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Top Picks

Flash Opnion

MERKEL DEFEATS DWARFS

German Chancellor Angela Merkel secured a historic third win...

ARAB SPRING COUNTRIES ABOUT TO GET OUT FROM BOTTLE’S NECK

Things are now getting more clearer in the global...

Flash

Owing to recent developments in the Middle East and...

Satanic plans for Strategic purposes

International economic and political currents seem to be conflicting...

Bold Steps Are the Only Route to Recovery

by Ahmed Fouda Jim Yong, World Bank chair person said...

Adieu to a Prince who will continue to inspire and guide us

Ahmed Fouda: Prince Saud Al-Faisal, a veteran Arab and...

Greeks our Loyal Friends in Sickness and in Health

  Ahmed Fouda We have close loyal friends whom we always...

5 Tips to Getting a Good Night’s Sleep with Quality Rest

In our fast-paced world, achieving a restful night’s sleep...

Egypt is transforming Sinai into a natural extension of the Nile Valley

In March 2016 president Abdel Fattah El-Sisi said to...

The Drums of War bang in Riyadh

No one will win if the world goes into...

How bad is the Equifax cyber breach and is there a sustainable solution?

Sounds like this breach that started out from 2011...

Ahmed Fouda: An engraved story of success that speaks for itself

“MEO is dedicated to provide credible & sound analysis...

Sephora: Years of Succsses

By Alaa Magdy Sephora is a French brand of cosmetics;...

Court is in session!

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Who will pay for cheaper vehicles?

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Egypt is transforming Sinai into a natural extension of the Nile Valley

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Choose , Move, or Lose

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Middle East Observer

Wednesday, April 2, 2025

Saudi Arabia issues Sovereign bonds

Must read

Saudi Arabia has issued its first sovereign bonds since 2007 to cover a budget deficit created by low oil prices, launching a series of debt sales that could reshape its financial markets. The government sold SAR15bn ($4 billion) of bonds to local banks this year, marking a big shift in Saudi policy. Until this year, the world’s top oil exporter focused on paying down its public debt, which totaled just 44 billion riyals at the end of 2014, about 1.6 percent of gross domestic product. While a few state agencies or state-controlled firms have issued bonds in the past few years, the government’s last sovereign development bond was issued in 2007.But because of the plunge in oil prices since June 2014, Riyadh faces a huge budget gap this year, which was expected to exceed the originally projected 145 billion riyals. The International Monetary Fund has estimated the deficit will be about 20 percent of GDP, or approximately $150 billion. So far Riyadh has mainly been running down its financial reserves to cover the deficit; Mubarak said the government had withdrawn 244 billion riyals from reserves in 2015.This has cut the foreign assets held by the central bank, which is the kingdom’s sovereign wealth fund. It’s net foreign assets mostly US dollar bank deposits and bonds fell to $672 billion in May. The start of Saudi bond sales means pressure for the reserves to fall may now decrease. It is expected to witness increased borrowing in the coming months, the deficit would be financed by both reserve draw downs and bond issues.

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AID MUBARAK