Al-Jadaan says Euroclear link to help develop local debt market

Saudi Minister of Finance, Mohammed Al-Jadaan

Minister of Finance Mohammed Al-Jadaan announced the completion of link with Euroclear, which provides post-trade services for the Saudi Exchange (Tadawul) through Securities Depository Center Co. (Edaa), according to a media statement.

Al-Jadaan is also the Chairman of the Financial Sector Development Program.

The Euroclear link is in line with Vision 2030 goals that aim to develop the financial sector by expanding the investor base to meet the Saudi local debt financing requirements and to achieve the objectives of the Financial Sector Development Program Strategy in support of the secondary market, Al-Jadaan said on the sidelines of the World Economic Forum being held in Davos.

This will take place through increasing the liquidity of local government debt instruments and attracting foreign capital, he added.

The link will further enable the international investors to settle locally-issued debt instruments through direct nominee account in Edaa using their current accounts in Euroclear.