Foreign banks’ entrance to boost Saudi investments, says SAIB’s CEO

Opening the way to foreign banks to enter the Saudi market is a key step towards boosting investments in the Kingdom, as Saudi lenders will coexist and compete with the newcomers, Musaed Al-Mineefi, Saudi Investment Bank’s (SAIB) chief executive officer told Al Arabiya in an interview.

Such competition will expand the Kingdom’s financing and investment base, and Saudi banks will work hard to maintain market lead, he said.

Commenting on the National Savings Strategy, as part of the financial sector development program, Al-Mineefi said banks will work more on providing savings programs in cooperation with both the government and investment firms.