Global Confidence in Our Economy
The Saudi economy continues to grow steadily, that is reassuring, through a series of successes and projects that go beyond the local and regional levels and confidently knocked the world's doors. This confirms that this economy is on the upward path set by Vision 2030, and also indicates that the series of successes of this economy is not over yet and there are still pleasant surprises which will fulfill the dreams and aspirations of the State and citizen
Thanks to the strength of the Saudi economy, there are signs and indicators that are translated by official figures and statistics, issued by the Kingdom's economic system. The Ministry of Finance has announced the successful pricing of the first offering of international euro-denominated bonds. We must stop at this announcement to learn about the factors that helped the achievement of this success and the positive impact that on the future of the national economy.
The first offering of bonds in euro reflects the Kingdom's sincere desire to be a leading source and reference in the region in the international securities markets. The Kingdom seems to have succeeded in what it sought and planned for, depending on the strength and solidity of the Saudi economy and the full international confidence in this economy in all its sectors and fields, as the largest and strongest in the Middle East.
The successful pricing of the bond offering has not been achieved out of vacuum, but thanks to the long-term strategic plans announced by Vision 2030 three years ago. The Ministry of Finance implemented and fulfilled this desire and commissioned its Debt Management Office (DMO) to ensure the Kingdom's financial needs at the best possible cost in the short, medium and long terms with risks that are in line with the Kingdom's financial policies.
Remarkably, the DMO has invested its expertise and relationships in achieving this objective professionally by extracting the fruits of the experiences from eight European cities. It directly dialogued with seventy-seven investors in those cities to get acquainted with their needs and aspirations if they seek investment in securities issued by the Kingdom.
This mechanism led in very reassuring results. The DMO received subscription requests from investors worth more than 13.5 billion euro, with a repeater coverage of 4.5, a matter which reflects the strong demand in the EU region, in addition to the high level of confidence of European investors in the Saudi economy, which fulfills all aspirations of the leadership and the citizens, in a unique and distinctive way confirming that the Kingdom is fulfilling all what the Vision has promised.