RIYADH: The Saudi Ministry of Finance and the National Debt Management Center have signed an agreement appointing France’s Societe Generale as a primary dealer for the Kingdom’s local debt instruments, according to an official statement.
Societe Generale will join five other international institutions already operating as primary dealers, namely BNP Paribas, Citigroup, and Goldman Sachs, as well as J.P. Morgan, and Standard Chartered Bank.
As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance.
“This agreement fits within the Financial Sector Development Program strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market,” NDMC stated.
The NDMC stated that the deal reaffirms its role in enhancing access to local debt markets by diversifying the investor base. This approach aims to ensure sustainable access to the secondary market and support its growth.
