RIYADH: Saudi Arabia’s National Debt Management Center concluded its riyal-denominated sukuk issuance for January at SR8.825 billion ($2.35 billion). The January offerings were divided into three tranches, according to an official statement. The first tranche, valued at SR3.656 billion, is set to mature in 2029, and the second allotment, valued at SR2.822 billion, is due in 2034. The third tranche worth SR2.347 billion is set to mature in 2039. Sukuk, which is also called an Islamic bond, is a Shariah-compliant debt product. Sukuk issuance globally is expected to total between $160 billion and $170 billion in 2024 thanks to higher financing needs in some core Islamic finance countries, according to S&P Global. In its latest report, the US-based agency said that the steady momentum of the sector is also supported by easing liquidity conditions across the world. According to the report, sustainable Shariah-compliant bond volumes are also expected to rise in 2024, on the back of the successful UN Climate Change Conference held in Dubai last year. “Sustainable sukuk will also continue to contribute to the increase in sukuk issuance, which is still low, while the recently concluded COP28 in the UAE highlighted the role Islamic finance and sukuk can play in addressing climate change,” said S&P Global in the report. Earlier this month, it was announced that NDMC is on track to launch a sukuk savings program to further develop the local market.