RIYADH: The Saudi government offered sukuk denominated in Saudi riyals worth SR14.95 billion ($3.99 billion) in its May issuance for the year 2022, the National Debt Management Center announced on Tuesday. Divided into three tranches, the first has a size of SR10 billion, to mature in 2032. The second tranche is valued at SR2.18 billion, matures in 2037. The third one is worth SR2.7 billion and matures in 2049. The local issuance comes under Saudi Arabia’s riyal-denominated sukuk program. 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.