Kuwait: NBK-Saudi Announces Official Launch of Al Watani Wealth Management10.10.2018
Al Watani Wealth Management Company, a subsidiary of NBK Group, has officially launched its operations in the Saudi market, offering investment funds management, discretionary portfolios management, deal arranging, advisory services, and custody arrangements. Last year, Al Watani Wealth Management received necessary approvals from the Capital Market Authority of Saudi Arabia (CMA) to operate in the local securities sector after it has successfully fulfilled all regulatory requirements.
Mr. Isam Jassim Al-Sager, NBK Group Chief Executive Officer, said: "Al Watani Wealth Management Company embarks on its journey in the Saudi market with great potential to serve our clients as it draws from a deep well of expertise and professionalism, building on our experienced and dedicated team of professionals, as well as our unique technical and financial capabilities that enable us to source lucrative wealth management deals including: fund management, discretionary portfolios, and a wide array of investment activities regulated through our CMA license.
Al Sager added: "Saudi Arabia is a key growth market for NBK Group. We have always seen great opportunities in the Saudi market in line with our regional and international expansion strategies. Our wealth management services in KSA is an integral part of NBK Group's strategic objectives to expand its operations in the Saudi market and increase its network to three branches in Riyadh, Jeddah and Dammam.”
Meanwhile, Mr. Tariq bin Mutlaq Al Mutlaq, Chairman of Al Watani Wealth Management, said: “We are proud to launch Al Watani Wealth Management Company’s activities in the Saudi market as a new welcomed addition to the investment and banking sector offering unique innovative financial products and services”.
He added that the company seeks to fulfill all the various investment needs of its wide client base including individual investors, corporate and Hight Net Worth Individuals (HNWI). “I am very confident that the company will provide added value to the Saudi market, backed with its solid future outlook that is strategies aligned with the objectives of Saudi Vision 2030." Al Mutlaq said.
Al Mutlaq also pointed out that Al Watani Wealth Management seeks to build a strong and prominent presence in the Saudi market, while CMA is revising and amending the requirements and conditions for issuing licenses as part of an innovative plan aimed to regulate and develop the financial market, venture capital investments and private equity, in addition to supporting the Saudi asset management sector in line with Saudi Vision 2030. Furthermore, the plan supports Capital Market Authority’s program ‘Financial Leadership 2020’, aimed at stimulating investments, raising the attractiveness and efficiency of the financial market, and enhancing the market's regional and global competitiveness.
The long, deep-rooted expertise of NBK Group, the leading financial institution in the region, firmly stands behind the outstanding presence of Al Watani Wealth Management Company in both the local and regional markets. The Company's solid structure and systematic investment methodology enable it to develop value added solutions that constantly deliver fully fledged services to its customers.
KSA: NBK renews its SAR 124.6 million credit facility agreement with Saudi Marketing Company08.10.2018
National Bank of Kuwait – Saudi Arabia (NBK-Saudi) announced that it has renewed its SAR124.6 million credit facility agreement with Saudi Marketing Company.
Mr. Hani Yahya Al Ghalib, General Manager, National Bank of Kuwait – Saudi Arabia said: “The term of the facility agreement extends until May 31, 2019”, explaining that the company would utilize it to cover capital expenditures incurred due to opening new branches and to finance its working capital.
Al Ghalib affirmed that NBK Saudi is seeking to establish strategic partnerships with major Saudi companies, pointing out the bank’s capability to provide a wide range of corporate banking services in the GCC in general and Saudi Arabia in particular, as one of the key markets for NBK, considering its considerable weight in the region.
Mr. Ghalib added that NBK continues to search for attractive investment and financing opportunities in the Saudi market; as it strives to provide a full range of commercial banking services to its customers covering diverse sectors such as commercial finance, contracting, retail, and treasury.
He added that NBK is positioned as one of the top-ranking banks in the GCC, thus enabling its future growth. NBK is the largest banking group with a very strong liquidity position among its GCC peers.
KSA: NBK – Saudi pays SR1,000 to cover the cost of living adjustments to all its employees17.01.2018
In line with the Royal Orders issued by the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz and Crown Prince His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, National Bank of Kuwait – NBK Saudi announced that it paid SAR 1,000 to each of its employees to cover the cost of living adjustments in its efforts to alleviate some of their economic burdens and costs.
Mr. Hani Yahya Al Ghalib, General Manager, National Bank of Kuwait – Saudi Arabia said: “NBK employees are the cornerstone on which we build all our achievements, therefore, we are always striving to keep up with all the initiatives that would provide the required development and support to them. Moreover, implementing the Royal Order to pay the cost of living adjustments to our employees is also part of our corporate social responsibility".
Al Ghalib expressed his sincere thanks and appreciation to the Custodian of the Two Holy Mosques and the Crown Prince for their great efforts and continuous endeavors to provide a decent and safe life for Saudi citizens, reflecting their keenness to continue the path of growth, prosperity and stability in the Kingdom. He also praised the recent governmental economic decisions seeking to conform to the development plans and their progress.