The appointment of 5 Saudi banks as primary dealers in government securities

 MediaIn / Agencies / Riyadh 7 June 2018

The Saudi Ministry of Finance, represented by the Debt Management Office in Jeddah today, signed an agreement to appoint five Saudi banks as primary dealers in local government securities, in the presence of His Excellency the Minister of Finance, Mr. Mohammed bin Abdullah Al Jadaan, at the Ritz-Carlton Hotel. His Excellency Mr. Mohammed Al-Jadaan thanked the Saudi financial institutions appointed by NCB, the Saudi British Bank (SABB), Al-Jazira Bank, Samba Financial Group and Al-Enma Bank. The agreement is part of the strategy of developing the financial sector. By expanding the base of investors in the primary market to secure the Kingdom’s domestic debt financing requirements, supporting the development of the second market by increasing the liquidity of local government securities, and advising the Public Debt Management Office to develop the country’s debt markets. The Minister of Finance pointed out that this agreement translates the pillars of the financial sector development program and its objectives by enabling financial institutions to support the growth of the private bottom and developing a sophisticated financial market that provides greater flexibility for investors in risk and return management. Supporting and developing the private sector in line with the objectives of Vision 2030, which aims at developing the financial sector of the state. The private sector should be a fundamental pillar in the development process. He hopes that the agreement will achieve its objectives and reach a sophisticated financial market that achieves the principle of integration between the sector Governmental and private sectors.