Saudi finance ministry partners with Al-Ahly to develop savings bonds

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The deal is a part of Saudi's Financial Sector Development Program. (Twitter)
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  • Saudi Finance Ministry and National Center for Debt Management partner with Al-Ahly Financial Company.
  • The deal between the two entities is aimed at promoting the culture of saving in the Kingdom.

Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and launch savings bonds for individuals, and motivate them to save.

This also includes discussing strategic partnerships with the private sector.

The entities signed a deal regarding this, which is aimed at enhancing the concept of saving in Kingdom, a part of the Financial Sector Development Program to enable financial planning.

Chairman of the Steering Committee, Abdulaziz Al-Fraih, Ministry of Finance signed the deal, while National Center for Debt Management, CEO Hani Al-Madini, and Rashid Ibrahim Sharif, CEO and Board Member of Al-Ahly Financial Company inked deal on behalf of their entities.

Hani Al-Madini stated that the deal is an invitation to the private sector to cooperate and participate in the development and launch of a number of savings products for specific goals and for different categories of individuals, whether through banks, fund managers, fintech companies and others.

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