Weekly Market Brief – 2/17/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s inflation was 3.4 percent higher in January 2023 YoY, primarily driven by the rising costs of housing, water, electricity, gas, and other fuels, which went up by 6.6 percent. Saudi Arabia’s annual inflation rate in January 2023 is the highest since June 2021, when it hit 6.6 percent. The inflation rate rose 0.2 percent MoM.

• Saudi Arabia’s National Debt Management Center has closed the issuance of SAR3.65 billion ($980 million) riyal-denominated sukuk for February 2023. The sukuk were divided into two tranches, with the first at SAR3.22 billion ($859 million), set to mature in 2031. The second tranche was SAR433 million ($115.5 million), which will mature in 2037.