RIYADH: Banks in London and Riyadh are looking to expand into each other’s markets in a sign of the growing ties between the two cities, a UK finance official has insisted.
Speaking to Arab News on the sidelines of the Future Investment Initiative forum in the Saudi capital, Andrew Griffith pointed out how prominent institutions such as HSBC and Standard Chartered already have a presence in the Kingdom.
The UK’s economic secretary said he believes Saudi banks will expand into London as relations between the countries’ economies develop.
His comments came just months after real estate developer Dar Al Arkan became the first firm from the Kingdom to achieve a listing on the main market of the London Stock Exchange with its global arm.
Griffith said: “London is the biggest international financial capital markets. But firms like HSBC and Standard Chartered, which have been in this region for a very long period of time, are actually headquartered in London.
“They’re big London firms. So, they’re the sort of firms that I’ve been meeting with today.
“But also, firms like the Saudi National Bank are looking to expand and increase its presence in London.
“(London and Riyadh are) two really big, important financial capitals,” he added.
He went on to continue that there is a real recognition about what Crown Prince Mohammed bin Salman is achieving with the Saudi 2030 vision and the significant opportunity to be part of that.
During the interview, Griffith also noted that the UK will, next week, lead a global artificial intelligence-related summit, in which the Kingdom will be represented, in an attempt to discuss some of the opportunities as well as the challenges affiliated with this market.
World leaders, industry titans, and global financiers are set to gather in Riyadh for the seventh edition of the FII from Oct. 24 to Oct.26.
Under the slogan “The New Compass,” the attendees will discuss climate, economy and technology issues.
The FII acts as a catalyst for crucial talks around the macroeconomic challenges communities face.
This year’s conference will also shed light on the role of governments and the transformative potential of technology, education, and healthcare in shaping a more prosperous future.
