Saudi Awwal Bank and HSBC secure strategic mandate to power Riyadh Air's expansion

21/05/2025 02:18 AST

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia and HSBC, the global banking and financial services organisation, have together been awarded the Middle East and Asia Cash Management Mandate for Riyadh Air, Saudi Arabia's digital native carrier, as it prepares to commence operations in 2025.

For over 70 years, HSBC and SAB's banking partnership has enabled clients in the Kingdom to grow domestically and expand internationally.

Together, SAB and HSBC will work closely with Riyadh Air to provide an integrated and seamless cash management program to manage all payment and liquidity needs across the two regions.

As domestic house bank, SAB will oversee operations within Riyadh Air's home market of Saudi Arabia when it begins operations, including facilitating payments and liquidity management. Additionally, SAB has been mandated as one of the acquirers for Riyadh Air's e-commerce transactions, further enhancing the airline's operational capabilities.

Simultaneously, HSBC will support Riyadh Air with its planned expansion in markets across the wider Middle East and Asia. The mandate will enable Riyadh Air to leverage HSBC's award-wining payments solutions including Virtual Accounts, Omni Collect and automated sweeping solutions, ensuring efficient cash management and seamless liquidity across their international operations.

Executives from SAB and HSBC joined Riyadh Air at its new head office at the GACA Campus on Airport Road, for a signing ceremony to mark the partnership.

Yasser Albarrak, Chief Corporate and Institutional Banking Officer, SAB: "We are proud to support Riyadh Air as it embarks on a journey to redefine aviation travel in the Kingdom. This partnership highlights our commitment to providing innovative banking solutions that empower groundbreaking projects in Saudi Arabia, ensuring that Riyadh Air can achieve its vision of transforming the travel experience."

Adam Boukadida, CFO of Riyadh Air echoed, "We are proud to be partnering with SAB and HSBC as we embark on our journey to revolutionize air travel. This collaboration will enable us to manage our financial operations effectively, ensuring a smooth launch and seamless service delivery."

Kyle Boag, Head of Global Payments Solutions, HSBC Middle East, North Africa and Turkiye: "Connecting clients across the world is at our core. This mandate underscores HSBC's world-leading payments solutions, our expertise in the aviation sector and our commitment to Saudi Arabia's growth. As the largest international bank across Asia and the Middle East, we will provide Riyadh Air with seamless cash solutions as they take flight to new markets."

Saudi Gazette