Saudi Arabia Macroeconomic Developments
- The Ministry of Finance closed its May issuance under the government’s riyal-denominated sukuk program at SAR3.5 billion ($941 million). The first tranche of the sukuk was valued at SAR3.3 billion ($881 million) and matures in 2028 while the second tranche was valued at SAR225 million ($60 million) and matures in 2033.
- Non-oil exports from Saudi Arabia grew more than 23 percent YoY to SAR60 billion ($16 billion) in Q1 2021. These accounted for 28 percent of total Saudi exports in Q1. The quarterly value of oil exports meanwhile reached the highest since Q4 2019 as it climbed to SAR153 billion ($41 billion), according to the General Authority for Statistics (GAStat).
- Saudi Arabia will resume the issuance of tourism visas for 11 countries starting this week, including visitors from the U.S., Japan, the U.A.E., and Germany. The Kingdom reopened international travel two weeks ago for citizens but kept a travel ban in place that included international flights from the U.S. The tourism visa program was launched in October 2019 before it was paused in early 2020 due to the pandemic.