Saudi Awwal Bank and HSBC Secure Cash Management Mandate for Riyadh Air
In a groundbreaking collaboration, Saudi Awwal Bank (SAB) and HSBC have clinched the Middle East and Asia Cash Management Mandate for Riyadh Air, Saudi Arabia’s upcoming digital native carrier set to launch in 2025.
With a banking partnership spanning over 70 years, HSBC and SAB have been instrumental in facilitating the growth of clients in the Kingdom both domestically and internationally.
Working in tandem, SAB and HSBC will provide Riyadh Air with a comprehensive cash management program to oversee all payment and liquidity requirements across the two regions.
As the domestic house bank, SAB will handle operations within Saudi Arabia for Riyadh Air, including payment facilitation and liquidity management. Moreover, SAB has been tasked with processing e-commerce transactions for the airline, enhancing its operational capabilities.
Concurrently, HSBC will support Riyadh Air in expanding its presence across the wider Middle East and Asia markets. The mandate will allow Riyadh Air to leverage HSBC’s cutting-edge payments solutions such as Virtual Accounts, Omni Collect, and automated sweeping solutions for efficient cash management and seamless liquidity management in its international operations.
Top executives from SAB and HSBC convened at Riyadh Air’s new headquarters at the GACA Campus on Airport Road for a signing ceremony commemorating the partnership.
Yasser Albarrak, Chief Corporate and Institutional Banking Officer at SAB, expressed pride in supporting Riyadh Air’s mission to revolutionize aviation travel in the Kingdom. He emphasized the commitment to offering innovative banking solutions to drive groundbreaking projects in Saudi Arabia.
Adam Boukadida, CFO of Riyadh Air, echoed the sentiment of pride in partnering with SAB and HSBC to transform air travel. He highlighted the collaboration’s role in effectively managing financial operations for a seamless launch and service delivery.
Kyle Boag, Head of Global Payments Solutions at HSBC Middle East, North Africa, and Turkiye, underscored the bank’s commitment to connecting clients globally. He emphasized HSBC’s world-leading payments solutions, aviation sector expertise, and dedication to Saudi Arabia’s growth, ensuring Riyadh Air receives seamless cash solutions as it expands into new markets.
