Saudi Arabia's National Debt Management Centre is evaluating opportunities to expand its network of international dealers after appointing French bank Société Générale as a primary dealer, enhancing market competitiveness through knowledge exchange and global best practices, Al Eqtisadiah reported on August 3.

The Saudi Finance Ministry and National Debt Management Centre signed an agreement with Société Générale to serve as a primary dealer for local government debt instruments, joining five existing international financial institutions in the programme.

Société Générale joins BNP Paribas, Citigroup, Goldman Sachs, JPMorgan, and Standard Chartered as international primary dealers for Saudi government debt instruments.

The centre confirmed to Al Eqtisadiah that Société Générale's appointment was based on criteria including the bank's performance and presence in global debt markets, international reach, and ability to access a large investor base.

The appointment aligns with the centre's strategy to develop advanced, efficient debt markets that attract global capital as part of broader efforts to achieve Vision 2030 targets for increasing capital market depth and enhancing economic diversification.

The centre said Société Générale's inclusion reflects international financial community confidence in Saudi financial markets and represents a strategic step towards strengthening international presence in the local market whilst expanding the investor base.

"Primary dealers play a pivotal role in enhancing liquidity and expanding the investor base by ensuring access to international investors and guaranteeing their participation in the Kingdom's monthly government issuances in the local market," the centre added.