HSBC plans Saudi growth thanks to kingdom's 'unprecedented' transformation

HSBC plans Saudi growth thanks to kingdom's 'unprecedented' transformation

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Chamber Member News Post Date: 08/11/17 Source: Reuters By: Tom Arnold, Hadeel Al Sayegh and Saeed Azhar
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Summary

HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks on one of the biggest economic transformations attempted by any country, the bank's regional chief Georges Elhedery told Reuters.

Opportunities for investment banks have increased tremendously due to Vision 2030, the reform programme launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports, Elhedery said in an interview.

Riyadh has ambitious privatisation plans, including to raise $100 billion through the listing of five percent of state oil firm Saudi Aramco at home and on one or more overseas markets.

On top of that it is opening up the Saudi stock market - something HSBC estimates could attract up to $20 billion in foreign capital - and encouraging local people to save more.

"The transformation is probably unprecedented in the region and has few historic precedents outside the region for that scale," said Elhedery, who is HSBC's Middle East and North Africa chief executive. Read Full Article