Saudi Arabia plans to issue a debut euro-denominated bond, part of a borrowing binge to meet the government’s ambitious spending targets.

The bond is aimed at diversifying Saudi Arabia’s investor base, following predominantly dollar debt that has catapulted the kingdom up the ranks of emerging-market bond issuers. Subject to market conditions, Saudi Arabia is seeking to issue the bond in tranches of eight and 20 years, according to a marketing document provided by one of the arrangers on Monday.