Saudi Arabia is in the process of issuing Islamic sukuk in dollars at the beginning of October, according to Bloomberg. Saudi Arabia has owed $ 10.9 billion through international exports this year, the report said.
Bloomberg attributed the information to sources familiar with the issue in Saudi Arabia. The Saudi government is close to a deal with the banks that will manage the issue, the sources said.
A spokesman for the Saudi finance ministry declined to comment on the Bloomberg report.
The decision to borrow from the international market comes two weeks after the Houthi attack on two Aramco facilities in the Abqaiq and Khurais fields, an attack that has lost Saudi Arabia about 50 percent of its oil production capacity.
Saudi Finance Minister Mohammed al-Jadaan said in remarks last week that the attack had no impact on Saudi government income.
Saudi Arabia's real GDP is expected to shrink by 0.4 percent this year, driven by a drop in oil production due to the OPEC deal and attacks on oil facilities, Standard & Poor's said.
Two Aramco oil production facilities were attacked on September 14, halting 5.7 million barrels per day of Saudi crude production.
The market expects practical assurances via shipments from both facilities, not from stocks, or through official statements.
S&P predicted on Saturday that Saudi oil production would recover quickly following the attacks, but said the geopolitical risks for Saudi Arabia were "still high."
The agency confirmed its credit rating of Saudi Arabia at (2-A / A-) with a stable outlook, but said that the outlook stable, based on expectations of the speedy repair of oil production facilities that were attacked.