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UAE’s Emirates NBD expands operations in Saudi Arabia

Emirates NBD has inaugurated its first branch in Saudi Arabia in Jeddah, and has announced plans to open another in Riyadh

Emirates NBD has inaugurated its first branch in Saudi Arabia [image: Emirates NBD].
Emirates NBD has inaugurated its first branch in Saudi Arabia [image: Emirates NBD].

Dubai-headquartered banking group Emirates NBD has expanded its operations in Saudi Arabia with the inauguration of its first branch in Jeddah.

The bank has also announced plans to open a second branch in Riyadh, which would make the Kingdom the largest branch network of Emirates NBD outside the UAE and Egypt.

According to the group, its branches in Saudi Arabia will offer full-fledged services across retail, private, business, and wholesale banking, in addition to corporate finance advisory, and project and syndicated finance through its investment banking arm, Emirates NBD Capital KSA.

READ: ENBD REIT adopts IoT and AI to cut energy use of Dubai office building

Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD, said: “Our presence in [Saudi Arabia] leverages the UAE’s strong economic, financial, and commercial ties with the Kingdom.

“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.”

The group noted that it is the first non-Saudi bank to have a “significant branch network across the Kingdom”.

READ: Abu Dhabi Municipality, Emirates NBD ink trustee agreement

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

Eng Loai Hassan Abduljawad, chief executive officer of Emirates NBD KSA, added: “Our increased footprint will enable us to forge stronger on-ground relationships with individuals and corporates in [Saudi Arabia] looking to invest and trade across the MENA (Middle East and North Africa) region and beyond.

“We are committed to delivering value and contributing to the long-term development of the Kingdom’s economy.”

He continued: “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 […] retail and corporate banking solutions and services, including financing support to SME (small- and medium-sized enterprise) clients, […] as part of the nation-wide Kafala program.”

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Construction Week - Issue 753
Nov 09, 2019