(Bloomberg) -- Japan’s Sumitomo Mitsui Banking Corp. hired Abdul Haleem Al Balooshi from Societe Generale SA to lead the bank’s coverage in Saudi Arabia, people familiar with the matter said.
Al Balooshi started at SMBC earlier this month and will focus on strategic Saudi clients, according to the people, who asked not to be named as the information is private.
He spent nearly three years at Societe Generale as the head of its financial institutions and sovereigns business in Saudi Arabia, according to LinkedIn, and previously worked at HSBC Holdings Plc in Dubai as well as London.
Representatives for SMBC didn’t immediately respond to requests for comment. Societe Generale declined to comment.
Foreign banks in the kingdom have been on a hiring spree to capitalize on a surge in initial public offerings and acquisitions involving the country’s cash-rich state funds. Firms, including Goldman Sachs Group Inc. and Japan’s Mizuho Financial Group Inc. have secured so-called regional headquarters licenses for their offices in Riyadh.
Mizuho Follows Goldman, Gets Nod to Set Up Mideast HQ in Saudi
Economic ties between Japan and Saudi Arabia have been scaled up in recent years, including more than 30 agreements signed by companies like Saudi Aramco at a forum in May. The Saudi-Japan business summit had gone ahead even after Crown Prince Mohammed bin Salman postponed his trip to Japan amid concerns over the king’s health at the time.
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The countries also have a “Saudi-Japan Vision 2030” agreement that’s meant to see Japanese companies invest in industries such as agriculture, medical care, energy and infrastructure in the kingdom.
The Asian nation is already one of the biggest buyers of crude oil from the kingdom, while Saudi Arabia’s wealth fund is among the largest shareholders in gaming giant Nintendo Co.
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