RIYADH: Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion ($2.75 billion). The issuance is divided into two tranches. The first tranche has a size of SR3.5 billion maturing in 2030, while the second tranche has a size of SR6.8 billion and matures in 2034. The new issuance is part of the Kingdom’s Sukuk Issuance Program, NDMC said in a statement. The program was established through NDMC in July 2017 by the Saudi Finance Ministry amid rising demand for both international and domestic fixed income markets that provide safe and guaranteed returns.