2022 Q2 Report En · Page 5

 
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Financial Sector Development Highlights 
The Minister of Finance Announces Linkage With Eu-
roclear As One of the Enablers to Develop Local Debt 
Markets 
The Saudi Minister of Finance, Chairman of the Financial 
Sector Development Program, H.E. Mohammed Al-
Jadaan, announced during the meetings accompanying 
the World Economic Forum held in Davos during May 22- 
26 2022, that a linkage was established with Euroclear, 
the provider of post-trade services in the Saudi Stock 
Exchange through Securities Depository Center Company 
(Edaa). 
H.E. Al-Jadaan indicated that this linkage displays the 
trend towards achieving the goals of Saudi Vision 2030, 
which seeks to support the development of the financial 
sector by endeavoring to expand the investor base to 
meet KSA local debt financing requirements and to 
achieve objectives of the Financial Sector Development 
Program Strategy in supporting the secondary market 
development by increasing the liquidity of local govern-
ment debt instruments through attraction of more for-
eign capital. 
The linkage is intended to enable international investors 
to settle domestically issued debt instruments through 
direct nominee account in Edaa using their current 
accounts in Euroclear and to achieve greater interoper-
ability within the market. 
Saudi Central Bank Opens Public Consultation On 
Implementing Regulation of Payments And Payment 
Services Law 
The Saudi Central Bank (SAMA) announces opening a 
public consultation on the draft implementing regulation 
of payments and payment services law. In the interest 
of transparency and wider participation, SAMA invites 
stakeholders and public to provide suggestions and ob-
servations on the draft by visiting the Public Consulta-
tion Platform affiliated to the National Competitiveness 
Center. 
This regulatory function is part of SAMA's oversight role 
in accordance with the authority vested in SAMA, as 
mentioned in the Articles 7 and 18 of the payments and 
payment services law. 
The Implementing regulation aims at reinforcing com-
mitment to relevant international principles and stand-
ards, enabling SAMA to exercise its powers. In addition, 
the regulation would help contribute to the growth of 
the sector, attract new investors for achieving one of 
Saudi Vision 2030 objectives of the Financial Sector 
Development program (FSDP). 
Moody’s affirms Saudi Arabia's Credit Rating at "A1" 
With a Stable Outlook 
The credit rating agency "Moody's" updated its credit
report for Saudi Arabia affirming its “A1" rating for the 
Kingdom with a stable outlook. 
The rating affirmation is based on Moody's assessment of 
the government's improving track record of fiscal policy 
effectiveness, evidenced by policy responses to both 
periods of low and high oil prices, which demonstrate a 
commitment to fiscal consolidation and longer-term
fiscal sustainability. 
Moody’s assessment of Saudi Arabia’s financial institu-
tions highlights the positive impact of the structural
measures and reforms taken by the Kingdom during the 
past five years. In Addition to the government's tangible 
progress in improving its domestic business environ-
ment, they illustrate the fiscal policy effectiveness and 
increased government efficiency. 
Saudi Central Bank: 8.4% Growth In the Insurance
Sector In 2021 
The Saudi Central Bank (SAMA) issued the 15th annual 
report on the insurance market in the Kingdom of Saudi 
Arabia. The report highlights the performance of the 
in