Three Japanese banks said to start operations in Saudi by October

Three major Japanese banks are set to become operational in Saudi Arabia by October, Arab News reported, citing Japanese ambassador Tsukasa Uemura.

"Mizuho Bank has been operating in Saudi Arabia since 2009, Sumitomo Mitsui Banking Corp. has already established a subsidiary focusing on consulting business this March. Mitsubishi UFJ Bank will also establish a full-fledged subsidiary in Riyadh this October,” he told the daily.

These financial institutions will provide advisory services to Japanese companies that are considering tapping into business in the Kingdom, Uemura added.

According to the envoy, SoftBank and Public Investment Fund, Saudi Arabia’s sovereign wealth fund, are in early talks with banks about potential funding for the world’s biggest solar power project that is being built in the Kingdom.

Meanwhile, the two countries are exploring the opportunity to set up an "Enabler Showcase Zone", which will be a showcase model of economic reform, and to invite more investment by Japanese companies into the Kingdom.