Saudi Ministry of Finance and National Debt Management Center signed an agreement with Societe Generale to join Primary Dealers Program of the Government’s Local Debt Instruments

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) signed an agreement with Societe Generale to be appointed as a primary dealer in the government’s local debt instruments.

The institution will join the five other international institutions, namely, BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as well as the ten local institutions, namely, the Saudi National Bank (SNB), the Saudi Awwal Bank (SAB), AlJazira Bank, Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Company, and Saudi Fransi Capital.

This agreement fits within the Financial Sector Development Program (FSDP) strategy as a step towards achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market. It also confirms the role of the NDMC in enhancing access to local debt markets through diversifying investors base to ensure sustainable access to the secondary market and to support its development.

It is noteworthy that applications for subscription in the primary market for the government’s local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors