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J.P. Morgan in Saudi Arabia
Local expertise. Global resources. Our commitment to Saudi Arabia.
We are the only U.S.-headquartered financial institution with two operating licenses in Saudi Arabia, providing access to a comprehensive range of products and global banking capabilities for clients in the country. We are regulated by the Saudi Arabian Monetary Authority and the Capital Market Authority.
We have a committed and long-standing history of serving clients in the Middle East dating back to the 1930s when a predecessor firm helped U.S.-based oil companies strengthen their operations in Saudi Arabia. We opened our first branch in Beirut, Lebanon in 1955 and today we operate across offices in Abu Dhabi, Beirut, Cairo, Doha, Dubai, Manama and Riyadh.
Globally, through the JPMorgan Chase Foundation, we make philanthropic investments in cities where we have major operations, assisting those at a disadvantage by helping them build better lives for themselves, their families and their communities. Across EMEA, the firm focuses its investment and attention on three pillars: Economic Development, Financial Empowerment and Workforce Readiness.
J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023. We also lead volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.
J.P. Morgan is dedicated to developing products and services that observe and respect Sharia-compliant ethical principles. Our main goal is to provide Islamic banking solutions to clients with increasingly sophisticated financing needs.
By leveraging the firm's unique structuring platform, J.P. Morgan has developed a range of Sharia-compliant products to address the needs of this growing market. Our Sharia-compliant product offering today spans debt and equity capital markets, investor products, cash management and Murabaha liquidity products, risk management and asset management funds.
Our Local History
With a legacy dating back to 1799, we have a history of demonstrating leadership during times of both economic growth and financial instability.
J.P. Morgan has a committed and long-standing history of serving clients in the Middle East and North Africa (MENA) region dating back to the 1930s when our predecessor firm, Morgan Guaranty Trust Company, helped U.S.-based oil companies strengthen their operations in Saudi Arabia.
- 2011: J.P. Morgan opens office in Doha, Qatar.
- 2010: J.P. Morgan opens office in Abu Dhabi.
- 2007: J.P. Morgan opens office in the Dubai International Financial Centre.
- 2006: J.P. Morgan opens office in Riyadh, Saudi Arabia.
- 1993: J.P. Morgan & Co. advises the Qatargas Consortium on a multibillion-dollar financing plan for a liquefied natural gas project in Qatar to develop the largest known gas field outside the former Soviet Union.
- 1990: J.P. Morgan & Co. is instrumental in arranging a US$5.5 billion loan to help rebuild Kuwait after the Gulf War.
- 1977: Chase Manhattan Bank is a 20% shareholder in Saudi Investment Banking Corporation, a new investment bank dedicated exclusively to strengthening the Kingdom’s economic, industrial and agricultural development.
- 1976: David Rockefeller, Chase Manhattan Bank chairman, meets with Sheikh Rashid Al Maktoum in Dubai.
- Chemical Bank opens representative offices in Saudi Arabia, Dubai, Qatar, Bahrain, Oman
- Chase Manhattan Bank and Chemical Bank open representative offices in Tehran.
- Chase Manhattan Bank forms joint venture with state-owned Industrial Credit Bank to create the International Iran Bank, promoting Tehran as a major financial center.
- Chase Manhattan Bank establishes Chase National Bank, a joint venture with the National Bank of Egypt.
- The Saudi Arabian Monetary Agency appoints Chase to organize, staff and manage the newly created Saudi Industrial Development Fund that provides interest-free and subsidized loans to local businesses.
- David Rockefeller, Chase Manhattan Bank chairman, visits President Anwar Sadat in Egypt as part of his tour to build the firm's relationships in the Middle East.
- Chase Manhattan Bank and Manufacturers Hanover Corporation both open representative offices in Egypt, marking the return of American banks since 1956.
- 1971: Chase Manhattan Bank opens branch office in Manama, Bahrain, which becomes the hub for all business in the Middle East.
- 1970: Chase Manhattan Bank is the only foreign bank to operate a free-zone branch in Egypt.
- 1965: Morgan Guaranty Trust Company opens representative office in Lebanon.
- 1962: David Rockefeller, Chase Manhattan Bank chairman, visits political leaders and banking officials in Lebanon, Kuwait, Saudi Arabia, Bahrain and Iran, increasing the firm’s presence throughout the Middle East.
- 1955: Chase Manhattan Bank opens branch in Beirut, Lebanon, its first in the region.
- 1958: John Meyer Jr., future Morgan Guaranty Trust Company chairman, serves on the Saudi Arabian Monetary Agency's senior advisory committee, resulting in Morgan Guaranty becoming the major Saudi depository.
- 1950: Winthrop Aldrich is the first top Chase Manhattan Bank executive to travel to the Middle East to meet rulers, senior government officials and businessmen in Jeddah, Dhahran, Cairo, Kuwait, Abadan and Tehran.
- 1933: Morgan Guaranty Trust Company helps U.S.-based oil companies strengthen operations in Saudi Arabia.
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