American Express Saudi Arabia has announced the signing of a partnership agreement with Riyad Bank that will permit merchants on Riyad Bank’s point of sale network to accept American Express card payments. The agreement will allow American Express cardmembers to pay with their cards at a significant number of new locations, providing greater payment choice and wider acceptance for them.
The PoS partnership agreement was signed during a ceremony held at Riyad Bank’s headquarters in the capital city, in the presence of Fahad Mubarak Al-Guthami, chief executive officer at American Express Saudi Arabia, and Mohammed Abo Al-Naja, chief corporate banking officer at Riyad Bank, with senior officials from both sides in attendance.
Commenting on the significance of the new agreement, Al-Guthami said: “We are pleased to work with Riyad Bank to expand on the number of locations that welcome American Express in the Kingdom, providing our cardmembers access to more locations and wider coverage to pay with their cards across Saudi Arabia. This is part of our commitment to significantly expand on the businesses that accept American Express in the Kingdom and around the world as a payment method.”
American Express Saudi Arabia is regulated by the Saudi Central Bank as a finance company. The company owns and operates the American Express card and merchant business in the Kingdom. Even though American Express products have been available to customers, merchants and corporations in Saudi Arabia for more than 20 years, the formation of American Express Saudi Arabia in 1999 represented a major milestone for the development of the American Express brand in the Kingdom. Combining the resources and expertise of American Express with The Saudi Investment Bank has contributed to developing and expanding the services offered to American Express cardmembers and merchants in the Kingdom.