Emirates NBD has expanded operations in Saudi Arabia with the inauguration of its first branch in Jeddah and plans for two further branches in Khobar and Riyadh, the company announced on Monday.
The additional branches make Saudi Arabia Emirates NBD’s third largest branch network, behind the UAE and Egypt.
Emirates NBD KSA offers services across retail, private, business and wholesale banking, in addition to corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA.
“Our presence in KSA leverages the UAE’s strong economic, financial and commercial ties with the Kingdom,” said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD. “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.”
Emirates NBD is the first non-Saudi bank to have a significant branch network across Saudi Arabia.
“Our increased footprint will enable us to forge stronger on-ground relationships with individual and corporates in KSA looking to invest and trade across the MENA region and beyond,” said Engineer Loai Hassan Abduljawad, CEO of Emirates NBD KSA.
Abduljawad added that the Jeddah branch has been designed in line with Emirates NBD’s philosophy of “high tech with high tough” in mind, and offers both self-service and assisted, digital banking solutions.
“The branch will offer the full suite of Emirates NBD’s award-winning retail and corporate banking solutions and services, including financing support to SME clients, a key sector of the Saudi economy, as part of the nation-wide Kafala program,” he noted.
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