The Debt Management Office (DMO) of the Ministry of Finance (MOF) has been awarded three GlobalCapital awards, namely: the "Most Impressive Emerging Markets Issuer ", "Most Impressive Middle East Sovereign Issuer " in addition to the "Most Impressive Middle East Funding Official " which was awarded to the President of DMO.
The awards were received by Mr. Sultan Al Khalil of DMO's Financial Institutions and Investor Relations Department and Mr. Abdulaziz AlHebaishi of DMO's International Issuances Department at the annual awards ceremony held in London, in a high-level gathering of industry leaders, representatives of government agencies, major financial institutions and bankers from around the world.
Mr. Fahad Al Saif, President of MOF's DMO and Advisor to His Excellency the Minister of Finance, stated that winning these awards demonstrates the efforts exerted by the Saudi government in developing debt instruments, and bears witness to the great global confidence in the Saudi economy strength as well as the positive view of the future financial sustainability of the Kingdom. The international demand for KSA Sukuk and bonds promotes the Kindom's financial position globally, particularly following its accession in 1999 to the G20, comprising the world's 20 largest economies.
Al Saif added "This success reflects the transparency of the country's public finance management making information available to investors. It also underlies the growing confidence in the Saudi economy and its ability to achieve good returns, which is in line with strategic and development projects consistent with the Saudi Vision 2030, and through the development of an advanced financial market which contributes to increasing liquidity and facilitating access of large capital from world markets" Al Saif also stated that DMO has announced the issuance plan by laying out an annual issuance schedule for the local market and sharing that schedule with stakeholders to allow investors to allocate their government securities portfolios carefully and timely, steps which are welcomed by the International Monetary Fund, having the ability to develop and deepen the local debt markets in KSA. Al Saif pointed out that the issuance of local and international debt instruments comes within a framework of innovative solutions to secure KSA's needs of financing at the best possible cost in the short, medium and long term, noting that the Kingdom has the world's third-largest dollar reserves, which reflect the strength and robustness of the Kingdom's economy and financial market".
It is noteworthy that GlobalCapital Bond awards recognize the achievements of governments and companies of all sizes in the scope of sovereign and regional finance, banking, hedge funds, wealth management, assets, real estate assets and other areas within the financial services sector, and also shed light on the most important innovations and achievements in the global financial services sector. GlobalCapital has honored a number of international financial institutions such as the World Bank, European Investment Bank, Moody's, in addition to a number of government financial institutions in Spain and Mexico