New Office
Emirates NBD Expands Saudi Arabia Footprint
The organisation provides private banking among its offerings.
Emirates NBD,
the Middle East banking group providing services including wealth
management, has opened its first branch office in the Saudi
Arabian city of Khobar in the country’s eastern province. The
move means that the bank covers three regions in the Kingdom,
with Riyadh, Jeddah and now Khobar.
UAE-based Emirates NBD said it is the first non-Saudi bank with a
significant branch network across Saudi Arabia.
“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,” Hesham Abdulla Al
Qassim, vice-chairman and managing director of Emirates NBD,
said.
The bank is seeking to tap into Saudi Arabia’s economic reform
programme, as well as trade and economic ties between the Kingdom
and the UAE. 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.
With financial hubs such as Dubai International Financial Centre
and Abu Dhabi Global Markets competing for business, other parts
of the GCC region are seeking to flex their financial muscles.
