The Secretary General of the Union of Arab Banks, Wissam Fattouh, announced the establishment of a regional office for the Union in the Kingdom of Saudi Arabia at the King Abdullah Financial District in Riyadh, after the decision of the Saudi Council of Ministers headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, may God preserve and protect him, and the authorization of His Highness, the Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah Al Saud, may God protect him, or his representative, to take the necessary action to sign a “Headquarters Agreement” with the Union of Arab Banks to establish a regional office in the Kingdom.
After he met with the Saudi Ambassador in Lebanon Walid Bukhari at his residence in Yarzeh, Fattouh expressed the gratitude of the Union of Arab Banks, its President Sheikh Muhammad Jarrah Al-Sabah, the Vice-President of the Union, Professor Muhammad Mahmoud Al-Etribi, and the members of the Board of Directors, to the Kingdom and for the efforts made by Ambassador Bukhari and the Saudi Arabian Monetary Agency (SAMA).
He said: We offer great respect and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, may God protect him, and from His Royal Highness Crown Prince Mohammed bin Salman, may God protect him, and everyone who contributed to the delivery of this project to completion and we will inform all Ministries of Economy, Arab Chambers of Commerce and all our Arab banks, that the Union has established a regional center in the Kingdom of Saudi Arabia, which will form a communication bridge among the economic, financial and monetary authorities in the Kingdom.
Fattouh added that the new office will work within a strategy aimed at strengthening and developing commercial and banking relations between the Kingdom and the Gulf countries, and other Arab countries, especially working to raise the level of commercial and banking relations between Lebanon (the UAB headquarters) in addition to developing a wide-ranging investment strategy for the participation of our Arab banking sector represented by our banks. Members of the Union (360 banks) and other Arab financial institutions and companies are investing in the 2030 developmental vision, including renaissance development projects in the Kingdom.