Saudi Arabia is considering joining 4 international banks in the local...

Saudi Arabia is considering joining 4 international banks in the local...
Saudi Arabia is considering joining 4 international banks in the local...

The Saudi Ministry of Finance and the National Center for Debt Management signed memoranda of understanding with BNP Paribas, Citi, Goldman Sachs and JP Morgan, in conjunction with the Future Investment Initiative conference, which concludes today, Thursday. in Riyadh.

This step comes to study the possibility of joining these institutions as primary dealers with local government debt instruments in the primary dealers program.

The memorandums were signed by the Ministry of Finance, Chairman of the Steering Committee, Abdulaziz Al-Fraih, and by the National Center for Debt Management, the designated chief executive officer, Hani Al-Madini, and representatives of financial institutions.

Abdulaziz Al-Fraih explained that these notes translate the trend towards achieving the objectives of the Kingdom’s Vision 2030 by seeking to expand the base of investors in the primary market to secure the requirements for financing the Kingdom’s domestic debt and achieve the objectives of the strategy of the Financial Sector Development Program in the context of supporting the development of the secondary market by increasing the liquidity of government debt instruments He pointed out that the Ministry of Finance and as part of its strategic missions to support and develop the private sector in line with the objectives of the Kingdom’s Vision 2030, which seeks to support the development of the financial sector.

For his part, CEO of the National Center for Debt Management, Hani Al-Madini, said that the willingness of these institutions to join the program confirms the strength of the Saudi economy, which is full of opportunities, adding that this step contributes to developing the local debt market and attracting more foreign capital.

By signing these memoranda, the center aims to encourage the joining of these international financial institutions to the local financial institutions that previously joined the primary dealers program, namely: the Saudi National Bank, the Saudi British Bank (SABB), Al Jazira Bank, Alinma Bank, and Al Rajhi Bank.

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