At a recent signing ceremony hosted by the Minister of Finance, HE Mr. Mohammed Bin Abdullah Al Jadaan, and attended by the Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Ahmed Al Khulaifi, and the Chairman of the Capital Market Authority (CMA), Mr. Mohammed bin Abdullah Elkuwaiz, Alinma Bank was appointed as a primary dealer for local government securities. The agreement was signed by HE Mr. Fahad Al Seif, Head of the Public Debt Management Office at the Ministry of Finance, and Mr. Abdulmohsen Al-Fares, Managing Director and Chief Executive Officer of Alinma Bank.
Through the agreement, Alinma Bank will play an active role in the development of the financial sector and progress toward Vision 2030 goals.
Speaking about the agreement, Alinma Bank Managing Director and CEO, Mr. Abdulmohsen Al-Fares, praised the agreement for the positive economic impacts it will have. Said Al-Fares: “This agreement is strategically critical to expanding the base of investors in the primary market in order to secure the kingdom's domestic debt financing requirements. This will, in turn, strengthen the development of the secondary market by increasing the supply of local government securities in the financial market, and by providing advice to the Public Debt Management Office to develop the Kingdom's debt markets.”
Al-Fares further noted: "Significant work went into formulating this agreement; and it establishes the pillars of financial sector development while also informing the objectives necessary for the success of the 2030 vision. Furthermore, it enables financial institutions to support the growth of the private sector and to operate within a sophisticated financial market framework that is flexible for investors in fixed income investment tools.”
Al-Fares went on to add that Alinma remained committed to development of the financial sector and the national economy, as well as to the empowerment of youth in the marketplace and to the goals set forth by Vision 2030, especially as they apply to saving and investment. Al-Fares concluded by saying that he was optimistic that as G20 nation, Saudi Arabia would indeed grow and develop in a manner commensurate with its size and global importance as a nation.