Cabinet licenses Banque Misr to operate in Saudi Arabia

King Salman bin Abdulaziz Al Saud

The Saudi Cabinet approved on April 6, 2021, issuing a license for Egypt’s Banque Misr to open a branch in the Kingdom.

A total of 14 foreign banks operate in Saudi Arabia, including Emirates NBD (four branches), and Gulf International Bank and National Bank of Kuwait with three branches each, as well as BNP Paribas, Deutsche Bank, Bank Muscat, National Bank of Bahrain (NBB), JPMorgan Chase & Co., National Bank of Pakistan, Ziraat Bank Turkey, Industrial and Commercial Bank of China, Qatar National Bank, First Abu Dhabi Bank, and Bank of Tokyo-Mitsubishi UFJ.

Three foreign banks obtained the license, but did not launch operations yet, namely, Trade Bank of Iraq, Standard Chartered Bank and Bank of China Limited.

Accordingly, the number of the foreign banks that have branches in Saudi Arabia reached 18.