After almost three years of dormancy, The Qatari National Bank (QNB) branch in Riyadh, Saudi Arabia is expected to revive giving hope to pick up business activities between the two nations.
The Chief Financial Officer of QNB Group Ramzi Mari told Reuters about the impact QNB will have on the business and other financial sectors. The bank has decided to invest and rebuild its banking team as well as the information technology infrastructure in the Riyadh branch.
QNB was set up in Riyadh in May 2017, a month before the economic and diplomatic drift between the Middle Eastern countries erupted. This forced the bank to halt all its activities and go into a dormant state. On January 8th 2021, Riyadh has announced a deal to end it rifts with Doha and also reroute flights around the Saudi Arabian Airspace.