QNB partners with Ajlan & Bros for digital banking presence in Saudi Arabia

Qatar National Bank Group has signed a joint venture agreement with Ajlan & Bros Holding to develop and grow digital banking opportunities in Saudi Arabia.

According to a press release, both QNB and Ajlan & Bros Holding have initiated steps to obtain the required regulatory approvals.

The strategic agreement was signed by QNB's group CEO, Abdulla Mubarak Al-Khalifa, and Ajlan & Bros' Chairman Ajlan Bin Abdulaziz Alajlan. The press release further noted this agreement is part of both groups' strategic plan to grow their digital banking presence and investments in Saudi Arabia.

Since 2006 Saudi Arabia has had an established plan for digitization, known as National Strategy for Digital Transformation, and this initiative is now in its final stage. In October, global payment solutions provider Checkout.com's report titled 'Digital Transformation in MENA 2022', revealed that more than one in ten Saudis spend money online at least once a day via e-commerce platforms.

The report further pointed out that Saudis who prefer cash for payments reduced from 27 percent in 2021 to 20 percent in 2022. Headquartered in Riyadh, Ajlan & Bros Holding is one of the largest retailers and manufacturers in the

Middle East, with its brand recognized and present in more than 25 countries across the world.

Earlier in August, Ajlan & Bros Holding signed agreements worth $7 billion with Malaysian companies, according to a statement on LinkedIn. Through this deal with Malaysian firms, Ajlan & Bros Holding aims to develop effective programs to promote collaboration between the two countries to invest in key sectors namely, industrial manufacturing, health care, technology, entertainment, and defense.

QNB is one of the most valuable bank brands in the Middle East and Africa and is one of the thirdtier sponsors of the ongoing FIFA World Cup.