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 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.
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The relocation of HSBC Saudi Arabia underscores HSBC’s long-standing commitment in Saudi Arabia
Chief Executive Officer, HSBC, 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 one 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.
Chief Executive Officer, KAFD, Gautam Sashittal, added: “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. 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.”
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