‘It won't stop our efforts': Palestinian official on US sanctions, Witkoff's Gaza visit
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Saudi Arabia opens August ‘Sah' savings sukuk window with 4.97% return
RIYADH: Saudi Arabia has announced the opening of the August subscription window for its government-backed savings sukuk, offering an annual return of 4.97 percent, marking an increase from July's 4.88 percent. The 'Sah' sukuk is part of the 2025 issuance calendar overseen by the National Debt Management Center under the Ministry of Finance. The initiative is aligned with the Financial Sector Development Program, a key pillar of Vision 2030, which aims to elevate the national savings rate from 6 percent to 10 percent by the end of the decade. Subscription for the issuance opened at 10 a.m. Saudi time on Aug. 3 and will remain available until 3 p.m. on Aug. 5. The sukuk remains Shariah-compliant, denominated in Saudi riyals, and structured with a one-year maturity, offering fixed returns upon redemption. The minimum subscription amount is set at SR1,000 ($266.58), with a maximum cap of SR200,000 per investor. Individual investors aged 18 and above can participate through approved digital channels, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. As the Kingdom's first retail-oriented, government-backed savings instrument, 'Sah' is designed to enhance personal financial planning and encourage disciplined savings habits among individuals. The product offers several features to make savings accessible, including zero subscription fees, a simplified digital onboarding process, and flexibility in redemption, allowing subscribers to withdraw their funds during specified windows without penalties on the principal amount. The sukuk is issued in the form of lease-based structures, ensuring compliance with Shariah principles, and does not qualify as a tradable security on the Saudi financial market. The NDMC said the return rate for each issuance is determined based on prevailing market conditions, which may vary month to month. 'Sah' sukuk are considered low-risk, government-guaranteed instruments, contributing to the Kingdom's broader strategy of expanding the range of domestic savings products available to individuals. The NDMC said the sukuk supports the development of a more robust savings culture while fostering collaboration between public institutions and private financial entities.
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OPEC+ to raise oil output by 547,000 bpd in September
RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals. In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions. This approach, it said, ensures the alliance's ability to respond swiftly and maintain balance in global oil markets. The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty. 'The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,' the statement read. The producers also reaffirmed their commitment to full compliance with the group's Declaration of Cooperation, and said that the Joint Ministerial Monitoring Committee would continue to supervise the voluntary adjustments, as agreed during its 53rd meeting on April 3, 2024. The alliance had earlier approved smaller monthly increases—138,000 bpd in April, and 411,000 bpd each for May, June and July. In July, it announced a larger-than-expected increase of 548,000 bpd for August. The latest hike will bring Saudi Arabia's output to 9.97 million barrels per day in September. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Production levels for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000 and 801,000 bpd, respectively. OPEC+ also said it would continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for Sept. 7. In a speech at the St. Petersburg International Economic Forum in June, Saudi Energy Minister Prince Abdulaziz bin Salman described OPEC+ as the 'central bank' of the global oil market, highlighting the alliance's stabilizing role amid ongoing economic volatility.
