Oman issues international sukuk worth $1.75 billion

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  The issuance comes within the financing operations included in the approved government plan (AFP)</p><div><p>posed<a target="_blank" href="https://www.alaraby.co.uk/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D9%8F%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D8%A5%D9%82%D8%A8%D8%A7%D9%84-%D8%B9%D9%84%D9%89-%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D9%84%D9%84%D8%B5%D9%83%D9%88%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D8%A8%D9%8015%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1" rel="noopener"> Ministry of Finance</a> Omani, <a target="_blank" href="https://www.alaraby.co.uk/economy/%22%D8%A3%D8%B1%D8%A7%D9%85%D9%83%D9%88%22-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AF%D8%B4%D9%86-%D8%A3%D9%88%D9%84-%D8%B5%D9%83%D9%88%D9%83-%D8%AF%D9%88%D9%84%D8%A7%D8%B1%D9%8A%D8%A9" rel="noopener">international instruments</a> With a value of $1.75 billion for a maturity period of 9 years, this is the second time it has resorted to obtaining financing from <a target="_blank" href="https://www.alaraby.co.uk/economy/%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%AA%D8%B1%D8%A7%D9%82%D8%A8-%D9%85%D8%B3%D8%A7%D8%B1-%D8%B3%D9%8A%D8%A7%D8%B3%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D8%AD%D9%81%D9%8A%D8%B2-%D8%A8%D8%B9%D8%AF-%D9%81%D8%AA%D8%AD-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%85%D8%A4%D8%B4%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%84%D8%A7%D8%AB%D8%A7%D8%A1" rel="noopener">international markets</a> during the current year.<br/>The ministry added in a statement, Wednesday, that the issuance comes within the financing operations included in the government's plan approved at the beginning of this year, to finance financial needs.<br/>Oman had issued $3.25 billion in sukuk in January 2021, amid the pressures of the emerging Corona pandemic.<br/>The statement added, "The Sultanate's financial needs are based on the principle of financial discipline and maintaining the level of public debt. The sukuk witnessed a high turnout by international investors and asset management and investment institutions."<br/>The interest rate for the offering was 4.875 percent, which is lower than the price offered by the Omani government.<br/>The bids varied geographically between the Gulf, Asian, European and American markets, according to the statement.

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Oman, with a population of 4.6 million people, more than 40 percent of whom are foreigners, has been hit hard by the drop in crude oil prices since 2014, and has been hit again by the coronavirus.

The country, which is seeking to boost the tourism sector to diversify its economy, saw its gross domestic product shrink by 6.4 percent in 2020, while government debt rose to 81 percent of GDP, compared to 60 percent in 2019, according to the International Monetary Fund.
A previous report by Fitch Ratings Agency stated that the next three years will be a critical test of the financing resilience that Oman has shown in the past.
Fitch expected a large fiscal deficit for the Sultanate’s budget with the maturity of external debts, between $12 billion and $14 billion annually in the period 2020-2022.
(Anatolia)





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