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Emirates NBD has expanded its presence in the Kingdom of Saudi Arabia with the opening of its first branch in the city of Khobar. The bank now operates in three key regions within the Kingdom, with branches in Riyadh, Jeddah and Khobar.
As Saudi Arabia moves forward in enacting its 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. Following the establishment of the Saudi-Emirati Coordination Council, the UAE and Saudi Arabia recently announced the creation of 'The Strategy of Resolve', a joint vision for economic development through carrying out 44 joint strategic projects within a five-year timeframe.
"Our presence in Saudi Arabia 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 Arabia 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 Programme, which aims to promote financing to Small and Medium Enterprises, SMEs, in the country.
Regarding the expansion, Loai Abduljawad, CEO of Emirates NBD KSA, said, "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 acquisitions in the Kingdom, as we continue to support the country’s long-term growth and development goals, as outlined in Saudi Vision 2030."
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