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Tuesday, 8 August 2017

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

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

"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 program 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 privatization 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.

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