Thursday 8/8/1438 AH, corresponding to 4/5/2017 AD.
The headquarters of the bank branch on King Fahd Road (next to Al Faisaliah Tower) – Riyadh
In the name of Allah the Merciful, Praise be to Allah, and may blessings and peace be upon our Prophet Muhammad, his family and companions as a whole.
His Excellency Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank
His Excellency Sheikh Abdullah bin Thamer Al Thani, Ambassador of the State of Qatar to the Kingdom of Saudi Arabia
His Excellency Mr. Ali bin Ahmed Al Kuwari, Chief Executive Officer of Qatar National Bank Group
Dear Excellences
I am pleased to welcome you all, dear brothers, to the opening ceremony of the first branch of the QNB Group in the Kingdom of Saudi Arabia, and I would like to thank His Excellency Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank, for your attendance and participation. On their interest in the Saudi banking sector and their eagerness to contribute to it. I would also like to express the feelings of happiness and pride of the employees of the Saudi Arabian Monetary Authority for joining the banking system in the Kingdom; one of the leading financial institutions in the Middle East. The Group's obtaining the license to open a branch in the Kingdom is an additional solid building block in building joint economic cooperation between the two brotherly countries, and it is also a significant step towards enhancing constructive competition in providing modern and varied services and products to the Saudi banking sector that meet the aspirations and needs of its clients and will support at the same time Developments in other economic sectors.
The relations between the brotherly State of Qatar and the Kingdom of Saudi Arabia are characterized by strong and established relations that exceeded the importance of the requirements of the two dimensions of geographical proximity and strategic depth. This became solid and deep-rooted fraternal relations that strengthen their intertwining bonds of Arabism, Islam and common history, and are increasing day after day in vitality. If we look into the history of economic cooperation between the two countries, we will find that they have been strengthened as a result of their membership in the Cooperation Council for the Arab States of the Gulf, and the important decisions issued by the Supreme Council since its establishment in support of the process of economic and development integration between the member states in all fields, which helped increase trade And inter-investment and transfer of capital and individuals.
The opening of the QNB Group branch in the Kingdom came during an important period of transformation during which the national economy is witnessing a restructuring phase, after the venerable Cabinet approved the Kingdom's 2030 vision. which will result in fundamental changes in the economic policies in the Kingdom with the aim of strengthening the development process and diversifying sources of income. Although the national economy has witnessed steady growth over the past years, as the gross domestic product has grown over the past fifteen years at an annual average of 3.8 percent. The Kingdom's leadership is looking to achieve more diversification, development and sustainable growth in the national economy to develop the private sector.
Dear Guests,
The banking sector plays a fundamental and pivotal role in achieving the goals set by the Kingdom's Vision 2030 and the programs that emerged from it, including the Financial Sector Development Program. Therefore, the importance of the continuous development of the banking sector in a way that enables it to serve the national economy with high efficiency. In this context, SAMA has developed the banking sector strategy 2020, which aims to enhance the stability and development of the banking sector and improve its services in a consistent manner with the objectives of the Kingdom's vision. Perhaps one of the most prominent indicators of the soundness and durability of the banking sector in the Kingdom is its achievement of a high rate of capital adequacy of (19.5%). It is classified as the fifth strongest banking sector in the world according to Fitch, and the achievement of a low rate of bad loans of (1.4%) only, in addition to achieving High liquidity and profitability ratios.
In conclusion, I wish the QNB Group all success in the Saudi banking market, which is the largest in the region, and I look forward to providing competitive banking and financial services and products in the banking sector that will positively affect the sector's customers in particular and the national economy in the Kingdom in general.
Thank you all for attending and participating in this happy occasion.
Peace, mercy and blessings of God