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Dubai: Saudi Arabia has issued local Islamic bonds (Sukuk) worth 64.1 billion riyals after buying back existing Sukuk worth 63.1 billion riyals in the local market, the National Debt Management Centre (NDMC) said on Thursday.

The Sukuk, which were redeemed early, were set to mature in 2024, 2025 and 2026. The new issues were across three tranches of around 16 billion riyals maturing in 2031, roughly 29.3 billion riyals due in 2034 and about 18.8 billion riyals maturing in 2039.

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NDMC said the move is part of its efforts to strengthen the domestic debt market as well as manage government debt obligations.

The Ministry of Finance and NDMC have appointed HSBC Saudi Arabia, AlRajhi Capital, SNB Capital, Alinma investment and AlJazira Capital as lead managers on the debt transaction.