Saudi Arabia’s Ministry of Finance and the National Debt Management Center (NDMC) have appointed France’s Societe Generale as a primary dealer for local debt instruments, joining five other global institutions including BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered.
This move supports Vision 2030’s Financial Sector Development Program by boosting the role of international and local financial institutions in Saudi Arabia’s sukuk and bond markets. The NDMC emphasized that the agreement aims to diversify the investor base and ensure long-term sustainability in the secondary market.
Societe Generale now joins 10 local banks in the program, including Saudi National Bank, Al Rajhi, Alinma, and Fransi Capital.
Saudi Arabia’s sukuk market has grown significantly, with Q1 2025 issuance rising to $37B, more than double the 2020 level. The Kingdom contributed over 60% of GCC bond and sukuk issuance, according to Markaz.
The NDMC’s monthly issuance reached SR5.02 billion in July, a 113.6% increase from June. Tranches mature in 2029, 2032, 2036, and 2039.
S&P Global expects Saudi Arabia’s domestic debt market to expand further, with corporate debt rising from 1.9% of GDP in 2020 to 3.4% in early 2025.