Al Rajhi, Amex (Saudi Arabia) sign deal

Al Rajhi Banking and Investment Corp., one of the Kingdom's leading financial institutions, has entered into an agreement with Amex (Saudi Arabia) Limited to accept American Express Cards electronically at their point of sale terminals installed in shops, supermarkets, retail outlets, restaurants, hotels and other service establishments throughout the Kingdom, announced Mazin Khoury, Chief Executive Officer of Amex (Saudi Arabia) Limited.  

The Agreement was signed in Riyadh by Mr. Mazin Khoury and Mr. Saeed Mohammed Al Ghamdi, General Manager of Retail Banking at Al Rajhi Banking and Investment Corporation, who said “From Al Rajhi’s point of view, it is those of the bank’s business clients who are American Express merchants who will benefit the most from this arrangement. Their sales staffs will be able to process transactions faster and therefore serve more customers with a resulting increase in sales volumes.” 

Commenting on the latest agreement, Mazin Khoury added, "We are very pleased at concluding this arrangement with Al Rajhi Banking and Investment Corp as they have the largest electronic point of sale network in the Kingdom - and the greater the number of terminals accepting American Express Cards, the better and more convenient it is for our Cardmembers. Electronic acceptance of American Express Cards eliminates the need to telephone for authorization and transactions are speedier, more convenient and more accurate with just a swipe of the Card through the terminal. Also, American Express Cardmembers get easy-to-read receipts, while merchants receive direct settlement into their bank account.” 

Khoury added, "Strong relations with the Kingdom's leading banks are crucial to the success of our merchant marketing programs and with them on board we are able to build stronger relations with our partner merchants and launch an increasing number of innovative programs for the benefit of our Cardmembers.“ (menareport.com)

© 2004 Mena Report ()