Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 2025

Standard Chartered says Saudi Arabia has opportunities for growth

Standard Chartered says Saudi Arabia has opportunities for growth

Saudi Arabia is an important market that is “growing and promising” and opens up large-scale banking opportunities for the region and the world, a banking official said on Wednesday.
“The Saudi-UK business, trade and investment partnership is very strong and historic,” Mazen Fahad Al-Bunyan, CEO of Standard Chartered Saudi Arabia, told Arab News on the sidelines of a UK roadshow that coincided with the launch of the British-based multinational bank’s Q1 results on Wednesday. “The trade corridor is very strong. It has recorded SR15.3 billion last year and that was a 47-percent growth that excludes foreign direct investment, which was SR5.1 billion, give or take, which is significant and important for the two countries, and we’d like to play a role in that as well.”

Standard Chartered has been operating in the Kingdom since 2011 through its capital markets license, and has already set up similar licenses in the UAE and is looking to do the same in Egypt by the end of the year. It is already present in 18 markets in the Middle East and North Africa region and Al-Bunyan says the company has a “very clear strategy” for the region.

“We’re not foreign to the market,” he said. “In fact, it’s a very important market for us. We continue to invest in localizing our coverage and bringing teams on the ground, bringing capabilities on the ground, investing in digital systems and bringing our best-in-class expertise, whether it’s people or innovative products,” he added.

The consumer, corporate and institutional banking, and treasury services company reported a very strong first quarter in which profits jumped 21 percent, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses.

Profits in Africa and the Middle East increased by 9 percent but were up 31 percent on a constant currency basis, as income increased 26 percent with strong growth in cash management and retail deposit income, the report said.

“This was partly offset by expenses increasing 14 percent on a constant currency basis reflecting inflationary pressures in the region. Impairment charges were a net release of $26 million, an $18 million reduction on the prior year,” it added.

“We have achieved by far the highest quarterly results since 2014 for the bank as a whole, we remain very liquid and our asset quality is diversified and we are on track to achieve our 2024 targets,” Al-Bunyan said.

“Our 2024 target is to achieve a return on tangible equity of 14 percent, but looping it into Saudi, we are looking to further enhance our business and operation in the Kingdom, bringing our capabilities on the ground to tie in with our global clients and local clients as well, and to help work on achieving and supporting delivery of Saudi Vision 2030.”

He added that even during crises including the COVID-19 pandemic, the company still continued to perform well and claimed that the bank does not face any challenges, “only more opportunities.”

He continued: “Other things that Standard Chartered is doing in Saudi include developing local talent, engaging with key stakeholders within the country, and we have also launched a ‘Women in Tech’ program that is focused on supporting (female digital entrepreneurs). This is a very rich program, and it’s been very rewarding as well.”

Female participation in the Saudi labor market is at its highest ever, at 37 percent of the market, he added.

He also highlighted some youth initiatives — important since 70 percent of the Saudi population is below the age of 30. “Our talent mix on the ground is very youthful,” he said.

Standard Chartered has a global community initiative called Future Makers that is focused on youth. The company has already introduced the program — which focuses on education, employability and entrepreneurship — into Saudi Arabia, the UAE and Bahrain, and is looking to set it up in Egypt as well, Al-Bunyan said.

“It provides (youth) with the required skills (to enter) employment and function in the future,” he added.

Standard Chartered is also committed to delivering on the Saudi Green Initiative and the Middle East Green Initiative that were launched by Saudi Crown Prince Mohammed bin Salman in 2021, Al-Bunyan said.

“The initiative was very comprehensive and it could be a blueprint for other regions to adopt. As a region, they have shown they are serious about delivering on these targets,” he added.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
×