The Saudi Ministry of Finance and the National Debt Management Center (NDMC) have entered into an agreement with Societe Generale, appointing it as a primary dealer in the government’s local debt instruments. This addition brings Societe Generale alongside five other international institutions: BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank. It also joins ten local institutions including 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 move aligns with the Financial Sector Development Program (FSDP) strategy and is part of efforts to achieve the objectives of Saudi Vision 2030. The aim is to strengthen financial sector institutions and advance the financial market. Additionally, it highlights NDMC’s role in enhancing access to local debt markets by diversifying the investor base to ensure sustainable access to the secondary market and support its development.
Applications for subscription in the primary market for these instruments are submitted through appointed primary dealers on a scheduled monthly basis. These dealers receive applications from investors.
