S&P Global Ratings begins operations in the Kingdom of Saudi Arabia.
S&P Global Ratings has announced the expansion of its operations in the Middle East by opening of a branch in Riyadh, the Kingdom of Saudi Arabia's capital city.
Having received its final licence from Saudi Arabia's Capital Market Authority (CMA), S&P Global Ratings becomes the first international credit rating agency to be licenced to conduct credit rating activities in the Kingdom. S&P Global Ratings was the first international credit rating agency to obtain pre-approval from the CMA in October 2016.
Saudi National Meshari Al-Khaled has been appointed S&P Global Ratings' Managing Director and Office Head for its Saudi Arabian branch, which is located in Kingdom Tower in central Riyadh.
"S&P Global Ratings has been involved in the development of the world's financial markets for over 150 years and we are pleased to expand our presence in the Middle East through the establishment of an office in Saudi Arabia. The CMA's 2020 ambitious enabling programme presents significant opportunities for the country and investors alike. As the first international credit rating agency in the country, we are pleased to be able to facilitate access to capital for governments and companies and look forward to supporting the further development of transparent and liquid debt markets in the Kingdom. I would like to extend my sincere thanks to the CMA, SAGIA and other government ministries who have supported our establishment in this important market and look forward to working more closely with all parties to help provide access to a deeper pool of capital," said John Berisford, President of S&P Global Ratings.
S&P Global Ratings' entry into Saudi Arabia comes at a time of unprecedented economic and social reform, as the Kingdom's leadership seeks to implement Saudi Vision 2030. The development of the private sector is a key component of this vision and there are a variety of measures, including economic diversification, privatisations, infrastructure investment and a reduction in government subsidies that are being implemented to achieve it. International investors have a significant role to play, and S&P Global Ratings can contribute through the application of rigorous standards of analysis to support and accelerate foreign investment decisions.
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