Hani Al-Medaini has been appointed as acting chief executive officer of the Saudi National Debt Management Center, a body chaired by the Kingdom’s minister of finance, Mohammed Al-Jadaan.
A former head of the investment division at Saudi British Bank, Al-Medaini takes over from Fahad Al-Saif, who recently joined the Saudi sovereign wealth fund, the Public Investment Fund (PIF).
Al-Medaini has extensive experience in finance, investment, and treasury management. He worked as a dealer at Samba Financial Group before joining the National Debt Management Center in September 2019 as head of portfolio management and was appointed executive vice president in March.
The center was established in 2015 following a slump in oil prices as part of efforts to help the Saudi government tap into global debt markets.
Last month, the center closed the June issuance for the government’s Saudi riyal-denominated sukuk, valued at SR8.265 billion ($2.2 billion). The sukuk – or Islamic bonds – were divided into three tranches. The first amounted to SR2.755 billion and will mature in 2028, the second of SR4.650 billion will mature in 2031, and the third of SR860 million in 2035.
Saudi Arabia has been increasingly more active in the sukuk markets. ACWA Power and Aramco have both had successful issuance in recent weeks.
Al-Medaini is also a board member of the Real Estate Development Fund and the Saudi Housing Insurance Services Co.
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