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Saudi Awwal Bank Inaugurates its New Headquarters – Recipient of SmartScore Platinum and LEED Gold Building Certifications

November 2023

  • The SmartScore Platinum Certified Headquarters, first bank in the Kingdom and third in the Middle East, is also the recipient of LEED Gold Certification
  • The new headquarters has successfully recycled over 73% of its construction waste
  • The building has 30% higher outdoor airflow compared to code recommendations, ensuring enhanced indoor air quality for occupants

Riyadh, Saudi Arabia - 12 November 2023 – Saudi Awwal Bank (SAB) inaugurated its new headquarters, which was awarded the SmartScore Platinum and LEED Gold Certifications, on Monday, October 23rd. The event, themed ‘Evolving Firsts: An Evening of Transformation’, focused on SAB's rich heritage, remarkable growth and reimagined identity.

The inauguration of the new headquarters - 'SAB Tower’ - was hosted by SAB, represented by board members and senior management, and was attended by government officials, and top-ranking corporate executives, as well as by Noel Quinn, CEO of HSBC, and other senior HSBC executives.

Lubna Olayan, Chair, SAB, said: “Today marks a significant milestone as we embark on our latest journey from this state-of-the-art facility, symbolic of our dedication to embracing change and shaping the future, while always valuing our heritage and remaining true to our values, our ethics and our mission. I am confident that we will now continue to grow and thrive as Saudi Awwal Bank (SAB) and build a brighter future for our customers, our employees and the Kingdom.”

After thanking the Saudi Central Bank, the Ministry of Commerce, board members and management for their ongoing support, she added: “A special note of thanks to our partner, HSBC - a partner for over 45 years who has stood by the bank through thick and thin. Their leadership, their technical support, the executives they have seconded, their presence on the board and their steadfastness and support through both good and especially challenging times - all in a spirit of true partnership - have played a significant role in our bank’s success and continues to do so.”

SAB's new headquarters has successfully recycled over 73% of its construction waste, in addition to the fact that around 37% of construction materials are composed of recycled content, further reducing the need for new resource extraction.

The building has 30% higher outdoor airflow compared to code recommendations, ensuring enhanced indoor air quality for occupants and has 54% reduced indoor water use due to water-efficient fixtures.

It has embedded Environmental, Social, and Governance (ESG) considerations in its strategy and is taking meaningful steps to support a more sustainable future.