Kingdom of Saudi Arabia GMTN Programme

220 Pages·2016·1.94 MB·English

IMPORTANT NOTICE
This Offering is available only to investors who are either (1) QIBs (as defined below) or (2) non-U.S.
Persons(asdefinedbelow)locatedoutsidetheUnitedStates.
IMPORTANT:Youmustreadthefollowingdisclaimerbeforecontinuing.Thefollowingdisclaimerapplies
tothebaseprospectusattachedtothiselectronictransmission(the“BaseProspectus”)andyouaretherefore
advised to read this disclaimer carefully before reading, accessing or making any other use of the Base
Prospectus.InaccessingtheBaseProspectus,youagreetobeboundbythefollowingtermsandconditions,
including any modifications to them from time to time, each time you receive any information from the
KingdomofSaudiArabia(the“Issuer”)asaresultofsuchaccess.
ConfirmationofYourRepresentation:InordertobeeligibleandbyaccessingtheBaseProspectus,youare
deemedtohaveagreedwithCitigroupGlobalMarketsLimited,HSBCBankPlcandJ.P.MorganSecuritiesplc
(together, the “Arrangers”) and Bank of China Limited, London Branch, BNP Paribas, Deutsche BankAG,
London Branch, Goldman Sachs International, MUFG Securities EMEA plc, Morgan Stanley & Co.
International plc, NCB Capital Company (together with theArrangers, the “Dealers”) and the Issuer that (i)
youhaveunderstoodandagreedtothetermssetoutherein,(ii)youandanycustomeryourepresentareeither
(a)notaU.S.person(withinthemeaningofRegulationSoftheUnitedStatesSecuritiesAct1933,asamended
(the“SecuritiesAct”)),andarenotactingfortheaccountorbenefitofanyU.S.person,andthattheelectronic
mail address you have given to us is not located in the United States, its territories and possessions, or (b) a
person that is a “Qualified Institutional Buyer” within the meaning of Rule 144A under the SecuritiesAct (a
“QIB”),(iii)eitheryouandanycustomeryourepresentareQIBsorareoutsidetheUnitedStatesandyouare
purchasing the securities being offered in an offshore transaction (within the meaning of Regulation S of the
Securities Act), (iv) you consent to delivery by electronic transmission, (v) you will not transmit the Base
Prospectus(oranycopyofitorpartthereof)ordisclose,whetherorallyorinwriting,anyofitscontentstoany
otherpersonexceptwiththeconsentoftheArrangersandtheDealers,and(vi)youacknowledgethatyouwill
makeyourownassessmentregardinganylegal,taxationorothereconomicconsiderationswithrespecttoyour
decisiontosubscribefororpurchaseanyoftheNotes.
YouareremindedthattheBaseProspectushasbeendeliveredtoyouonthebasisthatyouareapersoninto
whose possession the Base Prospectus may be lawfully delivered in accordance with the laws of the
jurisdictioninwhichyouarelocatedandyoumaynot,norareyouauthorisedto,delivertheBaseProspectus,
electronicallyorotherwise,toanyotherpersonandinparticulartoanyU.S.personortoanyU.S.address.
FailuretocomplywiththisdirectivemayresultinaviolationoftheSecuritiesActortheapplicablesecurities
lawsofotherjurisdictions.
RESTRICTIONS: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN
OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER
JURISDICTIONWHEREITISUNLAWFULTODOSO.
THENOTESHAVENOTBEEN,ANDWILLNOTBE,REGISTEREDUNDERTHESECURITIES
ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER
JURISDICTION, AND THE NOTES MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY,WITHINTHE UNITED STATES ORTO, OR FORTHEACCOUNT OR BENEFIT
OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT
(“REGULATION S”)) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIESACTANDAPPLICABLESTATEORLOCALSECURITIESLAWS.
THE BASE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER
PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER AND, IN
PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR U.S. ADDRESS. ANY
FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE BASE PROSPECTUS IN
WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE
MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE
SECURITIES LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS
TRANSMISSIONCONTRARYTOANYOFTHEFOREGOINGRESTRICTIONS,YOUARENOT
AUTHORISED, AND WILL NOT BE ABLE, TO PURCHASE ANY OF THE SECURITIES
DESCRIBEDHEREIN.
UndernocircumstancesshalltheBaseProspectusconstituteanoffertosellorthesolicitationofanofferto
buynorshalltherebeanysaleoftheNotesinanyjurisdictioninwhichsuchoffer,solicitationorsalewould
beunlawful.
The Base Prospectus is not being distributed to, and must not be passed on to, the general public in the
United Kingdom. The communication of the Base Prospectus is only being made to those persons falling
within Article 19(5) or Article 49(2)(a) to (e) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, or to other persons to whom the Base Prospectus may otherwise be distributed
without contravention of the Financial Services and Markets Act 2000, or any person to whom it may
otherwise lawfully be made. This communication is being directed only at persons having professional
experience in matters relating to investments and any investment or investment activity to which this
communicationrelateswillbeengagedinonlywithsuchpersons.Nootherpersonshouldrelyonit.
The Base Prospectus has been sent to you in an electronic form. You are reminded that documents
transmitted via this medium may be altered or changed during the process of electronic transmission and
consequently none of the Arrangers or the Dealers, any person who controls any of the Arrangers or the
Dealers,theIssuer,anydirector,officer,employeeoragentoforpublicofficialrepresentinganyofthem,or
anyaffiliateofanysuchpersonacceptsanyliabilityorresponsibilitywhatsoeverinrespectofanydifference
between the Base Prospectus distributed to you in electronic format and the hard copy version available to
youonrequestfromanyoftheArrangersortheDealers.
If you received the Base Prospectus by e-mail, you should not reply by e-mail to this communication.Any
reply e-mail communications, including those you generate by using the “Reply” function on your email
software, will be ignored or rejected. If you receive the Base Prospectus by e-mail, your use of this e-mail
isatyourownriskanditisyourresponsibilitytotakeprecautionstoensurethatitisfreefromvirusesand
otheritemsofadestructivenature.
Thematerialsrelatingtotheofferingdonotconstitute,andmaynotbeusedinconnectionwith,anofferor
solicitationinanyplacewheresuchoffersorsolicitationsarenotpermittedbylaw.Ifajurisdictionrequires
that the offering be made by a licensed broker or dealer and the Arrangers, the Dealers or any of their
respectiveaffiliatesisalicensedbrokerordealerinthatjurisdiction,theofferingshallbedeemedtobemade
bytheArrangers,theDealersorsuchrespectiveaffiliate(s)onbehalfoftheIssuerinsuchjurisdiction.
RecipientsoftheBaseProspectuswhointendtosubscribefororpurchasetheNotesareremindedthatany
subscriptionorpurchasemayonlybemadeonthebasisoftheinformationcontainedintheBaseProspectus.
ThedistributionoftheBaseProspectusincertainjurisdictionsmayberestrictedbylaw.Personsintowhose
possession the Base Prospectus comes are required by theArrangers, the Dealers and the Issuer to inform
themselvesabout,andtoobserve,anysuchrestrictions.
THE KINGDOM OF SAUDI ARABIA
acting through the Ministry of Finance
Global Medium Term Note Programme
UnderthisGlobalMediumTermNoteProgramme(the“Programme”),theKingdomofSaudiArabia(the“Issuer”,the“Kingdom”or“Saudi
Arabia”),actingthroughtheMinistryofFinance,mayelect,subjecttocompliancewithallrelevantlaws,regulationsanddirectives,fromtime
totimetoissuenotes(the“Notes”)denominatedinanycurrencyagreedbetweentheIssuerandtherelevantDealer(s)(asdefinedbelow).
Notesmaybeissuedinbearerorregisteredform(respectively,“BearerNotes”and“RegisteredNotes”).TheNotesmaybeissuedona
continuingbasistooneormoreoftheDealersspecifiedunder“OverviewoftheProgramme”andanyadditionalDealer(s)appointedunder
theProgrammefromtimetotimebytheIssuer(eacha“Dealer”andtogether,the“Dealers”),whichappointmentmaybeforaspecificissue
oronanongoingbasis.ReferencesinthisBaseProspectustothe“relevantDealer(s)”shall,inthecaseofanissueofNotesbeing(orintended
tobe)subscribedbymorethanoneDealer,betoallDealersagreeingtosubscribeforsuchNotes.
ANINVESTMENTINNOTESISSUEDUNDERTHEPROGRAMME
INVOLVESCERTAINRISKS.SEE“RISKFACTORS”.
ThisBaseProspectushasbeenapprovedbytheCentralBankofIreland,ascompetentauthorityunderDirective2003/71/EC,asamended(the
“ProspectusDirective”).TheCentralBankofIrelandonlyapprovesthisBaseProspectusasmeetingtherequirementsimposedunderIrish
andEUlawpursuanttotheProspectusDirective.Suchapprovalhasbeensoughtforthepurposeofgivinginformationwithregardtotheissue
ofNotesdescribedinthisBaseProspectusfortheperiodof12monthsfromthedateofthisBaseProspectus.Suchapprovalrelatesonlyto
theNoteswhicharetobeadmittedtotradingonaregulatedmarketforthepurposesofDirective2004/39/ECand/orwhicharetobeoffered
tothepublicinanyMemberStateoftheEuropeanEconomicArea.ApplicationhasbeenmadetotheIrishStockExchangeplc(the“Irish
StockExchange”)fortheNotesissuedundertheProgrammetobeadmittedtotheofficiallist(the“OfficialList”)andtotradingonits
regulatedmarket.
ReferencesinthisBaseProspectustoNotesbeing“listed”(andallrelatedreferences)shallmeanthatsuchNoteshavebeenadmittedtothe
OfficialListandhavebeenadmittedtotradingontheIrishStockExchange.
TheProgrammealsopermitsNotestobeissuedonthebasisthattheywillnotbeadmittedtolisting,tradingand/orquotationbyanycompetent
authority,stockexchangeand/orquotationsystemortobeadmittedtolisting,tradingand/orquotationbysuchotherorfurthercompetent
authorities,stockexchangesand/orquotationsystemsasmaybeagreedwiththeIssuer.
TheaggregatenominalamountofNotes,interest(ifany)payableinrespectofNotes,theissuepriceofNotesandcertainotherinformation
whichisapplicabletoeachTranche(asdefinedherein)ofNoteswillbesetoutinthefinaltermsspecifictoeachTranche(the“FinalTerms”).
Payments of interest on Notes issued under the Programme will be made without deduction for, or on account of, taxes imposed by the
KingdomtotheextentdescribedinCondition13(Taxation)under“TermsandConditionsoftheNotes”.
TheIssuerhasbeenassignedasovereigncreditratingofAA-(negativeoutlook)byFitchRatingsLimited(“Fitch”)andA1(stableoutlook)
by Moody’s Investors Service Limited (“Moody’s”). Each of Fitch and Moody’s is established in the European Union (the “EU”) and
registeredunderRegulation(EC)No.1060/2009(asamended)(the“CRARegulation”).Assuch,eachofFitchandMoody’sisincludedin
thelistofcreditratingagenciespublishedbytheEuropeanSecuritiesandMarketsAuthorityonitswebsiteinaccordancewiththeCRA
Regulation.CertaintranchesofNotes(each,a“Tranche”)tobeissuedundertheProgrammemayberatedorunratedand,ifrated,thecredit
ratingagencyissuingsuchratingwillbespecifiedintheFinalTerms.WhereaTrancheisrated,suchratingwillnotnecessarilybeequivalent
totheratingsassignedtotheIssuer.WhetherornoteachcreditratingappliedforinrelationtoaTranchewillbe(a)issuedbyacreditrating
agencyestablishedintheEEAandregisteredundertheCRARegulation,or(b)issuedbyacreditratingagencywhichisnotestablishedin
theEEAbutwillbeendorsedbyacreditratingagencywhichisestablishedintheEEAandregisteredundertheCRARegulation,or(c)issued
byacreditratingagencywhichisnotestablishedintheEEAbutwhichiscertifiedundertheCRARegulationwillalsobedisclosedinthe
FinalTerms.Aratingisnotarecommendationtobuy,sellorholdtheNotes,doesnotaddressthelikelihoodortimingofrepaymentandmay
besubjecttorevision,suspensionorwithdrawalatanytimebytheassigningratingorganisations.
TheNoteshavenotbeen,andwillnotbe,registeredundertheU.S.SecuritiesActof1933,asamended(the“SecuritiesAct”)orwithany
securitiesregulatoryauthorityofanystateorotherjurisdictionoftheUnitedStates,andNotesinbearerformmaybesubjecttoU.S.taxlaw
requirementsandmaynotbeoffered,soldordeliveredwithintheUnitedStatesoritspossessionsortoaUnitedStatespersonexceptincertain
transactionspermittedbyU.S.taxregulations.TheNotesmaynotbeoffered,soldor(inthecaseofNotesinbearerform)deliveredwithin
theUnitedStatesorto,orfortheaccountorbenefitof,U.S.persons(asdefinedinRegulationSundertheSecuritiesAct(“RegulationS”))
exceptincertaintransactionsexemptfromtheregistrationrequirementsoftheSecuritiesAct.TheNotesmaybeofferedandsold(A)inbearer
formorregisteredformoutsidetheUnitedStatestoNon-U.S.personsinrelianceonRegulationSand(B)inregisteredformwithintheUnited
States to persons who are “qualified institutional buyers” (“QIBs”) in reliance on Rule 144A under the SecuritiesAct (“Rule 144A”).
ProspectivepurchaserswhoareQIBsareherebynotifiedthatsellersoftheNotesmayberelyingontheexemptionfromtheprovisionsof
Section5oftheSecuritiesActprovidedbyRule144A.Foradescriptionoftheseandcertainfurtherrestrictionsonoffers,salesandtransfers
ofNotesanddistributionofthisBaseProspectus,see“SubscriptionandSale”and“TransferRestrictions”.
ThisBaseProspectusshouldbereadandconstruedtogetherwithanyamendmentorsupplementhereto.InrelationtoaTrancheofNotes,this
BaseProspectusshouldbereadandconstruedtogetherwiththeFinalTerms.
ArrangersandDealers
Citigroup HSBC J.P. Morgan
Dealers
Bank of China BNP PARIBAS Deutsche Bank Goldman Sachs
MUFG Morgan Stanley NCB Capital
ThedateofthisBaseProspectusis10October2016.
RESPONSIBILITYSTATEMENT
ThisBaseProspectuscomprisesabaseprospectusforthepurposesofArticle5.4oftheProspectusDirective
to the extent that such amendments have been implemented in a relevant member state of the EU (an “EU
Member State”) and for the purpose of giving information with regard to the Issuer and the Notes which,
according to the particular nature of the Issuer and the Notes, is necessary to enable investors to make an
informedassessmentoftheassetsandliabilities,financialpositionandprospectsoftheIssuer.
The Issuer accepts responsibility for the information contained in this Base Prospectus. To the best of the
knowledge and belief of the Issuer (having taken all reasonable care to ensure that such is the case), the
information contained in this Base Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information. The opinions, assumptions, intentions, projections and
forecasts expressed in this Base Prospectus with regard to the Issuer are honestly held by the Issuer, not
misleading in any material respect, have been reached after considering all relevant circumstances and are
basedonreasonableassumptions.
Where information has been sourced from a third party (other than a state agency or Government
department,inrespectofwhichtheIssueracceptsresponsibility),theIssuerconfirmsthatsuchinformation
has been accurately reproduced and that, so far as it is aware and is able to ascertain from information
published by such third party, no facts have been omitted which would render the reproduced information
inaccurate or misleading. The source of any third party information contained in this Base Prospectus is
statedwheresuchinformationappearsinthisBaseProspectus.
Each Tranche (as defined herein) of Notes will be issued on the terms set out herein under “Terms and
Conditions of the Notes” (the “Conditions”), as completed by the FinalTerms.This Base Prospectus must
be read and construed together with any supplements hereto and with any information incorporated by
reference herein and, in relation to anyTranche of Notes which is the subject of FinalTerms, must be read
andconstruedtogetherwiththeFinalTerms.
Nopersonhasbeenauthorisedtogiveanyinformationortomakeanyrepresentationnotcontainedinornot
consistentwiththisBaseProspectusoranyotherdocumententeredintoinrelationtotheProgrammeorany
informationsuppliedbytheIssuerorsuchotherinformationasisinthepublicdomainand,ifgivenormade,
such information or representation should not be relied upon as having been authorised by the Issuer, any
Arranger(asdefinedherein)oranyDealer.
TheArrangers,theDealersandtheAgentshavenotindependentlyverifiedtheinformationcontainedherein.
Accordingly, none of theArrangers, the Dealers, theAgents or any of their respective affiliates makes any
representation or warranty or accepts any responsibility as to the accuracy or completeness of the
informationcontainedinthisBaseProspectus.
Neither this Base Prospectus nor any Final Terms are intended to provide the basis of any credit or other
evaluation and should not be considered as a recommendation by any of the Issuer, the Arrangers or the
Dealers that any recipient of this Base Prospectus or any Final Terms should purchase the Notes. Each
potential purchaser of Notes should determine for itself the relevance of the information contained in this
BaseProspectusandanyFinalTermsanditspurchaseofNotesshouldbebaseduponsuchinvestigationas
itdeemsnecessary.NoneoftheArrangersortheDealersundertakestoreviewthefiscalconditionoraffairs
oftheIssuerduringthelifeofthearrangementscontemplatedbythisBaseProspectusandanyFinalTerms
nortoadviseanyinvestororpotentialinvestorintheNotesofanyinformationcomingtotheattentionofany
oftheArrangersortheDealers.
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IMPORTANTNOTICES
NeitherthedeliveryofthisBaseProspectusoranyFinalTermsnortheoffering,saleordeliveryofanyNote
shall,inanycircumstances,createanyimplicationthattheinformationcontainedinthisBaseProspectusis
truesubsequenttothedatehereofor,ifapplicable,thedateuponwhichthisBaseProspectushasbeenmost
recentlyamendedorsupplementedorthattherehasbeennoadversechange,oranyeventreasonablylikely
to involve any adverse change, in the condition (fiscal, economic, political or otherwise), general affairs or
prospectsoftheIssuersincethedatehereofor,ifapplicable,thedateuponwhichthisBaseProspectushas
beenmostrecentlyamendedorsupplementedorthatanyotherinformationsuppliedinconnectionwiththe
Programme is correct at any time subsequent to the date on which it is supplied or, if different, the date
indicatedinthedocumentcontainingthesame.
ThedistributionofthisBaseProspectusandanyFinalTermsandtheoffering,saleanddeliveryoftheNotes
in certain jurisdictions may be restricted by law.Accordingly, no Notes may be offered or sold, directly or
indirectly, and neither this Base Prospectus nor any advertisement or other offering materials may be
distributed or published in any jurisdiction, except in circumstances that will result in compliance with any
applicable laws and regulations. Persons into whose possession this Base Prospectus or any Final Terms
comes are required by the Issuer, theArrangers and the Dealers to inform themselves about and to observe
anysuchrestrictions.Foradescriptionofcertainrestrictionsonoffers,salesanddeliveriesofNotesandon
thedistributionofthisBaseProspectusoranyFinalTermsandotherofferingmaterialrelatingtotheNotes,
see “Subscription and Sale”. In particular, the Notes have not been and will not be registered under the
SecuritiesActandmaybesubjecttoU.S.taxlawrequirements.
Neither this Base Prospectus nor any other information supplied in connection with the Programme or any
Notesisintendedtoprovidethebasisofanycreditorotherevaluation.NeitherthisBaseProspectusnorany
Final Terms constitutes an offer or an invitation to subscribe for or purchase any Notes and should not be
consideredasarecommendationbytheIssuer,theArrangers,theDealersoranyofthemthatanyrecipient
ofthisBaseProspectusoranyFinalTermsshouldsubscribefororpurchaseanyNotes.Eachrecipientofthis
Base Prospectus or any Final Terms shall be taken to have made its own investigation and appraisal of the
condition(financialorotherwise)oftheIssuer.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must
determine the suitability of that investment in light of its own circumstances. In particular, each potential
investorshould:
(a) have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
andrisksofinvestingintheNotesandtheinformationcontainedorincorporatedbyreferenceinthis
BaseProspectusoranyapplicablesupplement;
(b) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overallinvestmentportfolio;
(c) havesufficientfinancialresourcesandliquiditytobearalloftherisksofaninvestmentintheNotes,
including Notes with principal or interest payable in one or more currencies, or where the currency
forprincipalorinterestpaymentsisdifferentfromthepotentialinvestor’scurrency;
(d) understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant
indicesandfinancialmarkets;and
(e) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicablerisks.
Theinvestmentactivitiesofcertaininvestorsaresubjecttolegalinvestmentlawsandregulations,orreview
or regulation by certain authorities. Each potential investor should consult its legal and tax advisers to
determinewhetherandtowhatextent:(i)theNotesarelegalinvestmentsforit;(ii)theNotescanbeusedas
collateral for various types of borrowing; and (iii) other restrictions apply to its purchase or pledge of any
Notes.Financialinstitutionsshouldconsulttheirlegaladvisersortheappropriateregulatorstodeterminethe
appropriatetreatmentoftheNotesunderanyapplicablerisk-basedcapitalorsimilarrules.
iii
SUPPLEMENTSTOTHISBASEPROSPECTUS
The Issuer has agreed to comply with any undertakings given by it from time to time to the Irish Stock
ExchangeinconnectionwithNotesinaSeries(asdefinedherein)tobelistedontheOfficialListoftheIrish
StockExchangeand,withoutprejudicetothegeneralityoftheforegoing,shallinconnectionwiththelisting
oftheNotesontheOfficialListoftheIrishStockExchangeoronanyotherrelevantstockexchange,solong
as any Note remains outstanding, prepare a supplement to this Base Prospectus, or, as the case may be,
publishinanewBaseProspectus,wheneverrequiredbytherulesoftheIrishStockExchangeoranyother
relevantstockexchange.IntheeventthatasupplementtothisBaseProspectusisproducedpursuanttosuch
undertakings,acopyofsuchsupplementwillaccompanythisBaseProspectus.Anysuchsupplementtothis
Base Prospectus will also be available from the specified office of the Fiscal Agent. See “General
Information—DocumentsonDisplay”.
NOTICETOU.S.INVESTORS
This Base Prospectus may be submitted on a confidential basis in the United States to a limited number of
QIBs for informational use solely in connection with the consideration of the purchase of certain Notes
which may be issued under the Programme. Its use for any other purpose in the United States is not
authorised. It may not be copied or reproduced in whole or in part nor may it be distributed or any of its
contentsdisclosedtoanyoneotherthantheprospectiveinvestorstowhomitisoriginallysubmitted.
AnyNotesinbearerformaresubjecttoU.S.taxlawrequirementsandmaynotbeoffered,soldordelivered
withintheUnitedStatesoritspossessionsortoorfortheaccountofUnitedStatespersons,exceptincertain
transactions permitted by U.S.Treasury regulations.Terms used in this paragraph have the meanings given
tothembytheU.S.InternalRevenueCodeof1986andtheTreasuryregulationspromulgatedthereunder.
RegisteredNotesmaybeofferedorsoldwithintheUnitedStatesonlytoQIBsintransactionsexemptfrom
registration under the Securities Act in reliance on Rule 144A under the Securities Act or any other
applicable exemption.Any U.S. purchaser of Registered Notes is hereby notified that the offer and sale of
any Registered Notes to it may be being made in reliance upon the exemption from the registration
requirementsofSection5oftheSecuritiesActprovidedbyRule144A.
Each purchaser or holder of Notes represented by a Restricted Global Certificate or any Notes issued in
registered form in exchange or substitution therefor (together “Legended Notes”) will be deemed, by its
acceptance or purchase of any such Legended Notes, to have made certain representations and agreements
intended to restrict the resale or other transfer of such Notes as set out in “Subscription and Sale” and
“TransferRestrictions”.
NEITHER THE PROGRAMME NOR THE NOTES HAVE BEENAPPROVED OR DISAPPROVED BY
THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”), ANY STATE SECURITIES
COMMISSION IN THE UNITED STATES ORANY OTHER U.S. REGULATORYAUTHORITY, NOR
HASANY OF THE FOREGOINGAUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF
ANY OFFERING OF NOTES OR THE ACCURACY OR ADEQUACY OF THIS INFORMATION
MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN
THEUNITEDSTATES.
NOTICETOINVESTORSINTHEEUROPEANECONOMICAREA
This Base Prospectus has been prepared on the basis that any offer of Notes in any Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member
State”) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that
Relevant Member State, from the requirement to publish a prospectus for offers of Notes.Accordingly any
personmakingorintendingtomakeanofferinthatRelevantMemberStateofNoteswhicharethesubject
ofanofferingcontemplatedinthisBaseProspectusascompletedbytheFinalTermsinrelationtotheoffer
ofthoseNotesmayonlydosoincircumstancesinwhichnoobligationarisesfortheIssueroranyDealerto
publish a prospectus pursuant toArticle 3 of the Prospectus Directive or supplement a prospectus pursuant
toArticle16oftheProspectusDirective,ineachcase,inrelationtosuchoffer.
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NOTICETOUNITEDKINGDOMRESIDENTS
The distribution in the United Kingdom of this Base Prospectus, any FinalTerms and any other marketing
materials relating to the Notes if effected by a person who is not an authorised person under the Financial
ServicesandMarketsAct2000isbeingaddressedto,ordirectedat,onlythefollowingpersons:(i)persons
whoareInvestmentProfessionalsasdefinedinArticle19(5)oftheFinancialServicesandMarketsAct2000
(Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”); (ii) persons falling
withinanyofthecategoriesofpersonsdescribedinArticle49(1)oftheFinancialPromotionOrder(allsuch
persons together being referred to as “relevant persons”; and (iii) any other person to whom it may
otherwise lawfully be made in accordance with the Financial Promotion Order. Any person who is not a
relevantpersonshouldnotactorrelyonthisdocumentoranyofitscontents.Personsintowhosepossession
this Base Prospectus may come are required by the Issuer, the Arrangers and the Dealers to inform
themselvesaboutandtoobservesuchrestrictions.
NOTICETORESIDENTSOFTHEKINGDOMOFSAUDIARABIA
ThisBaseProspectusmaynotbedistributedinSaudiArabiaexcepttosuchpersonsasarepermittedunder
theOffersofSecuritiesRegulationsissuedbytheCapitalMarketAuthorityoftheKingdomofSaudiArabia
(the“CapitalMarketAuthority”).
TheCapitalMarketAuthoritydoesnotmakeanyrepresentationsastotheaccuracyorcompletenessofthis
Base Prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in
relianceupon,anypartofthisBaseProspectus.ProspectivepurchasersofNotesissuedundertheProgramme
should conduct their own due diligence on the accuracy of the information relating to the Notes. If a
prospectivepurchaserdoesnotunderstandthecontentsofthisBaseProspectus,heorsheshouldconsultan
authorisedfinancialadviser.
NOTICETORESIDENTSOFTHEKINGDOMOFBAHRAIN
ThisBaseProspectusdoesnotconstituteanofferofsecuritiesintheKingdomofBahrainintermsofArticle
(81) of the Central Bank and Financial Institutions Law 2006 (decree Law No. 64 of 2006). This Base
Prospectusandanyrelatedofferingdocumentshavenotbeenandwillnotberegisteredasaprospectuswith
the Central Bank of Bahrain. Accordingly, no securities may be offered, sold or made the subject of an
invitation for subscription or purchase nor will this Base Prospectus or any other related document or
materialbeusedinconnectionwithanyoffer,saleorinvitationtosubscribeorpurchasesecurities,whether
directlyorindirectly,topersonsintheKingdomofBahrain,otherthanto‘accreditedinvestors’,assuchterm
isdefinedbytheCentralBankofBahrain.
The Central Bank of Bahrain has not reviewed, approved or registered this Base Prospectus or any related
offeringdocumentsandithasnotinanywayconsideredthemeritsoftheNotestobeofferedforinvestment,
whether in or outside the Kingdom of Bahrain. Therefore, the Central Bank of Bahrain assumes no
responsibility for the accuracy and completeness of the statements and information contained in this Base
Prospectus and expressly disclaims any liability whatsoever for any loss howsoever arising from reliance
uponthewholeoranypartofthecontentofthisBaseProspectus.Noofferofsecuritieswillbemadetothe
publicintheKingdomofBahrainandthisBaseProspectusmustbereadbytheaddresseeonlyandmustnot
beissued,passedto,ormadeavailabletothepublicgenerally.
NOTICETORESIDENTSOFTHESTATEOFQATAR
This Base Prospectus does not and is not intended to constitute an offer, sale or delivery of notes or other
debtfinancinginstrumentsunderthelawsoftheStateofQatarandhasnotbeenandwillnotbereviewedor
approvedbyorregisteredwiththeQatarFinancialMarketsAuthorityortheQatarCentralBank.TheNotes
arenotandwillnotbetradedontheQatarExchange.
v
PRESENTATIONOFSTATISTICALANDOTHERINFORMATION
PresentationofStatisticalInformation
Statistical data appearing in this Base Prospectus has, unless otherwise stated, been obtained from, among
others,theGeneralAuthorityforStatistics (“GASTAT”), theSaudiArabian MonetaryAgency(“SAMA”),
the Ministry of Finance, the Ministry of Economy and Planning, Saudi Aramco, the Ministry of Energy,
Industry and Mineral Resources, the CMA, the Saudi Commission for Tourism and National Heritage
(“SCTH”), the Communications and Information Technology Commission (the “CITC”), the General
Railway Organisation, the Saudi PortsAuthority, the Ministry of Transport, the GeneralAuthority of Civil
Aviation(“GACA”),thePublicPensionAgency(the“PPA”),theGeneralOrganizationforSocialInsurance
(the“GOSI”)andtheSaudiFundforDevelopment(the“SFD”).Somestatisticalinformationhasalsobeen
derivedfrominformationpubliclymadeavailablebythirdparties,includingtheUnitedNations(the“UN”),
theWorld Bank, theWorldTrade Organisation (the “WTO”), the Organization of the Petroleum Exporting
Countries(“OPEC”),theInternationalMonetaryFund(the“IMF”)andotherthirdparties.Wheresuchthird
party information has been so sourced the source is stated where it appears in this Base Prospectus. The
Issuer confirms that such information has been accurately reproduced. Similar statistics may be obtainable
fromothersources,buttheunderlyingassumptions,methodologyand,consequently,theresultingdatamay
varyfromsourcetosource.
Although every effort has been made to include in this Base Prospectus the most reliable and the most
consistently presented data, no assurance can be given that such data was compiled or prepared on a basis
consistentwithinternationalstandards.
Annual information presented in this Base Prospectus is based upon 1 January to 31 December periods,
unlessotherwiseindicated.Notwithstandingtheforegoing,forthepurposesoftheGovernment’sbudget(the
details of which are set forth in “Public Finance”), the Government’s fiscal year commences on
31 December and ends on 30 December in the following year. References in this Base Prospectus to a
specific “fiscal year” are to the 12-month period commencing on 31 December of the preceding calendar
yearandendingon30Decemberofthespecifiedyear.
CertainDefinedTermsandConventions
CapitalisedtermswhichareusedbutnotdefinedinanyparticularsectionofthisBaseProspectuswillhave
the meaning attributed thereto in “Terms and Conditions of the Notes” or any other section of this Base
Prospectus.Inaddition,allreferencesinthisBaseProspectusto:
• “SaudiArabia”ortothe“Kingdom”aretotheKingdomofSaudiArabia;
• the“Government”aretothegovernmentofSaudiArabia;
• “bpd”aretobarrelsperday;
• “GW”aretogigawatts;
• “GWh”aretogigawatthours;
• “kg”aretokilograms;
• “km”aretokilometres;
• “MW”aretomegawatts;
• “mtpy”aretomilliontonnesperyear;
• “scfd”aretosquarecubicfeetperday;
• “TEUs”aretotwenty-footequivalentunits;
• “tonnes”aretometrictonnes;and
• “TWh”aretoterawatthours.
vi
CertainfiguresandpercentagesincludedinthisBaseProspectushavebeensubjecttoroundingadjustments;
accordingly figures shown in the same category presented in different tables may vary slightly and figures
shownastotalsincertaintablesmaynotbeanarithmeticaggregationofthefigureswhichprecedethem.
CurrenciesandExchangeRates
AllreferencesinthisBaseProspectusto:
• “Saudi riyals”, “riyals” and “SAR” refer to Saudi riyals, the legal currency of SaudiArabia for the
timebeing;
• “U.S. dollars”, “dollars”, “U.S.$” and “$” refer to United States dollars, the legal currency of the
UnitedStatesforthetimebeing;
• “pounds sterling”, “pounds”, “GBP” and “£” refer to pounds sterling, the legal currency of the
UnitedKingdomforthetimebeing;and
• “euro”, “EUR” and “€” refer to the currency introduced at the start of the third stage of European
economic and monetary union pursuant to the Treaty establishing the European Community, as
amended.
The Saudi riyal has been pegged to the U.S. dollar at a fixed exchange rate of SAR 3.75 = U.S.$1.00 and,
unlessotherwiseindicated,U.S.dollaramountsinthisBaseProspectushavebeenconvertedfromSaudiriyal
atthisexchangerate.
WebsitesandWebLinks
Thewebsitesand/orweblinksreferredtointhisBaseProspectusareincludedforinformationpurposesonly
andthecontentofsuchwebsitesorweblinksisnotincorporatedinto,anddoesnotformpartof,thisBase
Prospectus.
FORWARD-LOOKINGSTATEMENTS
CertainstatementsincludedinthisBaseProspectusmayconstitute“forwardlookingstatements”withinthe
meaning of Section 27A of the SecuritiesAct and Section 21E of the United States ExchangeAct of 1934,
as amended (the “ExchangeAct”). However, this Base Prospectus is not entitled to the benefit of the safe
harbour created thereby.These forward-looking statements can be identified by the use of forward-looking
terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”,
“may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable
terminology, or in relation to discussions of strategy, plans, objectives, goals, future events or intentions.
Forward-looking statements are statements that are not historical facts, including statements about the
Issuer’sbeliefsandexpectations.Thesestatementsarebasedoncurrentplans,estimatesandprojectionsand,
therefore, undue reliance should not be placed on them. Forward-looking statements speak only as of the
date they are made. Although the Government believes that beliefs and expectations reflected in such
forward-lookingstatementsarereasonable,noassurancecanbegiventhatsuchbeliefsandexpectationswill
provetohavebeencorrect.Forwardlookingstatementsinclude,butarenotlimitedto:(i)planswithrespect
to the implementation of economic policy; (ii) expectations about the behaviour of the economy if certain
economic policies are implemented; (iii) the outlook for gross domestic product (“GDP”), inflation,
exchange rates, interest rates, commodity prices, foreign investment, balance of payments, trade and fiscal
balances;and(iv)estimatesofexternaldebtrepaymentanddebtservice.
Forward-looking statements involve inherent risks and uncertainties.A number of important factors could
cause actual results to differ materially from those expressed in any forward-looking statement. The
informationcontainedinthisBaseProspectusidentifiesimportantfactorsthatcouldcausesuchdifferences,
including,butnotlimitedto:
vii
Externalfactors,suchas:
• theimpactofchangesinthepriceofoil;
• ongoingpoliticalandsecurityconcernsintheMiddleEast;
• globalfinancialconditions;
• presentandfutureexchangerates;and
• economicconditionsintheeconomiesofkeytradingpartnersofSaudiArabia;
Domesticfactors,suchas:
• revenuesfromcrudeoilexports;
• theimpactoftheGovernment’sfiscalconsolidationmeasures;
• thediversificationoftheSaudieconomy;
• thesovereigncreditratingassignedtoSaudiArabia;
• changestoestimatesofhydrocarbonreserves;
• levelsofunemployment;
• foreigncurrencyreserves;and
• themaintenanceoftheSaudiriyal-U.S.dollarcurrencypeg.
Any forward-looking statements contained in this Base Prospectus speak only as at the date of this Base
Prospectus. Without prejudice to any requirements under applicable laws and regulations, the Issuer
expressly disclaims any obligation or undertaking to disseminate after the date of this Base Prospectus any
updatesorrevisionstoanyforward-lookingstatementscontainedhereintoreflectanychangeinexpectations
thereoforanychangeinevents,conditionsorcircumstancesonwhichanysuchforward-lookingstatement
isbased.
SERVICEOFPROCESSANDENFORCEMENTOFCIVILLIABILITIES
The Issuer is a sovereign state and a substantial portion of the assets of the Issuer are therefore located
outsidetheUnitedStatesandtheUnitedKingdom.Asaresult,itmaynotbepossibleforinvestorstoeffect
serviceofprocesswithintheUnitedStatesand/ortheUnitedKingdomupontheIssuerortoenforceagainst
it in the United States courts or courts located in the United Kingdom judgments obtained in United States
courtsorcourtslocatedintheUnitedKingdom,respectively,includingjudgmentspredicateduponthecivil
liability provisions of the securities laws of the United States or the securities laws of any state or territory
withintheUnitedStates.
A substantial part of the Issuer’s assets are located in Saudi Arabia. In the absence of a treaty for the
reciprocal enforcement of foreign judgments, the courts of Saudi Arabia are unlikely to enforce a United
StatesorEnglishjudgmentwithoutre-examiningthemeritsoftheclaimandmaynotconsequentlyobserve
the choice by the parties of English law as the governing law of the Notes. In addition, the courts of Saudi
Arabia may decline to enforce a foreign judgment if certain criteria are not met, including, but not limited
to, compliance with public policy of SaudiArabia. Investors may have difficulties in enforcing any United
StatesorEnglishjudgmentsorarbitralawardsagainsttheIssuerinthecourtsofSaudiArabia.
The Notes are governed by English law and disputes in respect of the Notes may be settled under the
Arbitration Rules of the London Court of InternationalArbitration in London, England. SaudiArabia is a
signatory to the NewYork Convention on Recognition and Enforcement ofArbitralAwards (1958) and as
such, any arbitral award could be enforceable in Saudi Arabia but subject to filing a legal action for
recognition and enforcement of foreign arbitral awards with the Enforcement Departments of the General
Courts which can take considerable time. Enforcement in Saudi Arabia of a foreign arbitral award is not
viii