Riyadh, Saudi Arabia– The King Abdullah Financial District Development and Management Company (KAFD DMC) and BNP Paribas announced the relocation of BNP Paribas’ offices in Saudi Arabia to the King Abdullah Financial District (KAFD). BNP Paribas operates under both the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA).
Reema Alasmari, Head of Territory, Saudi Arabia, BNP Paribas said: “We are pleased to announce the relocation of our headquarters to Riyadh’s premier business and lifestyle destination, KAFD. This move enhances our services and operational capabilities. The new offices represent our commitment to providing exceptional commercial banking services. Notably, BNP Paribas has been the leading international bank in the Kingdom for almost two decades.”
“We look forward to building stronger partnerships and driving innovation in this dynamic environment,” Alasmari added.
Sultan Alobaida, Chief Commercial Officer, at KAFD DMC explained: “With Saudi Arabia’s total banking assets increasing by 9.5% in 2023—rising from SAR 3.38 trillion in 2022 to SAR 3.7 trillion in 2023 and nearing the significant milestone of US $1 trillion— the Kingdom is well-positioned to continue attracting top-tier global financial players to a robust and thriving financial landscape. KAFD’s world-class office spaces and thriving business ecosystem reinforce its position as a premier business environment, and BNP Paribas’s relocation to KAFD is a powerful testament to that. We are excited to welcome BNP Paribas and looking forward to seeing how their presence will unlock new potential in KAFD as the business spine of the Kingdom as we both contribute to Saudi Arabia’s journey to economic transformation in alignment with Saudi Vision 2030.”
Ammar Pharaon, CEO of BNP Paribas Investment Company added, “By locating our offices at KAFD in Riyadh, BNP Paribas aims to enhance its strategic initiatives, engage more effectively with businesses in Saudi Arabia.”
The heart of KAFD is the Financial Plaza, which hosts some of the most important financial institutions within the Kingdom, ranging from the Public Investment Fund (PIF) to the Capital Market Authority and the Saudi Arabian Stock Exchange (Tadawul). The district is also home to the country’s largest banks. Additionally, it’s financial portfolio has witnessed significant expansion with the addition of prestigious institutions. With its modern Grade A offices, robust digital infrastructure, smart mobility, and eco-friendly operations, KAFD provides what it takes to scale a business, making it an efficient and sustainable home for BNP Paribas’ operations.
Notably, BNP Paribas is the European Union’s leading financial institution, operating in 63 countries. With two decades of presence in Saudi Arabia, BNP Paribas has two entities — a commercial banking license from the Saudi Arabian Monetary Authority (SAMA) under the leadership of Reema Alasmari, and the BNP Paribas Investment Company, licensed by the Capital Market Authority (CMA) under the leadership of Ammar Pharaon.