Saudi Arabia launches 6th round of ‘Sah’ savings

Saudi Arabia has launched the sixth round of its subscription-based savings product, Sah, for August, offering an attractive return of 5.48 percent. The initiative, running from August 4 to August 6, aims to enhance financial stability and promote a culture of saving among Saudi citizens.

Key Features of Sah:

Shariah-compliant Sukuk: Managed by the National Debt Management Center and issued by the Ministry of Finance, Sah is designed to be low-risk and fee-free.
Accessibility: Available through digital channels of approved financial institutions, making it easy for individuals to invest.
Savings Promotion: Part of Saudi Vision 2030’s Financial Sector Development Program, Sah aims to raise the national savings rate from 6 percent to 10 percent by 2030.
Subscription Details:
- Minimum amount: SR1,000 ($266.39) per bond.
- Maximum subscription: SR200,000, allowing for the purchase of up to 200 bonds.
Eligible Participants: Available to Saudi nationals aged 18 and above with accounts at SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al Rajhi Capital.
Attractive Returns: Offers competitive returns aligned with market rates and government backing to ensure low-risk.
Redemption and Withdrawal: Investments can be redeemed according to the annual calendar, but early withdrawals forfeit accrued returns and profits.

Broader Goals and Future Plans:

Financial Inclusion: Sah is intended to make savings more appealing and accessible, fostering financial growth and stability.
Private-Sector Collaboration: Future initiatives will develop tailored savings products for various individual categories through banks, fund managers, financial technology companies, and others.
Government Support: Hani Al-Medaini, CEO of the National Debt Management Center, emphasized the government’s commitment to encouraging savings and enhancing financial inclusion in the Kingdom.

Sah represents a significant effort by the Saudi government to support citizens in achieving financial security and contributing to the nation’s economic development.