As slumping oil prices affect its public finances, Saudi Arabia would tap global bond markets for the first time.
Officials said the country could raise debt levels to around 50% of gross domestic product within five years, from a projected 6.7% this year and 17.3% in 2016.
A senior official disclosed finalizing the bond program is likely to begin in January. Some lenders have already sent uninvited proposals to help the kingdom in trailing international markets.
Oil price, which declined from $115 a barrel in 2014 to $50 this year, as well as Saudi's military intervention in Yemen, have underscored the necessity to tap bond markets to augment its finances.