Riyadh – Mubasher: HSBC Saudi Arabia announced plans to launch a new office in the heart of Riyadh’s King Abdullah Financial District (KAFD), according to a press release.

The investment bank has signed a long-term lease agreement with the King Abdullah Financial District Development and Management Company (KAFD DMC) in line with its growth strategy to increase investment and economic development across the Kingdom.

HSBC Saudi Arabia highlighted that the design work is underway, expecting to relocate to the HSBC Building during the second half (H1) of 2025.

The CEO of HSBC Saudi Arabia, Faris Al Ghannam, said: “With over 300 investment banking and capital markets professionals based here in Riyadh, and continued investment in Saudi nationals alongside global professionals, this is the right time to join KAFD.”

Gautam Sashittal, CEO of KAFD DMC, commented: “As reported by the Kingdom’s Central Bank (SAMA), Saudi Arabia’s total banking assets grew 9.5% in 2023 compared to the previous year.”

“The strategic relocation to KAFD will not only enrich our ecosystem but also drive further growth and innovation, strengthening the Kingdom’s position as a leading financial hub,” Sashittal added.

HSBC Saudi Arabia has contributed to developing the financial sector in the Kingdom for more than 70 years. It offers a wide range of financial products and services in Saudi Arabia through its retail and commercial banking partner, Saudi Awwal Bank (SAB), in which it is a 31% shareholder.