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Standard Chartered Bank endeavors to enhance economic cooperation between Saudi Arabia and China through strategic expansion

Standard Chartered Bank China’s CEO, Jerry Zhang, highlighted the substantial growth potential for foreign banks in Saudi Arabia, particularly in meeting the burgeoning demand from Chinese clientele. Zhang emphasized the company’s commitment to bolstering its infrastructure and services to better cater to Chinese clients within Saudi Arabia, signaling confidence in the market’s prospects.

The bank’s strategic approach involves hiring a corridor banker, fluent in Chinese, to serve as a local relationship manager for Chinese clients in Saudi Arabia. This move is a direct response to the increasing demand for services, showcasing the bank’s proactive stance towards meeting client needs.

Moreover, Standard Chartered’s relatively recent entry into the Saudi market in 2022 hasn’t hindered its progress. The Middle East-China corridor already contributes significantly to the bank’s income and is poised for rapid expansion. Zhang expressed optimism about the region’s potential, foreseeing a substantial growth trajectory in the near future, especially within Saudi Arabia.

The CEO emphasized the strategic alignment between Saudi Arabia and China, particularly in sectors such as infrastructure, new energy, technology, logistics, and e-commerce. These sectors are areas where Chinese companies excel, presenting opportunities for collaboration and growth.

Furthermore, Zhang highlighted the bank’s support for the emerging new economy in China, which complements Saudi Arabia’s Vision 2030 objectives. This alignment underscores the strategic importance of the bank’s operations in both countries.

In terms of economic outlook, Zhang pointed out China’s robust growth rate and its significant achievements in sectors like automotive and electric vehicles. These factors contribute to the bank’s optimism about the economic prospects of both China and Saudi Arabia.

The relationship between Saudi Arabia and China has witnessed significant progress, with numerous agreements signed and initiatives undertaken to strengthen economic ties. Standard Chartered Bank is actively involved in fostering this relationship through various engagements and sponsorships.

Mazen Bunyan, CEO of Standard Chartered Saudi Arabia, emphasized the historic relationship between the two countries and the bank’s role in facilitating business between them. He highlighted the bank’s commitment to supporting the objectives of Vision 2030 and investing in talent development within Saudi Arabia.

In summary, Standard Chartered Bank plays a crucial role in facilitating economic cooperation between Saudi Arabia and China, leveraging its global network and expertise to support clients and foster growth in both markets.

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