Saudi Export-Import Bank Sign MoUs

CEO of the Saudi Export-Import Bank Eng. Saad bin Abdulaziz Al-Khalb, signed memoranda of understanding with three of the largest Omani banks, with the aim of exploring prospects for cooperation in the areas of knowledge exchange, training, financing programs, investment, and other services that traders and investors aspire to obtain.

Memorandums of understanding were signed with the National Bank of Oman, Bank Muscat and Sohar International, according to which the parties will study and discuss joint financing projects, and other related services, especially financing the buyer’s credit, and exploring opportunities to secure financial guarantees or letters of intent for creditworthy beneficiaries, whether Saudi exporters or Omani buyers, in order to finance purchases or implement projects related to Saudi/Omani exportsز

In addition to discussing the establishment of credit lines for beneficiaries in the Sultanate to import goods and services from the Kingdom, sharing information related to current or potential export and import transactions, and cooperation during the evaluation, approval and negotiation stages of documentation and payment.

Eng. Al Khalb expressed his happiness to cooperate with the National Bank of Oman, Muscat and Sohar International, in order to serve investors, exporters and importers in both countries, noting that the memoranda of understanding are an advanced step towards building effective partnerships among the Omani commercial banks and the Saudi Export-Import Bank and upgrading the historical economic relations between the two countries.

The visions of the Kingdom 2030 and Oman 2040 constitute a common denominator, in the field of trade and benefit from the available investment opportunities, in a way that achieves diversification for both countries, in their economies and sources of income, in light of the directives of the wise leadership of the two sisterly countries.

Eng. Al-Khalb indicated that the two parties agreed to develop a joint training program, that will aim at developing human capabilities in the two countries in the fields of trade finance, risk analysis, loan management, and other fields related to export financing.

Since its establishment, the Saudi Export-Import Bank has been working on a number of technical and administrative specializations, including providing credit facilities to beneficiaries with competitive advantages, financial, economic and technical advice, in addition to providing the best solutions and services that contribute to promoting Saudi exports through partnerships with local and international bodies.

Along with working with commercial banks and local and international financial institutions in order to provide integrated financial services to finance national exports and enhance their competitiveness, at the world level.