Riyadh, 7th May 2017 – QNB Group, the largest financial institution in the Middle East and Africa, has inaugurated its branch in Riyadh, Kingdom of Saudi Arabia (KSA). Senior bank officials and distinguished representatives from the banking and business sectors attended an inauguration ceremony held under the patronage and presence of H.E. Dr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the Saudi Arabian Monetary Authority (SAMA), H.E. Sheikh Abdullah Bin Saud Al Thani, Governor of Qatar Central Bank, Mr. Ali Ahmed Al-Kuwari, QNB Group CEO, and a number of Qatari diplomats.
Through its branch, located in the Saudi Capital of Riyadh, and its business hub extending along King Fahd road, QNB Group will provide a comprehensive suite of banking products and services to individuals, businesses, and government departments. This complements its extensive expertise in wealth and investment portfolio management, project finance, smart banking solutions, and assorted innovative banking products and services that meet the requirements of the KSA market.
On this occasion, Mr. Ali Ahmed Al-Kuwari, QNB Group CEO, hailed the inauguration of this new branch, pointing out the Group’s access into the KSA market is part of the Group’s strategic plan to be present in all markets that have a strong and resilient economy. The KSA is one of these economies, especially considering its ranking among the world’s 20 strongest economies.”
Mr. Al Kuwari added: “Through our presence in Riyadh, we strive to become a major partner in promoting KSA’s economic development by providing banking solutions to individuals, businesses, and government departments in both KSA and Qatar. This is in line with the Group’s successful expansion of its global reach in Asia, Europe, and the Middle East and North Africa region. QNB Group’s successful expansion is the result of well-researched risk management policy, as well as the forward-looking strategies that aim at diversifying our activities in Qatar and abroad.”
Al Kuwari also praised the Saudi government for its support of the banking industry, as evidenced by the implementation of streamlined procedures for the establishment of foreign banks, and for facilitating the authorization process to open a branch for the Bank in the Kingdom. He added: “We convey our warmest regards to the government of the Custodian of the two Holy Mosques as represented by the Saudi Arabian Monetary Authority (SAMA) and its staff.”
QNB Group successfully maintained the highest brand value in the Middle East and North Africa, thus strengthening its position in the region. Furthermore, the Group maintained a high credit rating, considered one of the best in the region according to a number of leading global rating agencies such as Standard & Poor’s (+A), Moody’s (Aa3), Fitch (-AA), and Capital Intelligence (-AA).
QNB Group is present, through its subsidiaries and associate companies, in more than 31 countries across three continents, providing a comprehensive range of products and services. QNB Group staff exceeds 28,000 operating through more than 1,250 locations with a network of 4,300 ATMs.