The Kingdom of Saudi Arabia’s flag
The total value of Saudi-listed sukuk and bond issuances rose by 4% quarter-on-quarter (QoQ) to about SAR 633.5 billion by the end of the fourth quarter of this year, according to the Saudi Exchange’s (Tadawul) quarterly Debt Market Report. 
Likewise, the total traded value decreased 65% to nearly SAR 3.31 billion in Q4 2024, from SAR 9.34 billion in Q3 2024.
The total number of transactions also fell to 10,273 in the three-month period, compared to 11,104 deals in Q3 2024.
The total number of issuances of listed sukuk and bonds amounted to 61 in Q4 2024, compared to 62 in Q3 2024.
Meanwhile, the ratio of listed sukuk and bonds to GDP inched down to 15.6% in Q4 2024, from 17.6% in Q3 2024.
Details of Listed Sukuk Bond Issuances
Period
Value
(SAR bln)
Change
(SAR bln)
Change QoQ
Q1 2020
358.0
—
—
Q2
392.2
+34.2
+10%
Q3
393.4
+1.2
+0.3%
Q4
387.8
(5.6)
(1%)
Q1 2021
399.9
+12.1
+3%
Q2
423.3
+23.3
+6%
Q3
451.7
+28.5
+7%
Q4
461.4
+9.7
+2%
Q1 2022
488.0
+26.6
+6%
Q2
512.4
+24.4
+5%
Q3
511.3
(1.1)
(0.2%)
Q4
525.3
+14.1
+3%
Q1 2023
527.0
+1.6
+0.3%
Q2
529.8
+2.8
+1%
Q3
534.7
+5.0
+1%
Q4
549.8
+15.1
+3%
Q1 2024
564.0
+14.1
+3%
Q2
601.8
+37.8
+7%
Q3
610.7
+9.0
+1%
Q4
633.5
+22.8
+4%
The value of listed government sukuk and bonds at the end of Q4 2024 represented about 97.4% (nearly SAR 617 billion) of total issuances.
Meanwhile, sukuk and bonds of listed companies accounted for 2.6% (SAR 16.5 billion) of the fourth-quarter total,as shown in the table below:
Volume of Listed Sukuk Bond Issuances
Period
Gov’t Sukuk Bonds
Corporate Sukuk Bonds
Value
(SAR bln)
Ratio
(%)
Value
(SAR bln)
Ratio
(%)
Q1 2020
334.9
93.5%
23.1
6.5%
Q2
369.6
94.2%
22.6
5.8%
Q3
370.8
94.2%
22.6
5.8%
Q4
365.7
94.3%
22.1
5.7%
Q1 2021
377.8
4.5%
22.1
5.5%
Q2
401.3
94.8%
22.0
5.2%
Q3
429.7
95.1%
22.0
4.9%
Q4
439.8
95.3%
21.6
4.7%
Q1 2022
466.4
95.6%
21.6
4.4%
Q2
496.8
97.0%
15.6
3.0%
Q3
499.6
97.7%
11.7
2.3%
Q4
503.9
95.9%
21.4
4.1%
Q1 2023
505.6
95.9%
21.4
4.1%
Q2
509.7
96.2%
20.0
3.8%
Q3
514.7
96.3%
20.0
3.7%
Q4
529.8
96.4%
20.0
3.6%
Q1 2024
547.4
97.1%
16.5
2.9%
Q2
585.2
97.2%
16.5
2.8%
Q3
594.2
97.3%
16.5
2.7%
Q4
617.0
97.4%
16.5
2.6%
In Q4 2024, Saudis owned debt instruments worth about SAR 624.9 billion, representing 98.6% of the total.
Foreign investors’ ownership amounted to nearly SAR 6.6 billion, while GCC investors held SAR 2 billion,as the following table shows:
Ownership by Nationality
Nationality
Value (SAR bln)
Ratio (%)
Saudis
624.87
98.6%
Foreigners
6.64
1.1%
GCC
2.00
0.3%
Total
633.51
100%
The Kingdom of Saudi Arabia’s flag
The total value of Saudi-listed sukuk and bond issuances rose by 4% quarter-on-quarter (QoQ) to about SAR 633.5 billion by the end of the fourth quarter of this year, according to the Saudi Exchange’s (Tadawul) quarterly Debt Market Report.
Likewise, the total traded value decreased 65% to nearly SAR 3.31 billion in Q4 2024, from SAR 9.34 billion in Q3 2024.
The total number of transactions also fell to 10,273 in the three-month period, compared to 11,104 deals in Q3 2024.
The total number of issuances of listed sukuk and bonds amounted to 61 in Q4 2024, compared to 62 in Q3 2024.
Meanwhile, the ratio of listed sukuk and bonds to GDP inched down to 15.6% in Q4 2024, from 17.6% in Q3 2024.
Details of Listed Sukuk Bond Issuances
Period
Value
(SAR bln)
Change
(SAR bln)
Change QoQ
Q1 2020
358.0
—
—
Q2
392.2
+34.2
+10%
Q3
393.4
+1.2
+0.3%
Q4
387.8
(5.6)
(1%)
Q1 2021
399.9
+12.1
+3%
Q2
423.3
+23.3
+6%
Q3
451.7
+28.5
+7%
Q4
461.4
+9.7
+2%
Q1 2022
488.0
+26.6
+6%
Q2
512.4
+24.4
+5%
Q3
511.3
(1.1)
(0.2%)
Q4
525.3
+14.1
+3%
Q1 2023
527.0
+1.6
+0.3%
Q2
529.8
+2.8
+1%
Q3
534.7
+5.0
+1%
Q4
549.8
+15.1
+3%
Q1 2024
564.0
+14.1
+3%
Q2
601.8
+37.8
+7%
Q3
610.7
+9.0
+1%
Q4
633.5
+22.8
+4%
The value of listed government sukuk and bonds at the end of Q4 2024 represented about 97.4% (nearly SAR 617 billion) of total issuances.
Meanwhile, sukuk and bonds of listed companies accounted for 2.6% (SAR 16.5 billion) of the fourth-quarter total,as shown in the table below:
Volume of Listed Sukuk Bond Issuances
Period
Gov’t Sukuk Bonds
Corporate Sukuk Bonds
Value
(SAR bln)
Ratio
(%)
Value
(SAR bln)
Ratio
(%)
Q1 2020
334.9
93.5%
23.1
6.5%
Q2
369.6
94.2%
22.6
5.8%
Q3
370.8
94.2%
22.6
5.8%
Q4
365.7
94.3%
22.1
5.7%
Q1 2021
377.8
4.5%
22.1
5.5%
Q2
401.3
94.8%
22.0
5.2%
Q3
429.7
95.1%
22.0
4.9%
Q4
439.8
95.3%
21.6
4.7%
Q1 2022
466.4
95.6%
21.6
4.4%
Q2
496.8
97.0%
15.6
3.0%
Q3
499.6
97.7%
11.7
2.3%
Q4
503.9
95.9%
21.4
4.1%
Q1 2023
505.6
95.9%
21.4
4.1%
Q2
509.7
96.2%
20.0
3.8%
Q3
514.7
96.3%
20.0
3.7%
Q4
529.8
96.4%
20.0
3.6%
Q1 2024
547.4
97.1%
16.5
2.9%
Q2
585.2
97.2%
16.5
2.8%
Q3
594.2
97.3%
16.5
2.7%
Q4
617.0
97.4%
16.5
2.6%
In Q4 2024, Saudis owned debt instruments worth about SAR 624.9 billion, representing 98.6% of the total.
Foreign investors’ ownership amounted to nearly SAR 6.6 billion, while GCC investors held SAR 2 billion,as the following table shows:
Ownership by Nationality
Nationality
Value (SAR bln)
Ratio (%)
Saudis
624.87
98.6%
Foreigners
6.64
1.1%
GCC
2.00
0.3%
Total
633.51
100%
