National Debt Management Center

What National Debt Management Center does

The National Debt Management Center (NDMC) is a government entity operating under the Saudi Ministry of Finance, responsible for arranging and managing the Kingdom of Saudi Arabia's public debt issuance programs. Established in 2017 with the launch of the Local Saudi Riyal Sukuk Program, NDMC's mandate is to secure the Kingdom's financing needs at optimal cost across short, medium, and long-term horizons while maintaining sustainable access to global capital markets. As of Q1 2026, NDMC oversees SAR 1,667.2 billion (USD 444.6 billion) in total outstanding public debt, comprising SAR 1,042.8 billion domestic and SAR 624.4 billion external obligations, with public debt at 33.6% of projected GDP.

NDMC's product portfolio spans four core issuance programs: the Local Saudi Sukuk Issuance Program in Saudi Riyals (monthly tranches since 2017), the Sah Savings Sukuk (retail product targeting Saudi nationals to advance Vision 2030's savings rate goal from ~6% to 10% by 2030), the Global Medium Term Note Issuance Program, and the Global Trust Certificate Issuance Program for international investors. Supporting infrastructure includes the Annual Borrowing Plan, Calendar of Local Sukuk Issuances, KSA Data Hub, and a Green Financing Framework. The Sah sukuk is distributed through five approved investment platforms with one-year maturity and returns tied to prevailing rates (4.60% for June 2026 issuance), while institutional instruments are distributed through a primary dealer network that recently expanded with HSBC's appointment in May 2026.

NDMC does not generate commercial revenue; it is government infrastructure funded through the Saudi state budget. Recent activity demonstrates accelerating scale: the 2026 Annual Borrowing Plan was completed ahead of schedule, securing approximately 90% of financing needs by May 2026, and the June 2026 sukuk tranche of SAR 10.576 billion was more than four times the May 2026 SAR 2.418 billion issuance. The center coordinates with SAMA on monetary policy alignment and holds the exclusive statutory mandate for sovereign debt issuance in Saudi Arabia, backed by sovereign credit ratings of Aa3 (Moody's), A+ (Fitch), and A+ (S&P). CEO Hani Al-Madini leads the organization, which is headquartered in Riyadh and operates with a lean team of 51-100 employees.

Name

National Debt Management Center

Legal name

المركز الوطني لإدارة الدين (National Debt Management Center)

Website

https://ndmc.gov.sa

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

National Debt Management Center is the Saudi government entity that arranges and manages the Kingdom's public debt through domestic sukuk, international bonds, and the Sah retail savings sukuk program, serving institutional investors and Saudi national retail savers under the Ministry of Finance.

Ownership category

akta.pro rank

Product category

Sovereign Debt Management

NAICS

Monetary Authorities-Central Bank (521), Public Administration (92)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)

akta.pro industry

PRIMARYBPAIAEAC

Public Debt Management

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYFSACABAK

Private Placements (144A/Reg S/MTN)

Financial & Insurance/Capital Markets & Securities/Debt Capital Markets (DCM)

SECONDARYFSAFAGAB

International CSDs (ICSDs)

Financial & Insurance/Financial Exchanges & Market Infrastructure/Central Securities Depositories (CSDs) & Securities Settlement Systems

Keywords

• Sovereign debt management
• Sukuk issuance
• Government bond programs
• Public debt management
• Retail savings sukuk

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Debt Issuance Management: The NDMC arranges and manages sovereign debt issuance programs (bonds and sukuk) on behalf of the Saudi government. The center secures financing needs at optimal costs while managing debt sustainability and market access. Revenue generation is through government debt management operations rather than direct revenue streams.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

National Debt Management Center (NDMC) is a Saudi government entity operating under the Ministry of Finance that arranges and manages Saudi Arabia's public debt through domestic sukuk programs, international bond programs, and trust certificate issuances. The center secures the Kingdom's financing needs at optimal cost across short, medium, and long-term horizons, and offers the Sah retail savings sukuk program for Saudi national investors as part of Vision 2030 financial inclusion goals.

Product overview

The National Debt Management Center (NDMC) operates as Saudi Arabia's government debt management authority, offering a comprehensive suite of debt issuance programs. The core portfolio includes: the Local Saudi Sukuk Issuance Program in Saudi Riyal (established 2017, offering monthly-tranche sukuk), the Sah Savings Sukuk (government-backed retail savings product), the Global Medium Term Note Issuance Program, and the Global Trust Certificate Issuance Program for international markets. Supporting infrastructure includes the Annual Borrowing Plan, Calendar of Local Sukuk Issuances, KSA Data Hub for investor information, and the Kingdom's Green Financing Framework. NDMC's primary role is to secure the Kingdom's financing needs at the best possible costs across short, medium, and long terms while supporting Saudi Arabia's Vision 2030 objectives for debt sustainability and savings rate increases.

Differentiator

Problem solved

Functional benefit

Brands

• Sah Savings Sukuk: Government-backed savings sukuk program offering retail investors annual returns, launched as part of Vision 2030 to increase national savings rate from 6% to 10%.
• Saudi Riyal Local Sukuk Program

Products and services

• Local Saudi Sukuk Issuance Program in Saudi Riyal (برنامج صكوك المملكة المحلية بالريال السعودي) Established in 2017, this program enables the Ministry of Finance to issue local instruments denominated in Saudi riyals, arranged by NDMC and divided into monthly tranches for investors. The program supports the sukuk market in Saudi Arabia by securing the Kingdom's financing needs at competitive costs across short, medium, and long terms.
• Sah (صح) Savings Sukuk

Quantifiable outcome

• National savings rate increase target from ~6% to 10% by 2030
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• HSBCcoreChannel Partner/ Reseller/ Distributor · 7 May 2026The Ministry of Finance and NDMC signed an agreement with HSBC to appoint it as a primary dealer for government debt instruments in the domestic market. HSBC joined the network of primary dealers facilitating government securities distribution.
• Qatar Development Bank (QDB)coreStrategic or Co-development Partner · 1 January 2025QDB signed an MoU with Saudi Arabia's National Debt Management Center to provide credit facilities worth over QR3.6 billion to Saudi institutions. This partnership supports cross-border financial cooperation and institutional lending between Qatar and Saudi Arabia.
• Saudi Central Bank (SAMA)coreOthersSAMA is listed as a key partner entity, coordinating on monetary policy and financial system stability aspects related to government debt management.
• Ministry of Finance (Saudi Arabia)coreOthersThe Ministry of Finance is the issuing authority for government debt instruments, with NDMC acting as the arranger and manager of issuance programs.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hong Kong Monetary Authority (HKMA) - Exchange Fund: HKMA manages Hong Kong's Exchange Fund, including government bond issuance (HKGB, HKSAR Institutional Government Bonds) and retail infrastructure bonds. Similar sovereign debt management mandate and institutional investor focus.
• UK Debt Management Office (DMO): UK DMO executes the UK's debt issuance policy on behalf of HM Treasury, directly comparable to NDMC's role executing the Saudi Ministry of Finance's debt issuance mandate. Both entities operate as dedicated government debt management offices with similar product suites (gilts/sukuk) and primary dealer frameworks.
• Bureau of the Fiscal Service (US Treasury): US Treasury's Bureau of the Fiscal Service manages federal debt issuance, auctions, and retail securities programs (TreasuryDirect). Comparable to NDMC in sovereign debt management scope, investor relations infrastructure, and retail savings instruments.
• Monetary Authority of Singapore (MAS) - Government Securities: MAS issues Singapore Government Securities (SGS) on behalf of the Singapore government. Comparable in sovereign debt issuance, primary dealer management, and retail savings bond programs.
• Agence France Trésor (AFT): AFT manages French sovereign debt issuance with a dedicated primary dealer network (Spécialistes en Valeurs du Trésor) and a published annual issuance program. Functionally analogous to NDMC's primary dealer framework and annual borrowing plan.
• Deutsche Finanzagentur: Germany's central debt management agency issues federal bonds, manages Bund auctions, and operates the Bund issuance calendar. Directly comparable to NDMC's sukuk issuance calendar and auction-based distribution model.

Regional players

• Qatar Ministry of Finance - Public Debt Management Office: Qatar manages sovereign debt issuance including the Qatari riyal sukuk program and global bond issuances. Direct regional comparable for GCC sovereign debt management practices.
• UAE Ministry of Finance - Debt Management Office: UAE federal debt management operates sukuk and bond programs with similar GCC market dynamics. Comparable as a regional sovereign debt manager serving a fellow GCC economy with related Islamic finance focus.
• Bahrain Ministry of Finance and National Economy: Bahrain manages its own sovereign debt issuance including Islamic sukuk and conventional bonds. Smaller GCC sovereign debt manager with a similar product mix to NDMC.
• Kuwait Ministry of Finance - Public Debt Department: Kuwait's Public Debt Department handles sovereign debt issuance including Treasury bills and bonds. GCC regional comparable for government debt management operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/saudindmc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Debt Management Center