National Bank of Kuwait Explores Financial Partnerships in Saudi Arabia
In a bid to capitalize on the opportunities presented by Saudi Arabia’s Vision 2030, the National Bank of Kuwait is actively seeking partnerships with various companies in the Kingdom, according to a senior executive.
Speaking at the Future Investment Initiative in Riyadh, Anas Al-Ubaid, the General Manager of the National Bank of Kuwait in Saudi Arabia, emphasized the bank’s strong connections with key players, including government bodies, corporates, and high net worth individuals.
Al-Ubaid stated, “We have a good partnership with a lot of government bodies, corporates, and even private banking or high net worth individuals. We’re here on the market since 2006. We’re serving the market. We partnered up with the majority of the names in that market, even with banks. Once the opportunities arise, definitely we could partner up with them.”
Customized Financial Solutions for Client Growth
Al-Ubaid highlighted that the bank’s approach goes beyond traditional lending to offer tailored financial solutions that meet specific client needs and support their business growth.
He explained, “The way we look at it here at NBK, it’s not just about lending. It’s about providing tailored financial solutions for our clients, serving their needs, and also helping them to grow their businesses.”
Al-Ubaid further emphasized, “Our expertise is in tailoring solutions for clients, whether corporates or individuals, focusing on customized financial services that support Vision 2030.”
Significant Growth Potential in the Saudi Market
Al-Ubaid underlined the significant growth potential for banks in the Saudi market, particularly as demand rises for customized financial solutions.
He stated, “I would say there’s a lot of opportunities in the markets for banks and financial institutions to grow in that area. Definitely. The market is eager to see more tailored solutions for clients, especially now the clients in Saudi.”
Strategic Agreements Highlight Demand for Financial Solutions
On the first day of the event, NBK signed four agreements worth $1.6 billion, showcasing the increasing demand for sophisticated financial solutions in Saudi Arabia’s evolving market.
One of the agreements was with ACWA Power, valued at SR2.6 billion ($690 million), to support the company’s expansion in the energy and water resource sectors across the Middle East and North Africa.
Additionally, NBK established an SR1.8 billion credit facility with Al Gihaz Contracting Co. to fund the Kingdom’s largest energy storage project.
Agreements were also inked with Pan-Kingdom Holding Group and Alyusr Leasing to advance their operational goals, with the deals valued at SR1 billion and SR750 million, respectively.