AAIB to set up branch in Saudi Arabia: Report

The Arab African International Bank (AAIB) is planning to set up a branch in Saudi Arabia, in a move to capitalize on the interest by some of Egypt's top investors in the Saudi market, Asharq Business reported, citing sources familiar with the matter.

 

The sources said that the bank obtained the necessary regulatory approvals in Egypt, before seeking approval from the Saudi authorities.

 

The size of the mega projects in the Saudi market and the large funds required to implement them were the main driver for investor interest and, in turn, for the bank to work on providing its services to customers in the Kingdom, they added.

 

According to data available with Argaam, AAIB was established in 1964 as the first multinational bank in Egypt with 49.37% ownership each by the Central Bank of Egypt and Kuwait's General Investment Authority.

 

The bank's assets amount to about $17.8 billion, while total equity stands at $2.5 billion, as of September 2024, according to the bank's financial statements.