The issue is split between $800 million due in January 2024 and $1.2 billion 10-year Sukuk.
Saudi Electricity Company is set to issue $2 billion Sukuk, reported Reuters.
The main electricity producer in the Kingdom with an 81.2 per cent indirect government ownership, has set at $2 billion the size of the Islamic bond transaction.
Citi, First Abu Dhabi Bank as well as HSBC, Mizuho and MUFG are arranging the bond sale.
Additionally, Natixis, SMBC Nikko and Standard Chartered Bank are also arranging the bond sale, which is expected to price later this week.