Agreement represents a new step to boost the historical ties between the two brotherly countries in line with the directives of their wise leaderships, says H.E. Eng. Al-Khalb
Riyadh, October 24, 2021: In line with the consolidation of the brotherly ties between Saudi Arabia and the Sultanate of Oman, His Excellency Eng. Saad bin Abdul Aziz Al-Khalb, the CEO of Saudi Export-Import Bank (Saudi EXIM Bank), signed separate memorandums of understanding (MoUs) with three major Omani banks to explore opportunities for cooperation in the fields of knowledge exchange, training, provision of financing programs, and investment and other services for traders and investors. The agreements are consistent with Saudi EXIM Bank's endeavors to become a leading contributor in increasing the share of Saudi Arabia's non-oil economy.
The MoUs were signed with Muscat Bank, Sohar International Bank, and the National Bank of Oman, under which joint financing projects and other relevant services, especially buyer credit financing, will be thoroughly studied and discussed. In addition, opportunities to secure financial guarantees or letters of intent for creditworthy beneficiaries would also be reviewed, irrespective of whether the recipients are Saudi exporters or Omani buyers, to finance purchases or implement projects related to Saudi-Omani exports. The signatories would also discuss the establishment of credit lines for beneficiaries in the Sultanate to support import commodities and services from the Kingdom, share information about current or potential export and import transactions, and cooperate during the stages of evaluation, approval, negotiation, documentation, and payment.
Eng. Al-Khalb expressed his happiness to collaborate with Muscat Bank, Sohar International Bank, and the National Bank of Oman to serve investors, exporters, and importers in both countries. He described the MoUs as a new step towards strengthening the economic partnership between Saudi Arabia and the Sultanate of Oman, in line with the historical ties between the two countries spanning more than half a century. He added that the Kingdom's Vision 2030 and the Omani Vision 2040 constitute a common denominator in the field of trade and in taking advantage of all accessible investment opportunities in a manner that contributes to the diversification of the economies and the sources of income of both countries, as envisioned by the directives of the wise leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and His Royal Highness Crown Prince, Mohammed bin Salman - may Allah protect them.
Al-Khalb indicated that both sides agreed to develop a joint training program to help improve the human capabilities in both countries in the areas of trade finance, risk analysis, loan management, and other fields related to export financing. He noted that the MoUs represent a new chapter in the Bank's efforts to serve the basic sectors in the Kingdom, including agriculture, aquaculture, and the service and industrial sectors, as it strives to open up new markets for national products in various parts of the world.
Since its inception, Saudi Exim has been engaged in a range of technical and administrative initiatives, such as offering credit facilities with competitive advantages to beneficiaries, providing financial, economic, and technical consultations, as well as offering the best solutions and services to promote Saudi exports through partnerships between the local and international bodies and the public and private sectors. In addition, the Bank has been cooperating with various commercial banks and local and international financial institutions to provide integrated financial services to finance national exports and enhance their competitiveness at a global level.
