RIYADH: Saudi Arabia is emerging as a hub for global finance and investment, according to a Standard Chartered Bank official.
In an interview with Arab News at the Future Investment Initiative in Riyadh, Rola Abu Manneh, CEO of Standard Chartered Bank for the Middle East, UAE, and Pakistan, emphasized the significance of FII as a platform uniting key financial players. She mentioned that attendance has grown from 7,000 in 2023 to around 9,000 in 2024.
“You could see it’s able to attract the fund managers, the bankers, the credit agencies, as well as the Saudi ink. It’s a platform where you meet all the Saudi ink. You learn about what investment Saudi requires. What are their plans in terms of expansion,” she said.
Discussing the Kingdom’s infrastructure and growth initiatives, Abu Manneh highlighted the appeal for contractors, banks, and export credit agencies to collaborate on significant projects like the Red Sea initiative.
“This is where you would have the contractors, the ECAs, and the banks coming in together to put facilities in place,” she added.
Saudi Arabia’s Public Investment Fund and Aramco are also generating interest from equity and debt investors worldwide, driven by their expansion and monetization strategies. “From that angle, there’s opportunity for everybody for equity, for the investments as well as for the debt,” Abu Manneh explained.
She stressed the need for Saudi entities to diversify their funding sources, especially as the Kingdom develops its infrastructure. “It’s very important for them, the Saudi ink, to diversify their funding base and not rely only on the debt capital market,” she explained.
Abu Manneh noted that China has shown significant interest in Saudi projects. “China is looking to come and invest in the Saudi markets,” she said, adding that Chinese companies and banks are keen to establish a presence in the Kingdom.
The bank is pursuing its digital transformation to adapt to changing customer expectations, with substantial investments in AI (artificial intelligence) and digitization. “Because if we don’t do this, frankly, all banks will just disappear,” Abu Manneh remarked.
She added that while AI could enhance customer service and documentation processes, it won't fully replace human interaction, particularly in private banking.
