The story of Banque Saudi Fransi

Banque Saudi Fransi (BSF) is one of the leading financial institutions in the Kingdom, but – as its name implies – it has a history and a legacy rooted in the strong trading and financial relations France has enjoyed in the Middle East. (Supplied)
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Updated 15 July 2020
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The story of Banque Saudi Fransi

  • CEO says the financial institution’s historic ties with the Kingdom are still in its DNA

DUBAI/JEDDAH: Banque Saudi Fransi (BSF) is one of the leading financial institutions in the Kingdom, but – as its name implies – it has a history and a legacy rooted in the strong trading and financial relations France has enjoyed in the Middle East over many decades.

Rayan Fayez, who has been chief executive officer since 2018, summed it up. “It is a pretty strong legacy. The name is still there, the DNA and the identity are still there,” he told Arab News.

The roots go back to the French financial institution Banque de I’Indochine et de Suez, which existed to serve the overseas trading interests of French business in South East Asia and the Middle East in the days when France was a world colonial power.

In 1977, in line with the aim to control strategic businesses previously owned by foreigners in the Kingdom, by royal decree foreign bank branches were converted into Saudi joint stock companies with majority Saudi ownership.

It is some measure of its heritage in the Kingdom that back then it was the holder – as Al Bank Al Saudi Al Fransi – of the PO Box 1 postal address in the Red Sea trading hub of Jeddah.

“The bank was set up by a royal decree after the ascension of King Khalid to the throne had led to the conversion of all such foreign bank branches into Saudi joint stock companies with at least 60 percent Saudi capital participation.

“This resulted in the creation of Banque Saudi Fransi as a joint venture between prominent Saudi shareholders and Banque de I’Indochine et de Suez,” said Fayez.

HISTORY

Began as French institution Banque de l’Indochine et de Suez. Became Al Bank Al Saudi Al Fransi in 1977, when foreign bank branches were converted into Saudi joint stock companies with majority Saudi ownership. Its postal address was PO Box 1 in Jeddah. Listed on the Saudi Stock Exchange (Tadawul) in January 1993.

The French bank was later merged with the country’s biggest financial institution, Credit Agricole, and the Saudi relationship was taken over by its commercial and investment banking business, CACIB.

CACIB remained a significant strategic shareholder in BSF until it decided to exit its position in the bank in 2017, in line with its global strategy to reduce its presence in many of its international operations.

BSF was one of the bigger and more significant overseas partnerships the French bank had operated, so unwinding it was complicated, but it went smoothly.

“Through multiple transactions, the last of which took place in 2019, CACIB now owns 4 percent in BSF, but has relinquished its governance and management role in the bank.

“BSF always celebrates the history and valuable legacy that links CACIB to the founding and development of BSF over the past 43 years. The bank is a stronger organization for having been on this four-decade journey with one of France and Europe’s leading banks,” Fayez added.

Today, in the fast-changing world of Saudi banking, BSF has much less of the French feel it used to have back in the early days.

It is a Saudi Arabian joint stock company, owned by institutional investors and public shareholders, offering financial services in corporate, private, and retail banking, as well as global markets.

Fayez noted that the bank also provided investment banking, asset management, investment funds, and brokerage services through its subsidiary Saudi Fransi Capital.

It was part of the group of top Saudi financial institutions that played a leading role in marketing shares in Saudi Aramco last year, which resulted in the biggest ever initial public offering on any stock market in the world.

‘The bank is a stronger organization for having been on this four-decade journey with one of France and Europe’s leading banks.’

But there is still a legacy of its French roots in BSF’s strong market position in trade finance and corporate banking.

“There is a commercial legacy mainly around being a bank that has strong cross-border trade finance capability. In that sense many of our clients in Europe were referred to BSF as a trade partner in Saudi for trade finance business. That is the direct legacy,” Fayez said.

“The indirect legacy was a strategic focus on the corporate banking business, which is where CACIB flourished, and obviously that know-how and strategy was retained in the bank in Saudi. As a result, we have one of the leading corporate market shares in the Kingdom,” he added.

BSF’s strong treasury operations also owed a lot to the French heritage, he said, and France – one of the top 10 economies in the world and a major global investor – remained an important and valued trading partner of the Kingdom.

BSF, which was listed on the Saudi Stock Exchange (Tadawul) in January 1993, has been a cornerstone of the Saudi banking sector for more than four decades, providing financial advisory and services to the individuals and organizations that are fundamental to the sustained stability and strong growth of the Kingdom’s economy.

“The bank’s success is predicated on the successful implementation of its mission to become the most modern, innovative, and experience-focused bank in the region. Through long-term customer relationships and a sustained commitment to customer-focused innovation, we offer a comprehensive suite of market-leading products and award-winning platforms, supported by a premium customer experience,” Fayez said.

He added that with more than 2,690 employees spread across its Riyadh headquarters, its regional offices in Jeddah, Riyadh, and Alkhobar, and its 87 branches, it had the talent and broad national footprint to serve countless people and communities throughout the Kingdom.

“With visionary leadership, robust governance and a clear strategy, designed to enhance our core while unlocking shareholder value through strategic growth beyond our core and digital transformation for greater efficiency and customer experience, we are investing for a better future for all our stakeholders,” Fayez added.

“The BSF’s focus on digitization reflects its position as a universal bank, with far-reaching investments beyond the traditional focus area of retail banking, into corporate banking, private banking, global markets, and internally for our people. This broad push supports BSF’s ambition to be the bank with the leading digital offering in Saudi Arabia.”

The BSF, which also provides Islamic and classic banking services, is playing an important role in supporting the Saudi government’s Vision 2030 strategy of economic reform programs and developmental efforts to strengthen the economy and promote the welfare of the community.

As part of its agreement with the Ministry of Human Resources and Social Development (HRSD), BSF is committed to support the HRSD’s programs and activities, and to unify the efforts made by various charitable organizations. It assists them with the bank’s various donations and participates in media campaigns aimed at social awareness.

The bank has won many awards and is considered one of the region’s top banking service providers. In 2017, for instance, BSF was revealed as a big winner at the Banker Middle East Industry Awards, held in Dubai.

Banker Middle East CPI Financial, a top publication in the financial and banking sector in the region, awarded BSF six honors — Best Wealth Management Bank KSA, Best Corporate Bank KSA, Best Trade Finance, Best Talent and Succession Management in KSA, and Best Branch Banking — ANTEE Ladies Banking, and Best New Loyalty Program JANA — all for the same year.


Saudi Arabia welcomes US-brokered peace agreement between Rwanda and DR Congo

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Saudi Arabia welcomes US-brokered peace agreement between Rwanda and DR Congo

  • Saudi Ministry of Foreign Affairs: Kingdom hopes accord would meet “the hopes and aspirations of two peoples for development and prosperity”

RIYADH: Saudi Arabia has welcomed the signing of a peace agreement between Rwanda and the Democratic Republic of the Congo, in a deal facilitated by the United States with support from Qatar, the Saudi Press Agency reported.

In a statement issued on Saturday, the Saudi Ministry of Foreign Affairs said the Kingdom hoped the accord would meet “the hopes and aspirations of the two peoples for development and prosperity,” and contribute to “regional and international security and peace.”

The ministry also praised “the diplomatic efforts and constructive role played by the United States of America and the State of Qatar in this regard.”

The agreement, finalized on Friday, aims to de-escalate long-running tensions between Rwanda and the DRC, which have intensified in recent years over accusations of mutual support for armed rebel groups operating along their shared border.

The most prominent of these is the M23 militia, which Kinshasa has accused Rwanda of backing — a charge Kigali denies.

Efforts to mediate between the two neighbours have gained urgency amid a worsening humanitarian crisis in eastern DRC, where conflict has displaced more than seven million people.

The US and Qatar have played key roles in recent months in bringing the two sides to the table for talks, culminating in the formal agreement to ease hostilities and commit to renewed dialogue.


Jeddah exhibition gives internet cafes an artistic reboot

Seventeen artists and collectives have had their work on display at ‘Internet Cafe,’ an exhibition inspired by the digital age.
Updated 28 June 2025
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Jeddah exhibition gives internet cafes an artistic reboot

  • Local artists revive communal, quirky, deeply human qualities of early web era

JEDDAH: Internet cafes in Jeddah were once popular spots with pay-by-the-hour internet access; they have now provided the inspiration for the city’s latest exhibition.

In a collaboration between Kham Space and Estiraha, 17 artists and collectives have had their work on display at “Internet Cafe,” an eight-day exhibition which explored the concept of connection and intimacy in the digital age.

Asaad Badawi’s installation paid tribute to early programmer culture. (Supplied)

Abeer Sultan, who curated the exhibition alongside Mbarak Madhi and Fai Ahmed, spoke to Arab News about the early process in contemplating the theme.

The idea for the exhibition, which concluded on Friday, stemmed from an exasperation over incessant scrolling, and the deluge of information that has usurped our daily lives.

HIGHLIGHTS

• The idea for the Jeddah exhibition stemmed from an exasperation over incessant scrolling, and the deluge of information that has usurped our daily lives.

• Some of the works were meant to act as ‘hyperlinks’ to connect ideas, as well as creating a communal space and mimicking the social space of a cafe.

She said: “We wanted to do something that is about us now, and maybe the future as well; not only going back to things for nostalgia or the good old days, as they say.

‘Closed eyes under a sunny sky I’ by Zahiyah Alraddadi. (Supplied)

“Maybe it has something that we can use today, especially now that there’s a movement of people trying to slow down, using dumbified devices throughout the internet.”

Instead of creating a literal internet cafe, the curators focused more on the nuances a cybercafe used to have.

"F.A.R." by Dalal Madhi's work. (Supplied)

Their approach to the space was categorized into three themes: “Disconnected Understanding, Linked Source,” “In the Shadow of a Doubt, Light My Screen,” and “Whirling Algorithms of a Distant Dream.”

Artist Zahiyah Alraddadi, who usually paints works focusing on the significance of the mundane, took oil to canvas to paint “Closed Eyes Under a Sunny Sky I” and “Familiar Features.”

The a piece by Ahaad Alamoudi, “Land of Dreams” takes a humorous approach. (Supplied)

Her work feels meditative and was intended to slow visitors down as they walked through the space — much like the feel of a buffering screen page.

Some of the works were meant to act as “hyperlinks” to connect ideas, as well as creating a communal space and mimicking the social space of a cafe.   

Studio bin Hattan, which is led by artist Elham Dawsari, displays “Cultural Override” derived from her father’s archives from the 80s, who was interested in computer graphics. (Supplied)

Anhar Salem’s work “After Now” was a curtain imprinted with thumbnails of YouTube videos. The artist conducted a survey asking people between the ages of 18 and 40 to share their YouTube video recommendations, making up a curtain of information overload.

Next to that, Tara O‛Conal’s video installation was a film sequence — but the catch is, nothing really happened. The film continued to load, glitch, and reload, perhaps suggesting commentary on our constant yearning for contact.

Hayfa Al-Gwaiz’s “Long Distance” is a painted form of FaceTime video calls. The work explores digital intimacy by centering not the callers’ faces, but the ceilings above them. (Supplied)

“Compared to Anhar’s work, (Tara’s) feels like a pawn, in a way, to look at,” Sultan said.

Some works were inspired by computer graphics. Asaad Badawi paid tribute to early programmer culture via telephone-book-inspired art, and his father, who is a programmer.

Madhawi Al-Gwaiz's works are painted in a graphic style that is reminiscent of early 00s and '10s graphics styles. (Supplied)

Studio bin Hattan, which is led by artist Elham Dawsari, displayed “Cultural Override,” derived from her father’s archives from the 1980s. Madhawi Al-Gwaiz paints in a style that echoes digital graphics from the early 2000s.

Others took a more distanced approach. ThirdSpace’s “Untitled Table” was a physical object, but the research behind it was about keyboards that then shifted to Hijazi architecture, drawing on the iconography and architectural languages across the history of the region.  

Tara O‛conal’s video installation is a film sequence in nature—but the catch is, nothing really happens. The film continues to glitch and reload, perhaps suggesting commentary on our constant yearning for contact. (Supplied)

Hayfa Al-Gwaiz’s “Long Distance” was a painted form of facetime video calls. The work explored digital intimacy by showcasing not the callers’ faces, but the ceilings above them — a scene that’s familiar to anyone who has taken up a long-winded video call with a loved one and set down the phone to cater to life’s more immediate demands.

While the exhibition tackled the digital boom personified through cybercafes, it notably avoided artificial intelligence.

Sultan explained: “It is the idea of being fast and efficient, which is what we are resisting with AI …  It’s dominating the internet in a weird way, and we wanted a space where people customized things manually, going back to montadayat (domains) where people had to do things by themselves. There’s no template.”

The last piece was by Ahaad Alamoudi, and “Land of Dreams” took a humorous approach to directing audiences to their dreams. As you walked toward the work, in an outdoor area outside the confines of the exhibition space, visitors were met with foam boards of the iconic Emirati singer Ahlam.

Sultan said: “The work accentuates the fact that the dream land is a subjective experience or idea, and everyone would have their own imagination of what that is, whether it's Ahlam or something else.”

The “Internet Cafe” was a love letter to a new digital age — one that is sustainable, communal, and deliberately slow.  

“This is our way of keeping in touch with other people. An exhibition space is also a space where people meet, even if it’s for a moment, to have these conversations together, which is really important,” Sultan said.

 


Rooted in earth: Rafha’s mud structures tell a story of sustainability

Updated 28 June 2025
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Rooted in earth: Rafha’s mud structures tell a story of sustainability

  • The buildings were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds

RIYADH: In the heart of northern Saudi Arabia, the mud buildings of Rafha stand as “a vibrant narrative of traditional architecture, reflecting authenticity, creativity, and cultural identity,” the Saudi Press Agency said in an article on Saturday.

These structures tell the story of an ancient past, “embodying traditional architectural ingenuity that connects people to the land.”

Rafha’s historic mud structures are an appealing destination for anyone interested in history, heritage, and traditional craftsmanship. (SPA)

Located along one of the Kingdom’s most significant tourist routes, the buildings “integrate cultural heritage with the natural environment,” the SPA wrote, and “serve as living records of generational memory, preserved through architectural details.”

This makes them an appealing destination for anyone interested in history, heritage, and traditional craftsmanship.

FASTFACTS

• The buildings in Rafha were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds.

• Local authorities are making efforts to restore and maintain these mud structures, preserving their historical and cultural value.

The buildings were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds. Their design responds to the local environment, maintaining balanced indoor temperatures during scorching summers and cooler winters. Most feature an inner courtyard, surrounded by rooms arranged in a circular layout, reflecting a strong sense of community.

Rafha’s historic mud structures are an appealing destination for anyone interested in history, heritage, and traditional craftsmanship. (SPA)

These mud buildings illustrate “a deep harmony between humans and their environment,” the SPA wrote, adding that they also “reflect sustainable building principles that long predate modern green architecture.”

Local authorities are making efforts to restore and maintain these mud structures, preserving their historical and cultural value while promoting them as distinct parts of the Saudi tourism landscape.

 


Malaysia grants Saudi Hajj minister Al-Rabiah 'Hijra Personality of the Year' award

Updated 28 June 2025
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Malaysia grants Saudi Hajj minister Al-Rabiah 'Hijra Personality of the Year' award

  • Tawfiq Al-Rabiah Al-Rabiah was presented with his award by Malaysian King Sultan Ibrahim

KUALA LUMPUR: Saudi Arabia’s Minister of Hajj and Umrah Tawfiq Al-Rabiah received the International Tokoh Ma’al Hijrah 2025 award in Malaysia on Friday, the Saudi Press Agency reported.

Malaysia grants the award — the name of which translates to Person of the Year for Hijrah — annually to an influential Muslim personality to recognize their contributions to Islamic causes.

Al-Rabiah won the award for his efforts in developing systems designed to make Hajj and Umrah run safely and smoothly for pilgrims.

Al-Rabiah was presented with his award by Malaysian King Sultan Ibrahim. Malaysian Prime Minister Anwar Ibrahim and Minister of Religious Affairs Mohammed Naeem bin Mukhtar were present at the ceremony.

The event was held in Kuala Lumpur on the occasion of Hijri New Year.

 


Muslim World League condemns Israeli attacks on civilians in Gaza, West Bank

Updated 28 June 2025
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Muslim World League condemns Israeli attacks on civilians in Gaza, West Bank

  • Organization describes actions as part of wider pattern of settler aggression

RIYADH: The Muslim World League on Saturday strongly condemned recent Israeli attacks on civilian shelters and ongoing violence against Palestinians in the Gaza Strip and the West Bank, the Saudi Press Agency reported.

The MWL has described the actions as part of a wider pattern of settler aggression carried out with impunity under the protection of the Israeli occupation forces, the SPA added.

The MWL’s Secretary-General Dr. Mohammed bin Abdulkarim Al-Issa, who also chairs the Organization of Muslim Scholars, denounced in a statement issued by the MWL’s General Secretariat what he called “heinous crimes” committed against unarmed civilians, including recent attacks by settlers on the village of Kafr Malik, east of Ramallah.

He added that the “brutal assaults” were a “blatant violation of all human values as well as international laws and norms.”

He urged the international community to uphold its legal and moral responsibilities and take decisive action against what he described as the occupation government’s ongoing disregard for the rights and dignity of the Palestinian people.

Al-Issa also called for the immediate activation of international mechanisms to halt the violence and ensure accountability for those responsible for what he termed “horrific massacres.”

His comments came after Saudi Arabia’s Foreign Ministry issued a statement on Friday condemning the violence, denouncing “the continued violence perpetrated by Israeli settlers, under the protection of the occupation forces, against Palestinian civilians, including the attacks in the village of Kafr Malik.”