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French banking giant BNP Paribas has made a significant move to strengthen its corporate and investment banking (CIB) presence in Saudi Arabia by appointing Reema Al-Asmari as the Head of Territory for the Kingdom. In this role, Al-Asmari will oversee BNP Paribas’ national commercial strategy, with a specific focus on enhancing relationships with strategic clients, multinational corporations, and government-related entities.
Her responsibilities also extend to expanding the bank’s offerings across all CIB segments, including sustainable finance. This appointment underscores BNP Paribas’ commitment to furthering its presence and operations within the Saudi Arabian financial landscape.Amine Bel Hadj Soulami, the Head of BNP Paribas Middle East and Africa (MEA), and a member of the BNP Paribas MEA Executive Committee, expressed the bank’s satisfaction with Al-Asmari’s appointment, highlighting her deep understanding of the Saudi Arabian market. He emphasized the importance of Saudi Arabia in the overall development of the region and noted that BNP Paribas has been operating in the Kingdom since 2005.Reema Al-Asmari joins BNP Paribas from Natixis, where she held the position of CEO for Saudi Arabia.
Prior to that, she spent nine years at JPMorgan Chase & Co., where she served as the Treasury Services Country Head in the Kingdom.This appointment comes at a time when female participation in the Saudi Arabian labor force is on the rise, with significant potential to impact the nation’s non-oil economic growth and elevate average household incomes. According to a report by Moody’s, this trend of increasing female workforce participation is promising for the country’s economic development.Saudi Arabia’s labor market survey, published in February, revealed that the workforce participation rate among Saudi women reached 31.3 percent in the third quarter of 2020, a significant increase from 26 percent at the end of 2019. This figure is nearly double what it was in 2016.Under the ambitious Vision 2030 reform plan, Saudi Arabia has set a target of achieving a 30 percent female labor force participation rate by 2030. Remarkably, the nation has surpassed this goal ahead of schedule, marking a pivotal moment in its journey toward gender equality and economic diversification.This progress has been propelled by several key reforms, including the historic lifting of the ban on women driving.
Additionally, the government has introduced a subsidy program to support women with expenses related to commuting for work and childcare, further facilitating their active participation in the labor force.Reema Al-Asmari’s appointment to a prominent leadership role within BNP Paribas underscores not only the bank’s commitment to Saudi Arabia but also the growing opportunities for women in the nation’s evolving economic landscape. As Saudi Arabia continues on its path of transformation and diversification, the contributions of talented professionals like Al-Asmari play a pivotal role in driving forward its economic and financial sectors.
