Gulf International Bank (GIB) has been granted a retail banking license for its digital venture “Meem” by the Central Bank of Bahrain.
GIB’s Chairman Jammaz bin Abdullah Al-Suhaimi expressed his appreciation for the Bahraini authorities, especially the Central Bank of Bahrain, for “the confidence placed on GIB’s retail banking capabilities.”
Al-Suhaimi highlighted GIB’s 40-year history in Bahrain as a key contributor in the financial services sector, and its continued commitment to diversify and further strengthen its operations in Bahrain and the region.
The license is considered to be an important milestone for GIB as it will expand the bank’s presence in Bahrain and pave the way for further expansion across the GCC. GIB initially launched its retail banking products and services under the brand name Meem, in Saudi Arabia in 2015.
Khalid Al-Rumaihi, chief executive of the Bahrain Economic Development Board, said: “We are delighted that GIB has been granted a retail banking license for Meem in Bahrain. The fintech industry has the potential to greatly influence how consumers and companies engage, and can positively disrupt economies in a way that allows for even further growth. However, in order to truly realize the potential, Bahrain has to have the right ecosystem in place. The launch of the service Meem by GIB demonstrates the Kingdom’s willingness to embrace this disruption and we look forward to seeing more banks grow their fintech activities.”
GIB CEO Abdulaziz Al-Helaissi said: “We are very pleased with this new venture. Meem in Bahrain will be the first digital bank in the region. The favorable regulatory environment in the Kingdom of Bahrain facilitates the establishment of digital banking platforms. We intend to launch Meem services and products in Bahrain in 2018 and we are confident that Meem will play an important role in the development of the fintech ecosystem in Bahrain and the region.”
Meem is aimed at modernizing retail banking in the region combining online and mobile banking with physical store locations.
Meem customers can open accounts online, and conduct day-to-day transactions through its online e-banking channel, supported by a wide range of communication channels, including telephone, mobile devices, e-mail, web chat and social media.
GIB granted retail banking license in Bahrain
GIB granted retail banking license in Bahrain
LuLu opens two new stores in Riyadh and Dammam
LuLu Retail has further expanded its presence in Saudi Arabia with the unveiling of two state-of-the-art shopping destinations in Riyadh and Dammam. These new stores are designed to bring a modern shopping experience closer to residential neighborhoods, offering everything from daily groceries to household essentials under one roof.
The expansion includes a massive flagship hypermarket and a convenient express store, each tailored to meet the needs of the local community with high standards of service and variety.
Recently, Yusuffali M. A., chairman of LuLu Group, reaffirmed the group’s commitment to continuous growth while ensuring an uninterrupted supply of products and maintaining stable prices for customers.
The largest of the new openings is located in the Suwaidi district of Riyadh. This massive flagship hypermarket covers more than 400,000 square feet and is built to be a one-stop shop for the capital’s residents.
The store was officially inaugurated by Mohammed Khalid Al-Shalfan, investors relationship manager at the Ministry of Investment, and Matar Salem Ali Marran Al-Dhaheri, ambassador of the UAE to Saudi Arabia.
This new retail landmark features an extensive range of departments, including grocery food and non-food items, beauty and wellness, chilled and dairy products, frozen foods, and a roastery. Shoppers can also find fresh fruits, vegetables, a bakery, and a delicatessen, as well as fresh meat and fish sections. A unique feature is the fresh food dining area. For tech enthusiasts, there are dedicated sections for computers, gaming, telecom, mobile phones, and consumer electronics. The store also carries stationery, household goods, home furnishings, toys, luggage, and footwear, all supported by more than 100 parking spaces.
Meanwhile in Dammam, LuLu inaugurated a new LuLu Xpress store and the LOT, a value shopping destination, in the Faisaliya district. The store was officially inaugurated by Mansour Al-Binali, assistant director general of the Ministry of Human Resources and Social Development for the Eastern Province.
Covering 33,000 square feet, the store includes a wide range of products with fresh food, local produce, and meat, along with a section for technical consumer goods featuring the latest electronics and gadgets.
The LOT Value Shop focuses on high-quality items at affordable prices. Residents can shop for household goods, home furnishings, stationery, toys, and educational products, most of which are priced below SR22 ($5.86).
For added convenience, the location provides nearly 100 parking spaces.
LuLu has launched special inaugural offers across all departments in both the Riyadh and Dammam stores. These promotions allow customers to enjoy significant savings on a wide range of products and international brands. This expansion reinforces LuLu’s commitment to supporting the Kingdom’s retail growth and providing quality service to neighborhoods across Saudi Arabia.
