The finalization of the bond program is expected to begin in January, the newspaper reported, citing an official source.
As of September, Saudi foreign reserves had dropped to $647 billion, a three-year low, due to falling oil prices.
The International Monetary Fund is likely to welcome the kingdom's decision to issue bonds, the media outlet reported, adding that the financial regulator earlier called for Saudi Arabia to increase its debt level.
Global oil prices have more than halved from summer 2014 levels, when the price of Brent crude stood at about $115 per barrel. Current oil prices are hovering just under $50 per barrel.