Emirates NBD recognised for outstanding contribution to FDI in Saudi Arabia

Press release

Published January 30th, 2011 - 12:20 GMT

Al Bawaba

Emirates NBD, a leading bank in the region, has been recognised as the largest financial services contributor to foreign direct investment (FDI) in Saudi Arabia in 2010, by the Saudi Arabian General Investment Authority (SAGIA). The award was presented to Emirates NBD at a special ceremony on the final day of this year’s annual Global Competitiveness Forum, sponsored by SAGIA and held in Riyadh from the 22nd to 25th January 2011.

On accepting the award for largest contributor to FDI in the Finance Services and Insurance Category, Mohammed Al Hegelan, Country Manager-KSA, Emirates NBD, said: “We are honoured to receive this award, and would like to thank the Saudi Arabian General Investment Authority for this recognition”. “Despite challenging conditions globally, Saudi Arabia continues to provide attractive opportunities for investors due to its well-developed infrastructure and pro-business economic environment.” He added.

The Kingdom of Saudi Arabia has been rated as the 13th most economically competitive country in the world, according to the International Finance Corporation (IFC)-World Bank annual "Doing Business" report for 2010. According to the report, this high ranking is due to economic reforms introduced by the government in recent years, which make it easier for companies to do business in Saudi Arabia. The Kingdom itself was ranked eighth largest recipient of FDI inflows in the world during the same period.

“Saudi Arabia has always played an important part in our international expansion strategy,” continued Hejelan. “In addition to our strategically positioned branch in Riyadh, which provides a full range of products and services, Emirates NBD has further plans to expand its operations in the Kingdom with new initiatives to be announced later in the year.”

The award was based on the National Competitiveness Centre’s annual survey of foreign or joint-venture companies in the Kingdom and Emirates NBD was named the largest contributor of FDI in 2010 among all finance services and insurance providers.

The Global Competitiveness Forum is held in Saudi Arabia every year, bringing together industry leaders and policy-makers from across the globe. Its focus is on concerns and debates on how the region can become more economically competitive, highlighting progress and developments in this area.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.

Company Profile

Saudi Arabian General Investment Authority

Based on its vision to be a pioneer in developing quality investments that facilitates sustainable development, the Saudi Arabian General Investment Authority (SAGIA) is responsible for following up and assessing investment performance, alleviating the difficulties encountered by investors, conducting studies and research and drafting executive plans to stimulate local investments.