​​​Riyadh, Saudi Arabia - HSBC has been appointed as an International Primary Dealer by the Saudi Ministry of Finance and National Debt Management Center (NDMC), enabling the global bank to act as an intermediary between foreign investors and Saudi Arabia’s local government debt instruments. The announcement follows a visit to the Kingdom by Georges Elhedery, Group CEO, HSBC Group PLC, during which he joined clients and stakeholders in discussing international investor interest in the Kingdom’s economic transformation.

Faris AlGhannam, Chief Executive Officer and Board Member, HSBC Saudi Arabia, said: “Saudi Arabia’s local debt market has become a consistent and prominent feature in emerging market strategy. This step underscores the Kingdom’s continued connectivity with global institutional investors, contributing to diversification in local issuances and secondary market liquidity.”

 International primary dealers are key conduits in facilitating foreign debt investors access to Saudi Arabia’s government debt market, enabling participation in auctions and investment in local currency government bonds. SAB, HSBC’s strategic banking partner in the Kingdom of which it owns 31%, was appointed primary dealer for local investors in 2018.

Nabeel Albloushi, Head of Markets and Securities Services, HSBC Middle East, North Africa and Turkiye, said: “This move marks a direct reflection of the increasing demand for Saudi debt exposure . By expanding our global distribution capabilities, HSBC is unmatched in its ability to provide primary dealer services to both regional and global investors for Saudi Arabian local debt.”

 Saudi Arabia's borrowing activities are primarily conducted through sovereign sukuk and bond issuances in the local currency market. According to the NDMC, the Kingdom’s sovereign outstanding debt portfolio reached SAR 1,519 billion by end of 2025, of which 62% represented domestic debt.[1]

Foreign ownership of local currency debt is in Saudi Arabia has been growing steadily, with recent data points to an uptick in demand. As at September 2025, foreign ownership of SAR Sukuk issuances stood at 12.8% compared to just 4.5% in December 2024.[2]

HSBC’s appointment as International Primary Dealer follows several developments expanding investor access to the Saudi debt market, including the planned inclusion of Saudi Arabia Government Bonds to the Bloomberg EM Local Currency Government Index[3] and the addition of Saudi Riyal denominated sovereign Sukuk (SAR Sukuk) to the JP Morgan GBI-EM index series[4].  

Media enquiries to:                      
Ahmad Othman
ahmad.othman@hsbc.com 

About HSBC Holdings plc   

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,233bn at 31 December 2025, HSBC is one of the world’s largest banking and financial services organisations. 

About HSBC in the MENAT region 

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of USD83bn as at 31 December 2025. www.hsbc.ae 

HSBC Saudi Arabia, authorized and regulated by the Capital Market Authority to carry on Securities Business under License No. 05008-37.

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.