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Saudi Arabia to set up new debt management office.

Global Banking News-May 31, 2016--Saudi Arabia to set up new debt management office

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Global Banking News - 31 May 2016

Saudi Arabia has hired an executive to head a new debt management office.

The debt management office will be responsible for the kingdom's first international bond sale. HSBC Holdings Plc (LE: HSBA) banker, Fahad Al Saif, will lead the office.

Al Saif is believed to be the second banker from the firm to move into government service in the past few months.

The nation is undertaking a major revamp of its economy in order to reduce its dependence on oil, and the debt management office is an effort in that direction.

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Publication:Global Banking News (GBN)
Geographic Code:7SAUD
Date:May 31, 2016
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