Saudi Arabia: A Growing Market for Foreign Banks
In an exclusive interview with Arab News, Jerry Zhang, CEO of Standard Chartered Bank China, highlighted the significant growth potential for foreign banks in Saudi Arabia, especially to meet the rising demand from Chinese clients.
Zhang emphasized that the company is enhancing its infrastructure and services to better support Chinese clientele in Saudi Arabia, showcasing confidence in the market’s potential. The bank is even hiring a corridor banker, a Chinese-speaking local relationship manager, to cater to the needs of Chinese clients in the Kingdom.
Standard Chartered recently began its operations in Saudi Arabia in 2022, and the corridor between the Middle East and China already contributes 10 percent to the bank’s income, showing rapid growth. Zhang expressed optimism that the share of the Middle East corridor within the entire China origination income will grow faster in the coming months.
Strategic Alignment Between Saudi Arabia and China
Zhang highlighted the strategic alignment between Saudi Arabia and China, especially in sectors like infrastructure, new energy, technology, logistics, and e-commerce. Chinese companies excel in these areas, making them eager to expand into the Saudi market.
The CEO emphasized the growth of new economy sectors, like technology and innovation, which now contribute nearly 50 percent of the firm’s corporate income. This transition aligns strategically with both countries’ goals and supports Saudi Arabia’s Vision 2030.
Enhancing Economic Ties
Standard Chartered China has engaged with Saudi Arabia’s leadership team and women entrepreneurs in technology, sponsoring and supporting them through various programs. The bank is adding more personnel, introducing new products and solutions, and implementing best practices from its global operations in the Kingdom.
Mazen Bunyan, CEO of Standard Chartered Saudi Arabia, emphasized the historic relationship between the Kingdom and China, highlighting the similar strategies for achieving economic growth and diversification. The bank plays a significant role in facilitating business into Saudi Arabia and assists international companies in establishing their presence in the Kingdom.