The chairman of Asharqia Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khalidi, stressed the approval of the Council of Ministers, on Tuesday, February 26, on granting a license to Standard Chartered Bank and discussed the granting of licenses to other financial institutions.
This supports the business sector in various fields towards growth and expansion and its role in the national economy system, including the diversity of financial institutions within the country, which offers several options for banking products.
Al-Khalidi pointed out that the entry of global financial institutions in general to the Saudi market will deepening the banking market and the high liquidity flowing inside, as well as the growing opportunities for investment and the transfer of technical and human expertise, and the creation of new employment opportunities before the national labor forces, which supports the aspirations of the Vision of the Kingdom of 2030 by diversifying the sources of the national economy.
He pointed out that the number of major projects initiated by the Kingdom to implement, and that economic movement, which expands day after day, requires the introduction of more banks, in order to increase financial liquidity and then the turnover of capital in various sectors, commercial or industrial.
Al-Khalidi said that the direction of international financial institutions to the Saudi market indicates positively on the extent of economic growth in the country and stability in the future.
Also, it confirms the extent to which the market enjoyed the attractiveness of global banks because of the Vision of 2030 and the provision of a legislative and regulatory environment attractive and distinct, which is allowing banks to grow and sustain their business.
Al-Khalidi considered the entry of foreign banks and branches to the Saudi market as a great addition to the banking sector, which is a result of its competitiveness, where multiple providers of banking services.
Thus, it leads to diversifying financing options for the business sector, which came within the objectives of the program to develop the financial sector 2020 that to support and promote the growth of the business sector, especially small and medium enterprises, by increasing lending to about 5% by 2020.
