Saudi-Russian Business Council proposes opening Russian bank in Riyadh

Federation of Saudi Chambers

The Saudi-Russian Business Council presented a proposal to open a Russian bank in Riyadh during its second meeting held recently at the headquarters of the Federation of Saudi Chambers.

The suggestion is a step aimed at facilitating trade and economic exchange between the two countries, according to a press statement obtained by Argaam.

The recent meeting addressed some of the challenges that contributed to the weak volume of trade between the Kingdom and Russia, including lack of a direct shipping line to facilitate imports and exports, and lack of adequate information on the business environment and investment opportunities.

The council stressed on the importance of setting a road map for developing cooperation between the two countries through focusing on commercial and economic agreements, opening a direct flight route between the two countries, facilitating visas and increasing cooperation in the targeted sectors including agriculture.

The banks operating in Saudi Arabia include 11 listed banks, in addition to 14 foreign banks which have branches in the Kingdom. They are Emirates NBD (six branches), Gulf International Bank, National Bank of Kuwait (three branches), First Abu Dhabi Bank (three branches), France-based BNP Paribas, Germany-based Deutsche Bank, Bank Muscat, National Bank of Bahrain, US-based JPMorgan Chase, National Bank of Pakistan, Turkey’s Ziraat Bankasi, Industrial and Commercial Bank of China, Qatar National Bank, and MUFG Bank, according to data compiled by Argaam.