HSBC, SAB affirm Saudi and China economic potential
Co-hosted by HSBC Saudi Arabia CEO Faris AlGhannam and SAB CEO Tony Cripps, the event was attended by business leaders from among China’s leading publicly listed companies, as well as start-ups, covering a range of sectors including biotech, FinTech, investment funds and Artificial Intelligence.
Faris AlGhannam, CEO, HSBC Saudi Arabia, said: “Saudi Arabia’s ambitious economic transformation plan, Vision 2030, and China’s pro-growth policies provide huge potential in the trade and investment that flow between these two thriving markets. HSBC’s scale, on-the-ground expertise, and local knowledge at both ends of this vibrant business corridor, when combined with our international network, open up a world of opportunity for our clients from access to capital markets, and international investments, to technology, leisure, infrastructure, and energy transition.”
China is Saudi Arabia’s largest trading partner, and bilateral trade between the two countries reached $87.3 billion in 2021, with Chinese exports to the Kingdom reaching $30.3 billion and China’s imports from Saudi Arabia totaling $57 billion1. As bilateral ties between the world’s two fastest growing markets strengthen further with Saudi Arabia’s Vision 2030 and China’s Belt and Road and Greater Bay Area initiatives gathering momentum, HSBC and SAB stand ready to connect Chinese businesses with the inbound and outbound investment opportunities the corridor offers.
Faris AlGhannam, CEO, HSBC Saudi Arabia
Tony Cripps, CEO, SAB, stated: “As the largest international bank in the kingdom, SAB together with HSBC is ideally positioned to serve the multi-dimensional needs of Chinese businesses looking to invest in Saudi Arabia’s fast-growing economy.”
“Conversely, SAB and HSBC alongside SAB’s wholly owned subsidiary SAB Invest can help Chinese businesses tap into investment from Saudi Arabia. HSBC has supported growth and development in both markets, through its rich history in China and more than 70 years of unbroken presence in Saudi Arabia as the strategic partner and largest shareholder in SAB, the kingdom’s first bank. We can bring these sides together better than anyone else.”
HSBC is the largest and most widely represented international banking organization in the MENAT region, with a presence in nine countries: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkiye and the UAE.
In Saudi Arabia, HSBC is a 31 percent shareholder of SAB (formerly known as Saudi British Bank) and a 51 percent shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
Tony Cripps, CEO, SAB
About SAB – الأول
SAB - الأول is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to almost 100 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development. SAB - الأول is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB - الأول is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, equity and debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.
SAB - الأول offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury.
SAB - الأول 's paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as Saudi British Bank (SABB). SAB - الأول is a licensed financial institution operating under SAMA supervision and control, and a partner of HSBC Group.