NBK commends NEOM GIGA project progress, sees opportunity for growth
KUWAIT: National Bank of Kuwait (NBK), renowned as one of the region’s leading financial institutions, has received an exclusive invitation, alongside a select group of international banks, to witness firsthand the progress of NEOM project. As a leading bank with a steadfast dedication to monitoring development initiatives throughout the GCC, particularly in the vibrant Saudi market, this invitation underscores NBK’s esteemed reputation and its pivotal role in shaping the economic landscape of the region.
NEOM, a monumental $500 billion GIGA Project supported by the Public Investment Fund (PIF), stands as a cornerstone of Saudi Arabia’s transformative trajectory, marking a pivotal moment in the nation’s quest to broaden its economic horizons and cultivate sustainable development. The tour, which comprised representatives from 52 global, regional, and local financial institutions, highlighted the advancements made in key projects such as THE LINE, Oxagon, Trojena, and Sindalah. An integral component of the itinerary involved a site visit to THE LINE, affording participants the opportunity to witness the rapid progress of phase one construction and gain a comprehensive insight into the project’s innovative design, in addition to an aerial view of Sindalah, a luxury island destination set to open soon.
Among the global banks invited to NEOM, NBK made a lasting impression by showcasing its keen interest in the ongoing projects and investment prospects within the region. This gathering served as a valuable platform for financial institutions to seek potential partnerships and align investment strategies with NEOM’s vision of sustainable growth and development. NEOM’s commitment to fostering collaboration with international partners highlights its pivotal role in driving economic transformation and innovation on a global scale.
Leading the NBK-Saudi team at the event was Zaid I Al-Sager, General Manager – Deputy Head of International Banking Group at National Bank of Kuwait. Reflecting on this exceptional occasion, Al-Sager remarked, “It was a privilege for us to be among the exclusive group of banks directly invited to observe the continuous advancements in this pivotal project and assess investment possibilities. This invitation not only highlights NBK’s prominence and significance in the region but also underscores our dedication to supporting Saudi Arabia’s growth and progress.”
“I am delighted to convey our profound admiration for the NEOM Project in Saudi Arabia—an extraordinary initiative that seamlessly aligns with the ambitious objectives outlined in “Saudi Vision 2030”. Serving as a pioneering model for sustainable living, working, and thriving, NEOM emerges as a nucleus for innovation, drawing the brightest minds from across the globe to shape the future landscape,” Al-Sager remarked.
“As we observe the culmination and commencement of several NEOM initiatives and stages by the year’s end, NBK reaffirms its steadfast commitment to supporting economic prosperity and sustainability in Saudi Arabia and beyond. With a distinguished track record of excellence in banking and financial services, NBK offers an extensive portfolio of products and solutions tailored to meet the diverse needs of its corporate and individual clients. Committed to fostering sustainable development, NBK continues to play an active role in supporting the advancement of the communities it serves,” added Al-Sager.
“At NBK, we are committed to offering more than just financial support; we strive to instill new values and opportunities into all our projects. Through our extensive array of services, which includes project finance, NBK mortgage, and Corporate Real Estate Services (CRES), we aim to empower both businesses and individuals to achieve their goals and play a part in fostering the sustainability of the Saudi economy,” he further stated.
Al-Sager also highlighted that NEOM’s sustainable objectives resonate harmoniously with NBK’s strategic vision, as both parties are committed to fostering economic growth while prioritizing environmental sustainability and social responsibility. He further stated that NEOM’s ambitious sustainability goals, encompassing renewable energy, conservation efforts, and eco-friendly infrastructure, align seamlessly with NBK’s overarching strategies aimed at promoting sustainable development and responsible banking practices.
NBK has continuously strived to bolster its presence in the GCC, with a particular focus on the lucrative Saudi market and the burgeoning projects sector. Recognizing the immense potential and growth opportunities within the region, the bank has remained committed to expanding its footprint and leveraging its expertise to tap into the dynamic Saudi market. The bank’s strategic endeavors in this regard underline its dedication to capitalizing on the numerous projects and investment prospects emerging across the GCC, positioning itself as a key player in driving economic development and prosperity in the region.
In parallel, NBK’s International Banking Group (IBG) continues to spearhead the bank’s efforts in expanding its international footprint and fostering strategic alliances with global partners. Leveraging its expertise and network, IBG plays a pivotal role in facilitating cross-border transactions, providing a comprehensive array of services, and unlocking new business opportunities in key markets worldwide. As NEOM emerges as a focal point for international investment and innovation, NBK remains poised to capitalize on these opportunities, further solidifying NBK’s position as a leading financial institution in the region and beyond.
Provided by SyndiGate Media Inc. (Syndigate.info).