RIYADH: The Saudi Ministry of Finance’s National Debt Management Center (NDMC) has closed the April 2021 issuance under the government’s riyal-denominated sukuk program.

The issuance size was set at SR11.713 billion ($3.1 billion), NDMC said in a filing on Wednesday.

The sukuk issuances were divided into two tranches — the first at SR3.889 billion ($1 billion), matures in 2028 and the second at SR7.824 billion ($2 billion), matures in 2031.

Gulf states are tapping bond markets to raise fresh funds as traditional revenue sources such as crude oil sales come under pressure as a result of the coronavirus pandemic.