RIYADH, 18 April 2004 — Emirates Bank International will start operating in Saudi Arabia in July, a source told Arab News.
The second Gulf bank to make its debut in the Kingdom, it has already started recruiting IT and other technical support staff for its Riyadh branch.
Bahrain’s Gulf International Bank (GIB) was the first to set up shop here in line with a Cabinet resolution allowing GCC banks to open branches in the Kingdom.
However, unlike GIB, which remains focused on corporate banking, Emirates Bank will branch out into retail banking too, though it will focus on project financing.
According to the Saudi Arabian Monetary Agency, bank deposits in the Kingdom’s nine commercial banks stood at SR357 billion in January 2004, up from SR328.5 billion for the corresponding month last year.
Senior EBI officials have said the bank will also expand its presence to Kuwait, Qatar and Oman.
In the Kingdom it plans to add another 10 branches within five years.
According to a press release posted on the bank’s website, EBI applied for a Saudi license several years ago.
