Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayari inaugurated on Saturday evening in Jeddah the new branch for National Bank of Kuwait (NBK). Speaking on the occasion, Nasser Al-Sa'er, the Deputy Chairman of NBK highlighted the existing fraternal relations between the Kingdom of Saudi Arabia and Kuwait. He noted that the Kingdom, which has an important economic weight, has attained remarkable progress and prosperity under its wise leadership. On his part, al-Sayari said the opening of the branch constitutes a fruit for the joint Gulf work. "The opening of the branch comes at a time when the Kingdom has been witnessing a distinguished economic performance', he said. Al-Sayari lauded the vital and important role being played by the banking sector in the Kingdom. "Fifteen banks are currently working in the Kingdom with about 1,251 branches', he said. Al-Sayari said arrangements are underway for establishing 'Al-INMA' (Development) Bank with a capital of SR 15 billion.
