Riyadh, Saudi Arabia, 30^th September 2024

HSBC Saudi Arabia is preparing for its next phase of growth to support its clients with a new office in the heart of Riyadh’s King Abdullah Financial District (KAFD), amid the increasing investment and economic development in the Kingdom.

The Kingdom’s leading international investment bank has signed a long-term lease agreement with the King Abdullah Financial District Development and Management Company (KAFD DMC). With design work underway, HSBC Saudi Arabia expects to relocate to the new premises, known as ‘HSBC Building’, during the second half of next year.

A ceremony to mark the signing was attended by senior executives from HSBC, Saudi Awwal Bank (SAB) and KAFD on 29 September, including Georges Elhedery during his first trip to the Kingdom in his newly appointed position as Group Chief Executive Officer of HSBC on 1st of September, 2024.

Also present at the ceremony were HSBC Saudi Arabia’s Chairman, Majed Najm and Chief Executive Officer, Faris Bin Ibrahim AlGhannam in addition to Stephen Moss, Regional Chief Executive Officer, HSBC Middle East, North Africa and Turkiye. SAB was represented by Tony Cripps, Chief Executive Officer and from KAFD DMC, Gautam Sashittal, Chief Executive Officer and KAFD’s Chairman, Aiman Almudaifer.

Speaking at the ceremony, Faris AlGhannam, said: “Over the last decades we have expanded our capabilities to contribute to the development of the Kingdom’s financial infrastructure and the needs of our clients. With over 300 investment banking and capital markets professionals based here in Riyadh, and continued investment in Saudi nationals alongside global professionals, this is the right time to join KAFD, a destination at the center of the world’s most dynamic and developing economies.”

As a cornerstone initiative of Saudi Vision 2030, KAFD has evolved into a full-fledged destination that merges the worlds of business and lifestyle in a digitally integrated and sustainable ecosystem, transforming the way contemporary communities live, work, and play.

Commenting on the addition of HSBC Saudi Arabia to the KAFD community, Gautam Sashittal, said: “The Kingdom’s banking sector continues to demonstrate impressive growth and stability, bolstered by strong government support and proactive initiatives. As reported by the Kingdom’s Central Bank (SAMA), Saudi Arabia’s total banking assets grew 9.5% in 2023 compared to the previous year.” Mr Sashittal added: “At KAFD, we take pride in our role as a vital business powerhouse in Saudi Arabia, and we are excited to welcome HSBC to our thriving business community. Their strategic relocation to KAFD will not only enrich our ecosystem but also drive further growth and innovation, strengthening the Kingdom’s position as a leading financial hub.”

The relocation of HSBC Saudi Arabia underscores HSBC’s long-standing commitment in Saudi Arabia, where it has contributed in developing the financial sector in the Kingdom. Today, HSBC provides a full suite of financial products and services in the Kingdom through its retail and commercial banking partner, SAB, in which it is a 31 percent shareholder, and its investment bank, HSBC Saudi Arabia, a joint venture in which HSBC is a 51 percent shareholder and SAB a 49 percent shareholder.

Founded in 2005, HSBC Saudi Arabia has grown to become an award-winning leader across advisory, capital markets, securities services, and equities. HSBC Saudi Arabia has been at the forefront of facilitating foreign institutional investment in the Kingdom’s financial markets, including becoming the first Qualified Foreign Investor in 2015, and more recently, supporting the launch of Asia’s first Saudi Arabian Exchange Traded Fund in Hong Kong and cross listing to mainland China.