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Al Rajhi Bank, Saudi Arabia’s second largest bank and the world’s largest Islamic bank, reported a growth rate of 8 per cent during 2015- 2018, with 8.9 per cent increase in operating income and a 27 per cent expansion in the number of mortgages in 2018. Additionally, its current accounts grew 6.6 per cent in 2018 amid the rising Singapore Interbank Offered Rate (SIBOR) environment, the international benchmark interest rate. The bank has been playing a visible and active role in enticing foreign investors to Saudi Arabia.
The bank made the announcement ahead of the upcoming Annual Investment Meeting (AIM) 2019, the latest edition of the world’s leading platform for FDIs, which will take place in Dubai from April 8 to 10 under the theme ‘Mapping the Future of FDI: Enriching World Economies through Digital Globalisation’. Al Rajhi Bank’s Chief Executive Officer, Steve Bertamini, is one of AIM’s conference and workshop speakers this year.
Bertamini pointed to the bank’s robust financial performance, industry standing, and proactive and sustained engagement with regional and global investors as the main catalyst to create investor interest in the Kingdom, which will then generate more foreign direct investments (FDIs). In addition to Al Rajhi Bank, Annual Investment Meeting (AIM) 2019, will also witness the participation of Mario Cimoli, Deputy Executive Secretary, Economic Commission for Latin America and the Caribbean (ECLAC), Chile.
At the upcoming Annual Investment Meeting, Dr. Mukhisa Kituyi, Secretary General, United Nations Conference on Trade and Development (UNCTAD), Switzerland, will also underscore the need to make critical investments in digital development strategies and other technological advances.
This year’s AIM will witness the presence of over 80 speakers from countries as Brazil, UK, Republic of Tatarstan, Switzerland, Saudi Arabia, Nigeria, Kenya, Ethiopia, UAE, Turkey, Cyprus, Germany, Canada, China, Sweden, France, Ghana, Ukraine, Hong Kong, South Africa, Kuwait, Bahrain, Republic of Namibia, Mauritius, Russia, Italy, Republic of Togo, Sierra Leone, and countries from Latin America. The forum will also witness 20 speakers highlighting potential investment opportunities in their countries.
In addition to countries around the globe, AIM this year will also shed light on the importance of free zones in attracting FDIs. Free zones are now present in more than 80 percent of states in the world, including emerging countries, and comprise nearly 30 percent of global trade.
