Riyadh | BETH | B
May 07, 2026

Saudi Arabia’s Ministry of Finance and the National Debt Management Center signed an agreement with HSBC appointing the bank as a primary dealer for local government debt instruments, in a move that strengthens the presence of international financial institutions within the Kingdom’s government financing market (government sukuk and bonds).

HSBC joins a group of international financial institutions participating in the primary dealers program, including:
BNP Paribas,
Citigroup,
Goldman Sachs,
JPMorgan Chase,
Standard Chartered,
and Société Générale,
in addition to 10 local financial institutions.

Overview

The agreement comes as part of efforts to develop Saudi Arabia’s government financing market and achieve the objectives of Vision 2030 under the Financial Sector Development Program, through expanding the investor base, enhancing access to local financing markets, and supporting secondary market growth.

The move also reflects growing global interest in Saudi government financing instruments, especially following the dual inclusion in:

• JPMorgan’s Emerging Markets Government Bond Index.
• Bloomberg’s Emerging Market Local Currency Government Bond Index.

This is expected to contribute to:

• Increasing the presence of Saudi sukuk and bonds within global investment portfolios.
• Enhancing liquidity in the secondary market.
• Strengthening the international competitiveness of Saudi Arabia’s government financing market.

Subscription requests in the primary market for local government financing instruments are submitted through approved primary dealers, according to a monthly schedule organized by the National Debt Management Center.

BETH Analysis

The move is not merely a banking expansion within Saudi Arabia’s government financing market.

It signals the Kingdom’s deeper integration into the global investment and financial system.

The greater the participation of international institutions,
the stronger the:
liquidity,
investment coverage,
and long-term confidence in the local market.

The presence of major global financial names within the primary dealers program also reflects the transformation of Saudi Arabia’s government financing market from a traditional local market into a platform with growing international influence.