Emirates NBD, a leading banking group in the Middle East, has expanded its presence in Saudi Arabia with the opening of its branch in Khobar in the Eastern Province. 

 

Emirates NBD now covers three key regions in Saudi Arabia with presence in Riyadh, Jeddah and Khobar. 

 

As Saudi Arabia progresses plans for economic reform, in line with its Vision 2030, Emirates NBD’s presence builds on the growing economic and trade ties between Saudi Arabia and the UAE, said a bank statement.

 

Following the establishment of the Saudi-Emirati Coordination Council, the UAE and Saudi Arabia recently announced The Strategy of Resolve, a joint vision for economic development through 44 joint strategic projects within a five-year timeframe. 

 

UAE-based Emirates NBD is the first non-Saudi bank with a significant branch network across the kingdom. Leveraging its digital banking capabilities and strong franchise in Saudi Arabia’s key trade markets, the bank offers retail, private, business and wholesale banking across its network of three full-fledged branches in the kingdom, in addition to corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm. 

 

Emirates NBD also operates in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia.  

 

“Our presence in Saudi is integral to Emirates NBD’s growth strategy as we continue to explore opportunities in the GCC region’s largest and most dynamic economy,” said Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD. “Saudi is in the midst of a landmark economic transformation and we look forward to continuing to support Saudi individuals and businesses looking for a trusted banking partner.” 

 

Emirates NBD recently renewed its partnership with the kingdom’s Kafalah Program which aims to promote financing to Small and Medium Enterprises (SMEs) within Saudi Arabia. 

 

Eng Loai Abduljawad, CEO of Emirates NBD KSA, added: “Emirates NBD’s expanded network strengthens our offering to individuals and corporates in KSA looking to invest and trade across the Mena region and beyond. Our superior value proposition, built on the bank’s unique ‘high tech + high touch’ philosophy of offering customers a modern banking experience complemented by personalised advisory services, will enable us to strengthen customer acquisition in the Kingdom as we continue to support the country’s long-term growth and development goals, as outlined in Saudi Vision 2030.”  - TradeArabia News Service