Emirates NBD, a leading banking group in the region, has expanded operations in Saudi Arabia with the recent inauguration of its first branch in Jeddah.
The bank has also and announced plans to soon open a branch in Khobar and a second branch in Riyadh, making Saudi Arabia Emirates NBD’s largest branch network outside the UAE and Egypt.
Emirates NBD Saudi Arabia offers full-fledged services across retail, private, business and wholesale banking. It also offers corporate finance advisory, project and syndicated finance through Emirates NBD Capital Saudi Arabia, the bank’s investment banking arm.
“Our presence in Saudi Arabia leverages the UAE’s strong economic, financial and commercial ties with the Kingdom,” said Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD.
“As Saudi rolls out its transformative Vision 2030 plan, we are delighted to deepen our relationship and continue to support Saudi individuals and businesses looking for a trusted banking partner.”
Saudi Arabia represents the largest economy in the GCC and the country’s economic diversification programme is expected to boost development and increase capital and trade flows across the region. Emirates NBD is the first non-Saudi bank to have a significant branch network across the Kingdom. The UAE-based bank also operates in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia.
Loai Hassan Abduljawad, chief executive officer of Emirates NBD Saudi Arabia, said: “Our increased footprint will enable us to forge stronger on-ground relationships with individual and corporates in Saudi Arabia looking to invest and trade across the Mena region and beyond. We are committed to delivering value and contributing to the long-term development of the Kingdom’s economy.”
“To cater to Saudi Arabia’s digital-savvy population, the Jeddah branch has been designed in line with the bank’s philosophy of incorporating ‘high tech with high touch’, offering both self-service and assisted banking solutions, powered by digital technology. The branch will offer the full suite of Emirates NBD’s award-winning retail and corporate banking solutions and services, including financing support to SME clients, a key sector of the Saudi economy, as part of the nation-wide Kafala programme,” he added. – TradeArabia News Service
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