Moody's launches operations in Saudi Arabia


LONDON — Moody's Investors Service (Moody's) has announced that it has officially launched operations in the Kingdom of Saudi Arabia.

"The launch of Moody's operations in the Kingdom reinforces its ongoing commitment to the development of the debt capital market as the Kingdom focuses its efforts to diversify the economy as part of the country's Vision 2030,'' said Robert Fauber, President of Moody's Investors Service.

On 6 May 2018, Moody's received a Commencement Letter allowing Moody's to conduct rating activities in the Kingdom of Saudi Arabia from the Saudi Capital Markets Authority (CMA).

"I would like to thank the CMA for their support in facilitating Moody's expansion into Saudi Arabia," added Fauber.

Last week, Moody's has announced the appointment of Mahmoud Totonji as General Manager and Head of Relationship Management, for the Kingdom of

Saudi Arabia. With his knowledge of business in Saudi Arabia and his experience working with diverse issuers, Totonji will be responsible for developing new business relationships and extending existing customer relationships in Saudi Arabia and other Middle Eastern countries.

Saudi Arabia is also a key market for Islamic Finance, an area in which Moody's is recognized as a global thought leader through ratings,

research and speaking engagements at leading conferences and events globally. The Kingdom completed the world's largest ever inaugural Sukuk issuance at $9 billion in April 2017, a transaction rated A1 by Moody's. — SG