prices for all products except gold, higher general and administrative costs "including expected credit loss allowance by 40%," exploration and technical services expenses rising 116%, an 86% increase in finance cost due to higher interest rates and profit from a Ma'aden joint venture dropping 59%.
Saudi Arabian Mining Company (1211.SE), known as Ma'aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products.
Ma'aden posted net profit of 350.9 million riyals ($93.53 million) in the second quarter, down 91.3% from just over 4 billion riyals a year prior, the firm said in a stock exchange filing.
That missed analysts' average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data.
It was also 16.3% below Ma'aden's first-quarter net profit of 419.4 million riyals.
The fall in profit was due to lower average realized sales prices for all products except gold, higher general and administrative costs "including expected credit loss allowance by 40%," exploration and technical services expenses rising 116%, an 86% increase in finance cost due to higher interest rates and profit from a Ma'aden joint venture dropping 59%.
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