The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, has announced the creation of a dedicated Chapter to serve the Kingdom of Saudi Arabia. Mohammed Albensaleh, Associate Director, Debt Capital Markets at HSBC, has been named as Chairman of this new Saudi Chapter for 2014. The appointment was made at a GBSA meeting of senior market participants held on May 11th in Riyadh.
The GBSA Saudi Chapter will assemble and channel the initiative of the key leaders of the Saudi Sukuk market to improve market practice and support the authorities’ efforts to create an even more dynamic market.
Incoming KSA Chapter Chair Mohammed Albensaleh remarked: “It will be an honor to serve as the Chairman of GBSA Saudi Arabia Chapter. We look forward to improving the market for the benefit of all Saudi issuers and investors and in close coordination with the related government authorities and regulators.”
The President of GBSA, Michael Grifferty, said: “Creation of an official Chapter in the Kingdom is in line with our objective of promoting global practice at both the national level and across the GCC. We look forward to being an integral part of the capital markets fabric in the Kingdom for many years to come.”
Stuart Anderson, Managing Director and Regional Head, Standard & Poor’s Middle East, and Chair of the GBSA Regional Steering Committee, said: “The Saudi market has the potential to be a real powerhouse for the entire region’s sukuk markets. What happens there will undoubtedly be watched carefully or even emulated.”
GBSA’s sub-committees, working groups and National Chapters bring together the thought leaders of the regional credit markets to create a more collective voice on key issues affecting the industry.