In accordance with Foreign Affairs Ministry's objectives for Maltese missions abroad to engage in economic activity and to maximise benefits for Malta, the Maltese Embassy in Riyadh launched a promotional campaign in 2006 highlighting Malta's attractiveness. The aim was to invite foreign direct investment, trade, and tourism to Malta. The Embassy targeted top organisations in Saudi Arabia and the Gulf, and main focus was on financial institutions.

It was recently announced that Saadgroup Bank Europe Ltd and The International Banking Corporation (TIBC) are among some banks licensed by the Malta Financial Services Authority (MFSA) to operate in Malta.

The Maltese Ambassador in Saudi Arabia, Godwin Montanaro, said he was pleased with the news, especially since it was in response to the Embassy's promotional campaign and initiative that Saad Group was directed to MFSA. As a result of the promotional campaign and other contact building initiatives, the Embassy forwarded over 60 potential leads to Malta Enterprise, Chamber of Commerce, the private sector, MFSA, Air Malta, Bank of Valletta, and the Malta Tourism Authority.

Ambassador Montanaro said “Foreign Minister Frendo constantly urges us to act as Malta's economic outpost and operate in a difficult and highly competitive region. We are committed to enhancing bilateral relations and economic activity so it is comforting to know that our strategy was effective and we are making progress.”

The Arab News, a leading newspaper, last week published a new list of the top 100 organisations in the Kingdom. The Embassy in Riyadh aims to explore other investment potential as well as opportunities in health care, education, and tourism in the whole Gulf region.