Saudi Gazette report

RIYADH — The Saudi Ministry of Finance and the National Debt Management Center (NDMC) have signed an agreement with Societe Generale, appointing the French banking giant as a primary dealer for the Kingdom’s local debt instruments.

With this move, Societe Generale joins five other international institutions — BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank — already designated as primary dealers. It also becomes part of a group that includes ten local institutions: the Saudi National Bank (SNB), Saudi Awwal Bank (SAB), AlJazira Bank, Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Company, and Saudi Fransi Capital.

The agreement aligns with the Financial Sector Development Program (FSDP), a key pillar of Saudi Vision 2030, aimed at strengthening the Kingdom’s financial sector and enhancing the depth and resilience of its capital markets.

The Ministry of Finance emphasized that the NDMC continues to play a pivotal role in facilitating access to Saudi Arabia’s local debt markets by broadening the investor base.

This diversification is intended to ensure sustainable access to the secondary market and support its ongoing development.

Applications for subscription in the primary market of Saudi local debt instruments are received on a scheduled monthly basis.

Investors must submit their applications through the appointed primary dealers, who serve as the gateway to market participation under the current regulatory framework.