SABB & Alawwal merge to create KSA’s third largest bank

Lubna S. Olayan, chair of SABB.
Updated 17 June 2019

SABB & Alawwal merge to create KSA’s third largest bank

SABB and Alawwal Bank have created Saudi banking history by legally combining their businesses. Following regulatory and shareholder approvals, the banks have now become a single listed company, creating the third largest bank by assets in Saudi Arabia. The two banks will continue to operate a normal service while work continues to fully integrate their products and services. 

Lubna S. Olayan, chair of SABB, said: “We have combined two great banks, each with a rich history and legacy of playing key roles in the Kingdom’s development. Now our size, enhanced capabilities and fantastic talent will help us build on that history and legacy to become the bank of choice for a modern Saudi Arabia. We will be the best place to bank and the best place to work in the Kingdom, for a new generation of Saudi men and women and for the new era of development under Vision 2030.” 

The combined bank will cement its position as a top-tier Saudi financial institution, with total revenue of SR10.9 billion ($2.9 billion), more than 1 million retail customers and the second largest corporate bank by assets. 

Joining the two banks is expected to create a significant retail and wealth management business, with greater resources to innovate and connect a young, tech-savvy population to a digital banking experience. 

David Dew, managing director of SABB, said: “The combination of SABB and Alawwal Bank creates huge potential for our customers and staff. The increased scale and capacity will allow us to support the growing needs of our diverse customer base, while also providing unrivaled international connectivity for retail, corporate and institutional clients. Our focus now is on our customers while at the same time completing the integration process and executing our vision of being the leading international bank in the Kingdom.” 

The combined bank has SR257 billion in total assets, SR168 billion in customer loans and SR195 billion of customer deposits. It will deliver long-term shareholder value by combining the best of SABB and Alawwal Bank, while capitalizing on its long-term strategic partnership with HSBC Holdings PLC to provide an international banking experience in Saudi Arabia.

A new board and leadership team are in place, overseeing the integration of the two banks, which is expected to take between 18 and 24 months.


LuLu to fly 12 students from Kingdom to NASA

Updated 23 January 2020

LuLu to fly 12 students from Kingdom to NASA

LuLu, the largest hypermarket chain in the Middle East, awarded a total of 12 young students of different nationalities from Saudi Arabia, India, Philippines, and Egypt, a chance to visit the NASA center in the US.
LuLu’s back-to-school promotion called “Fly to NASA” was held in partnership with Almarai. The hypermarket hosted a competition last September in search of students who are science and space knowledge enthusiasts to experience and visit the NASA center in Huntsville, Alabama.
Shehim Mohammed, LuLu Hypermarket director of Saudi Arabia, said: “We are glad to finally announce the winners of this innovative campaign, which is a first and the most unique among our activations over the years of operating in the region. Thank you to our partner Almarai for joining hands with us in this exciting promotion. This is the first time that LuLu will lead a great opportunity to children who have the high potential to grow and learn more while having fun through science.”
Winners include: Abrez Hussain, Mohammed Ahmed, Rayyan Abdul Aziz, Naif Saad Altwaim, Osama Al-Harbi, Hugh Matthew, Khalid Abdul Aziz, Munther Mohammed Qasim Abujazar, Ahmad Gahwagy, Ahmed Khalaf, Hamza Ladha and Asif Rijo.
“Fly to NASA” winners will get to enjoy and experience a one-week trip, which will include five days of fun and learning at NASA’s Space Camp. The selection process involved two phases — first was the preliminary online registration, while the final stage featured a live quiz to obtain the top 12 winners. Students aged 9 to 18 years were encouraged to register and join the online activation.
With 185 stores operating worldwide, LuLu is the fastest growing retail chain across 10 countries, which include the GCC, India, Egypt, Indonesia, and Malaysia. Founded in the early 1990s, it has successfully expanded to different parts of the world, garnering more than 1,600,000 shopping patrons everyday.
LuLu is one of the favorite shopping destinations in Saudi Arabia, where it offers a broad selection of international products. It is one of the Middle East’s top employers with its workforce numbering to 50,000.