The Gulf Bond and Sukuk Association (GBSA), a trade association representing the Gulf fixed income market, has set up a dedicated chapter to serve Saudi Arabia.
Mohammed Albensaleh, the associate director, Debt Capital Markets at HSBC, has been named as the chairman of this new Saudi Chapter for 2014. The appointment was made at a GBSA meeting of senior market participants held 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.
On the new role, Albensaleh said: "It will be an honour 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."
GBSA president 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, the 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."-TradeArabia News Service