Riyadh, Saudi Arabia – HSBC has been appointed as the primary international dealer for local debt instruments by the Saudi Ministry of Finance and the National Debt Management Center (NDMC). This appointment will enable the global bank to act as an intermediary between foreign investors and Saudi Arabia’s local government debt instruments. The announcement followed a visit to the Kingdom by George Elhadary, Group Chief Executive Officer of HSBC, during which he met with clients and stakeholders to discuss international investor interest in the Kingdom’s economic transformation.

Faris Alghannam, CEO and Board Member of HSBC Saudi Arabia, stated: “The local debt market in Saudi Arabia has become a key and prominent element of the emerging markets strategy. This step will confirm the Kingdom’s continued engagement with global institutional investors, contributing to the diversification of local issuances and enhancing secondary market liquidity.”

International primary dealers in local debt instruments are key channels for facilitating foreign investors' access to the Saudi government debt market, enabling them to participate in auctions and invest in government debt instruments denominated in local currency. In 2018, Saudi First Bank, HSBC's strategic banking partner in the Kingdom, in which it holds a 31% stake, was appointed as the primary dealer in local debt instruments for local investors.

Commenting on this, Nabil Al-Balushi, Head of Markets and Securities Services at HSBC for the Middle East, North Africa and Turkey, said: “This move is a direct reflection of the growing demand for Saudi debt instruments. By expanding our global reach, HSBC has become a leader in providing primary dealing services to both regional and global investors in the local Saudi debt market.”

Borrowing in Saudi Arabia is primarily conducted through the issuance of sovereign sukuk and debt instruments denominated in local currency. According to the National Debt Management Center, the Kingdom's total sovereign debt portfolio reached SAR 1.519 trillion by the end of 2025, of which 62% was in the form of domestic debt securities [1].

Foreign ownership of Saudi Arabian local currency debt instruments has been steadily and increasingly growing, with recent data indicating rising demand. In September 2025, foreign ownership of Saudi Riyal-denominated sukuk issuances reached 12.8%, compared to only 4.5% in December 2024 [2].

The appointment of HSBC as the first international dealer in local debt instruments follows several developments, including expanding investor access to the Saudi debt market, including the anticipated inclusion of Saudi government debt instruments in the Bloomberg Emerging Markets Local Currency Government Index[3], and the addition of Saudi Riyal-denominated sovereign sukuk to the JPMorgan Emerging Markets Index Series[4].

Media inquiries should be directed to

Ahmed Othman

ahmad.othman@hsbc.com

About HSBC Holdings PLC

HSBC Holdings plc, the London-based parent company of the HSBC Group, serves customers worldwide in 56 countries and territories. With assets of US$3.233 trillion as of December 31, 2025, the HSBC Group is one of the world's largest banking and financial services organizations.

About HSBC in the Middle East, North Africa and Turkey

HSBC is one of the world’s largest and most widely represented banks in the Middle East, North Africa, and Turkey (MENA) region, with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates. In Saudi Arabia, HSBC holds a 31% stake in Alawwal Bank and a 51% stake in HSBC Saudi Arabian Investment Bank. As of December 31, 2025, the bank’s assets in the MENA region totaled US$83 billion. www.hsbc.ae

HSBC Saudi Arabia is licensed and regulated by the Capital Market Authority to conduct securities business under license number 05008-37

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