Saudi Arabia’s National Debt Management Center Wins Global Awards

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GlobalMarkets announced that Saudi Arabia was the “Best Sovereign Public Debt Office” in the Middle East and North Africa.

In addition, the Kingdom won the “Most Awesome Middle East Sovereign Issuer Award” and the “Most Awesome Emerging Markets Issuer Award” at the Global Capital Bond Awards 2020 for the year 2020.

Fahad Al-Saif, director general of the National Debt Management Center (NDMC), said the achievements reflect the centre’s performance in 2020 in the face of unprecedented levels of market and commodity fluctuations, and an economy unstable world, especially in light of the pandemic. .

Al-Saif highlighted the Kingdom’s efforts to mitigate the financial and economic effects of the COVID-19 crisis and to maintain the stability of the economic situation. The NDMC has developed and introduced new funding channels to support the government’s fiscal targets, including a number of initiatives for the domestic sukuk market, where it was seen as one of the main funding channels during the pandemic. NDMC’s ability to respond quickly to fluctuating and uncertain global economic developments is attributable to the Ministry of Finance and the policies implemented by Minister of Finance Mohammad Al-Jadaan.

Created in 2015, the main responsibility of the NDMC is to guarantee the financial needs of the Kingdom in the short, medium and long term at equitable costs and levels of risk and in accordance with the fiscal policy of the Kingdom by guaranteeing sustainable access to all funding channels.

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