The Bank of China officially launched its operations in Riyadh, marking its debut in the Saudi Arabian market.
The opening comes roughly two years after receiving the necessary permissions from Saudi regulators. This move is in line with China’s broader plan to increase the use of its currency, the yuan, in global trade and finance.
The establishment of the bank branch also reflects the strengthening ties between Saudi Arabia and China, particularly following Chinese President Xi Jinping’s state visit to Saudi Arabia just under a year ago.
“The opening of the branch in Saudi Arabia can further promote economic and trade cooperation and facilitate exchanges between Saudi Arabia and China,” Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times.
“It is a very important emerging market economy that has just joined the BRICS,” Peng affirmed
The Riyadh branch has employed over 20 staff members, with a significant portion being local hires, as reported by the South China Morning Post.
The recent collaboration between China and Saudi Arabia has been further solidified by a strategic partnership agreement signed last year.
This agreement encompasses various sectors, highlighting commitments to hydrogen energy, Saudi’s Vision 2030, and the Asian country‘s ambitious Belt and Road Initiative.
