Emirates NBD Expands Saudi Arabia Footprint

Tom Burroughes

18 September 2018

, 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.