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CAIRO, EGYPT - September 24: The Four Seasons Hotel and the Grand Nile Tower Hotel on September 24, 2017 in Cairo, Egypt. Overview photos of Cairo's buildings, cityscape and infrastructure from above taken from Cairo Tower in Zamalek. (Photo by David Degner/Getty Images) Image used for illustrative purpose.
Arab Finance: Arab African International Bank (AAIB) plans to establish a branch in Saudi Arabia to leverage Egyptian investors’ interest in the Saudi market, two sources told Asharq Business.
One of the sources revealed that the bank obtained the necessary regulatory approvals in Egypt before submitting a request to grant a nod from Saudi authorities.
However, the Central Bank of Egypt (CBE) did not comment on the announced plans.
The Kingdom’s attractive mega-projects motivated AAIB to launch business in Saudi Arabia, as these businesses require significant financing.
The National Bank of Egypt (NBE) and Banque Misr already have branches in the Saudi capital, Riyadh.
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