Riyadh – Sharikat Mubasher: The Arab African International Bank (AAIB) is set to open a branch in Saudi Arabia to support the increasing presence of Egyptian investors in the Kingdom.
A source familiar with the matter told Asharq Business that large-scale projects in Saudi Arabia and their financing needs motivated AAIB’s expansion. The move aims to provide financial services to Egyptian investors involved in these ventures.
The source added that the bank has secured regulatory approvals in Egypt and is now seeking approval from Saudi authorities.
The number of Egyptian companies in Saudi Arabia has reached 4,000, with investments growing from SAR 5 billion to SAR 50 billion, according to Bandar Al-Amri, head of the Saudi-Egyptian Business Council. Data from Saudi Arabia's Ministry of Investment shows that Egypt accounted for 28% of investment licenses issued in the Kingdom in the first nine months of last year.
Founded in 1964, AAIB is jointly owned by the Central Bank of Egypt and the Kuwait Investment Authority, with total assets of $17.8 billion and equity of $2.5 billion as of September 2024.
