2021 Q3 Report En · Page 8

 
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Ministry of Finance and the National Debt Management 
Center Sign an Agreement with AlRajhi Bank to join the 
Primary Dealer Program of Government Debt Securities 
Ministry of Finance and The National Debt Management 
Center signed on Sunday, August 15, 2021, an agreement 
with AlRajhi Bank to appoint AlRajhi as a primary dealer 
in government local debt securities at the Ministry's 
headquarters in Riyadh, to join Alinma Bank, Bank Al-
Jazira, Saudi National Bank, and Saudi British Bank 
(SABB), previously appointed as primary dealers. 
The agreement was signed by H.E. Abdulaziz AlFuraih, 
Chairman of the Steering Committee at the Ministry of 
Finance, Mr. Hani AlMedaini, Acting CEO of the National 
Debt Management Center and Mr. Waleed AlMoqbel, CEO 
of AlRajhi Bank. 
H.E. AlFuraih stated that the signing of this agreement 
fits within the Financial Sector Development Program 
(FSDP) strategy as a step towards achieving the objectives 
of Vision 2030. The agreement will expand the investors 
base in the primary market to secure the Kingdom's 
domestic debt financing requirements, support the 
development of the secondary market by increasing the 
liquidity of the government local debt securities, and 
collaborate with the National Debt Management Center 
on the development of debt capital markets in the 
Kingdom. His Excellency also pointed that the Ministry of 
Finance – as part of its strategic mission to support and 
develop the private sector in line with the Vision 2030 
objectives – considers the private sector a fundamental 
pillar in the development process as the kingdom seeks 
to support its financial system development. 
Moreover, and as the announced in Annual Government 
Borrowing Plan, all the investors' subscription requests in 
local debt securities are received through the designated 
primary dealers to be offered to NDMC to announce the 
issuance. As for government local debt securities in the 
secondary market in the Kingdom, the primary dealers 
take the role of market makers in cooperation with their 
authorized persons in accordance with the Capital Market 
Authority's (CMA) regulations. 
Saudi SMEs Bank, French Public Investment Bank Sign 
Memorandum of Cooperation 
Saudi Bank of Small and Medium Enterprises and French 
Public Investment Bank (Bpifrance) have signed a 
Memorandum of Cooperation that aims at transferring 
expertise and best practices to the SMEs Bank and 
designing financing products for the SME sector. 
The SMEs Bank CEO Mohammed Al-Maliki said that the 
memorandum falls within the institution's objectives that 
seek to increase the financing for small and medium 
enterprises to enhance their economic developmental 
contributions in line with the Saudi Vision 2030. 
For his part, CEO of Bpifrance Nicolas Dufourcq said that 
the memorandum marked the beginning of a partnership 
with the SMEs Bank, to exchange expertise in finance, 
investment, innovation and support small and medium 
enterprises. 
S&P Affirms Saudi Arabia's Credit Rating at "A-" with
Stable Outlook 
The S&P has updated its Saudi Arabia’s credit rating 
report affirming its rating at "A-" with a stable outlook.
The agency expected a rebound in economic growth in
2021. 
It also expected a return in the current account level to 
surplus with the reduction of the deficit rates in the 
public finances in 2021 and a sharp rebound in real non-
oil economic activity in the second quarter of 2021. The 
agency highlighted the impro