GlobalMarkets has announced Saudi Arabia as the “Best Sovereign Public Debt Office” in the Middle East and North Africa.
Additionally, the Kingdom won the “Most Impressive Middle East Sovereign Issuer Award” and “Most Impressive Emerging Market Issuer Award” at the 2020 Global Capital Bond Awards for the year 2020.
Fahad Al-Saif, chief executive of the National Debt Management Center (NDMC), said the achievements reflect the center’s performance during 2020 in the face of unprecedented levels of market and commodity fluctuations, and an unstable global economy, 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 objectives, including a number of initiatives for the domestic sukuk market, where it has been considered as one of the main funding channels during the pandemic. The NDMC’s ability to swiftly respond 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.
Established in 2015, the NDMC’s core responsibility is to secure the Kingdom’s financial needs in the short, medium and long term at fair costs and risk levels that are in compliance with the Kingdom’s fiscal policy by ensuring sustainable access to all funding channels.
