Waleed Abdullah Al-Mogbel: Steering Al Rajhi Bank to Unprecedented Growth

Waleed Abdullah Al-Mogbel is a distinguished leader in the banking sector, currently serving as the Managing Director and CEO of Al Rajhi Bank, one of the largest and most influential financial institutions in Saudi Arabia. Since assuming the role of CEO in 2020 and later taking on the positions of Managing Director and Board Director in 2022, Al-Mogbel has overseen record-breaking financial performance, solidifying Al Rajhi Bank’s position as a leading force in the region’s banking industry.

Leadership at Al Rajhi Bank

Under Al-Mogbel’s leadership, Al Rajhi Bank has continued its trajectory of remarkable growth and financial success. The bank recorded a net income of $4.4 billion in 2023, demonstrating its strong financial health and strategic expansion. By the end of Q1 2024, Al Rajhi Bank’s total assets had reached an impressive $222.9 billion, further establishing its dominance in the Saudi banking sector.

One of the most significant milestones under his tenure was achieved in June 2024, when Al Rajhi Bank announced that foreign investment in its shares had exceeded $11.5 billion, accounting for 13.2% of its total shares. This influx of international investment highlights the growing confidence in the bank’s operations, strategic vision, and financial stability.

Career Progression

Before assuming his current leadership role, Al-Mogbel held two key executive positions within the bank:

• Chief Operating Officer (COO) – In this role, he was responsible for streamlining operations, enhancing customer service, and driving digital transformation within the bank.
  
• Deputy CEO – As deputy CEO, he played a crucial role in shaping Al Rajhi Bank’s strategic direction, operational efficiency, and market expansion, which paved the way for his appointment as CEO in 2020.

With a deep understanding of the banking industry and a strong focus on innovation, operational excellence, and financial growth, Al-Mogbel has successfully navigated Al Rajhi Bank through a dynamic and evolving financial landscape.

Transforming Al Rajhi Bank

As CEO, Al-Mogbel has been at the forefront of the bank’s efforts to embrace digital transformation, enhance financial services, and expand its global footprint. His leadership has seen the bank strengthen its position in Islamic banking, making it a preferred choice for customers seeking Sharia-compliant financial services.

Al Rajhi Bank has also focused on fintech adoption, investing in cutting-edge digital banking solutions to improve customer experience and streamline operations. With rising foreign investments and a growing asset base, the bank continues to solidify its status as a banking powerhouse in the Middle East.

Waleed Abdullah Al-Mogbel’s leadership at Al Rajhi Bank has been marked by financial milestones, strategic expansion, and increased global investor confidence. His ability to drive record-breaking profits, attract foreign investment, and enhance the bank’s digital transformation has positioned Al Rajhi Bank as one of the most powerful financial institutions in Saudi Arabia and beyond.

As the bank continues to grow under his leadership, Al-Mogbel’s vision and expertise will be key to shaping its future success in an increasingly competitive global financial market.