Trade Bank of Iraq to open first Saudi branch

The TBI will be the only active Iraqi bank in Saudi Arabia. (Facebook)
Updated 17 April 2019
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Trade Bank of Iraq to open first Saudi branch

  • TBI was ranked No. 1 in the cost to income category in the Middle East by The Banker

RIYADH: The Trade Bank of Iraq (TBI) is entering the Saudi market with the opening of a branch in Riyadh on Thursday. It will be the bank’s first operational branch outside Iraq, and the TBI will be the only active Iraqi bank in the Kingdom, TBI Chairman and President Faisal Al-Haimus told Arab News on Tuesday.
On Thursday, a ribbon-cutting event will be held at the Riyadh branch in Al-Olayya district. Attendees on the Iraqi side will include Al-Haimus, the prime minister, the finance minister and the Central Bank’s governor. Saudi officials will also attend.
The TBI’s board of directors has also expressed plans to expand to Turkey.
TBI was ranked No. 1 in the cost to income category in the Middle East by The Banker.


Finance officials meet to map out Saudi Arabia’s budget plans

Updated 19 April 2019
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Finance officials meet to map out Saudi Arabia’s budget plans

  • Finance representatives of 150 government bodies meet for the Budget Forum 2020

RIYADH: Saudi finance chiefs have kicked off a major conference in the capital aimed at mapping out the Kingdom’s budget requirements.
Around 300 specialists representing 150 government bodies met at the InterContinental hotel in Riyadh for the Budget Forum 2020.
Minister of Finance Mohammed Al-Jadaan welcomed delegates to the second edition of the gathering organized by the Saudi Finance Ministry under the slogan “Partnership and Empowerment.”
Al-Jadaan said the ministry was focused on “partnership and commitment,” and sought to share the challenge of developing an effective budget to achieve the Kingdom’s ambitious goals.
“We are also committed to empowering financial leaderships to learn about the ministry’s programs and projects and provide training and qualification opportunities to the best international standards,” he added.
The finance chief said the budget planning process required the collaboration of multiple authorities and a clear strategy based on transparency. 
Items up for discussion at the forum included financial planning in governmental bodies, automation, and the promotion of revenues and efficient spending.
Finance Ministry steering committee chairman, Abdul Aziz bin Saleh Al-Freih, stressed the importance of the forum in getting the ball rolling at an early stage on formulating a general state budget.
Workshops were held on the sidelines of the conference focused on empowering government organizations, and a training program on financial planning and income estimations was also staged.