Saudi Arabia Welcomes Societe Generale as a New Primary Dealer in Government Debt
Saudi Arabia Welcomes Societe Generale as a New Primary Dealer in Government Debt Introduction: A Strategic Financial Move Saudi Arabia has recently taken another significant step to strengthen its financial markets and debt management strategy. The kingdom’s National Debt Management Center (NDMC) announced that it has officially signed an agreement with the French banking giant Societe Generale , granting it the status of a primary dealer for the country’s local government debt instruments. This development reflects Saudi Arabia’s ongoing efforts to enhance its global financial relationships, attract more international players to its debt market, and maintain stability while funding its Vision 2030 economic diversification goals. What Does Becoming a “Primary Dealer” Mean? A primary dealer is a financial institution authorized to buy government securities directly from the government during auctions. These institutions are not only buyers but also play a vital role in: ...