Saudi Arabian Mining Company (Ma'aden), a leading mining company in the region, announced the launch of a US dollar-denominated sukuk issuance, according to an official statement published on the Saudi Stock Exchange (Tadawul) website. This announcement is a strategic step to strengthen the company's financial position and diversify its funding sources to support its ambitious expansion plans.
Offering details and timeline
The company stated in its announcement that the offering process began today, January 22, 2026, and is scheduled to continue until January 29. This issuance targets qualified investors both within and outside the Kingdom of Saudi Arabia, reflecting the company's desire to attract both global and local capital.
Regarding the financial and technical aspects of the issuance, Ma'aden stated that the minimum subscription amount has been set at US$200,000, with the possibility of increasing the amount in multiples of US$1,000. The company indicated that the final value of the sukuk, as well as the terms of the offering, the yield, and the maturity period, will be determined based on market conditions and supply and demand during the book-building period.
List of managing banks and financial institutions
To ensure the success of this international offering, Ma’aden appointed a strong banking consortium comprising leading local and international financial institutions as lead managers. The consortium included: Albilad Investment Company, Aljazira Capital Markets Company, Arab Banking Corporation (ABC), Bank of China Limited (Hong Kong Branch), BNP Paribas, Citigroup Global Markets Limited, Goldman Sachs International, HSBC Bank (plc), JPMorgan Securities (plc), Kuwait Finance House Capital Investment Company (K.S.C.C.C.), Merrill Lynch International, Mizuho International (plc), Natixis, and AlAhli Capital.
The economic context and the importance of the event
This proposal is particularly important given the economic transformations underway in Saudi Arabia as part of Vision 2030, where the mining sector is considered the third pillar of Saudi industry after oil, gas, and petrochemicals. Ma'aden is leading this sector through massive investments in the exploration and development of diverse mineral resources such as phosphate, aluminum, gold, and copper.
Turning to international debt markets through the issuance of dollar-denominated sukuk reflects the confidence of global financial institutions in the strength of the Saudi economy and in Ma'aden's operational and financial performance. This move also allows the company access to substantial international liquidity at competitive costs, supporting its existing and future capital projects without solely straining domestic liquidity.
The company concluded its statement by noting that the sukuk may be redeemed in certain cases, in accordance with the details mentioned in the basic offering document relating to the sukuk, and invited qualified investors to review the terms and conditions carefully.
