Minister of Finance of Saudi Arabia Announces Linkage with Euroclear as One of the Enablers to Develop Local Debt Markets

Tuesday 1443/10/23 - 2022/05/24
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Davos, May 23, 2022, SPA -- The Minister of Finance of the Kingdom of Saudi Arabia Mohammed Al-Jadaan, who is also Chairman of the Financial Sector Development Program, announced during the meetings accompanying the World Economic Forum held in Davos during 22- 26 May 2022, that a linkage was established with Euroclear, the provider of post-trade services in the Saudi Stock Exchange through Securities Depository Center Company (Edaa).
Al-Jadaan indicated that this linkage displays the trend towards achieving the goals of Saudi Vision 2030, which seeks to support the development of the financial sector by endeavoring to expand the investor base to meet KSA local debt financing requirements and to achieve objectives of the Financial Sector Development Program Strategy in supporting the secondary market development by increasing the liquidity of local government debt instruments through attraction of more foreign capital.
The linkage is intended to enable international investors to settle domestically issued debt instruments through direct nominee account in Edaa using their current accounts in Euroclear and to achieve greater interoperability within the market.
—SPA
00:17 LOCAL TIME 21:17 GMT
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