Naif Alrajhi, NOREBA sign partnership agreement

The contract was signed by Sulaiman bin Saleh bin Sulaiman Alrajhi, NOREBA’s managing director in Morocco, and Naif bin Saleh Alabdulaziz Alrajhi, CEO of Naif Alrajhi Investment.
Updated 11 September 2018
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Naif Alrajhi, NOREBA sign partnership agreement

Real estate development company NOREBA, Morocco and Naif Alrajhi Investment have signed a partnership agreement that aims to develop projects worth over a billion Moroccan dirhams ($106.1 million).

The contract was signed by Sulaiman bin Saleh bin Sulaiman Alrajhi, NOREBA’s managing director in Morocco, and Naif bin Saleh Alabdulaziz Alrajhi, CEO of Naif Alrajhi Investment. 

Sulaiman Alrajhi said that the strategic partnership aims at developing and enriching the company’s business, and that it is the result of extended studies and experience within the real estate market in Morocco. “The agreement aims to develop more premium residential and commercial projects to be sold in the future, turning NOREBA into one of the most influential real estate companies in Morocco and North Africa,” he added.

Naif Alrajhi said: “Our partnership with the leading real estate development company in Morocco, NOREBA, has a great added value for our company and will be a gateway for us to enter the Moroccan markets that will be a starting point for more investments in North Africa, as it all falls within the framework of our strategic plan to diversify our investment range and to strengthen our presence in several markets and fields.”

Both parties have stated that the partnership will strengthen Saudi-Moroccan relations through business initiatives that serve the best interest of both the countries.


Emirates NBD opens branch in Alkhobar

Updated 20 September 2018
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Emirates NBD opens branch in Alkhobar

Emirates NBD, a banking group in the Middle East, has expanded its presence in the Kingdom with the opening of its first branch in Alkhobar in the Eastern Province. Emirates NBD now covers three key regions in Saudi Arabia with a presence in Riyadh, Jeddah and Alkhobar. 

As Saudi Arabia progresses plans for economic reform, in line with its Vision 2030, Emirates NBD’s presence builds on the growing economic and trade ties between Saudi Arabia and the UAE. Following the establishment of the Saudi-Emirati Coordination Council, the UAE and Saudi Arabia recently announced The Strategy of Resolve, a joint vision for economic development through 44 joint strategic projects within a five-year time frame. 

UAE-based Emirates NBD is the first non-Saudi bank with a significant branch network across the Kingdom. The bank offers retail, private, business and wholesale banking across its network of three full-fledged branches in the Kingdom, in addition to corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm.

Emirates NBD also operates in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia. 

“Our presence in Saudi is integral to Emirates NBD’s growth strategy as we continue to explore opportunities in the GCC region’s largest and most dynamic economy,” said Hesham Abdulla Al-Qassim, vice chairman and managing director of Emirates NBD. 

“Saudi Arabia is in the midst of a landmark economic transformation and we look forward to continuing to support Saudi individuals and businesses looking for a trusted banking partner.” 

Emirates NBD recently renewed its partnership with the Kingdom’s Kafalah Program, which aims to promote financing to small and medium enterprises (SMEs) within the country.

Loai Abduljawad, CEO of Emirates NBD KSA, said: “Emirates NBD’s expanded network strengthens our offering to individuals and corporates in Saudi Arabia looking to invest and trade across the MENA region and beyond. Our superior value proposition, built on the bank’s unique ‘high tech + high touch’ philosophy of offering customers a modern banking experience complemented by personalized advisory services, will enable us to strengthen customer acquisition in the Kingdom as we continue to support the country’s long-term growth and development goals, as outlined in Saudi Vision 2030.” 

Emirates NBD is a leading banking group in the region. As of June 30, 2018, its total assets were 477.5 billion dirhams, ($130 billion). The group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 percent of all financial transactions and requests conducted outside of its branches. The bank was declared the “Most Innovative Financial Services Organization of the Year” at the 2017 BAI Global Innovation Awards.