On the sidelines of the Saudi-South African Business Forum held in Johannesburg, the Saudi Export-Import Bank (Saudi EXIM) signed two Memoranda of Understanding (MoUs) with Absa Bank Limited and Standard Bank of South Africa Limited. These agreements aim to strengthen cooperation in trade exchange and expand the export of products and services between the Kingdom of Saudi Arabia and the Republic of South Africa.
The MoUs were signed by Dr. Naif Abdulrahman Al-Shammari, Deputy CEO of Saudi EXIM. The first MoU was signed by Mr. Kenny Fihla, CEO of Standard Bank South Africa Limited, while the second was signed by Mr. Dion Raju, Chief Financial Officer of Absa Group Limited.
These agreements are part of the Kingdom's official delegation’s visit to South Africa, led by H.E. Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce, to enhance bilateral economic relations and explore promising trade opportunities across various sectors. The visit focused on fostering joint cooperation between Saudi and South African institutions and companies, contributing to the growth of non-oil Saudi exports to African markets.
During his speech at the forum, Dr. Naif Al-Shammari emphasized the importance of this event as a strategic platform for enhancing economic relations between the Kingdom and South Africa. He noted that the forum contributes to achieving the goals of Saudi Vision 2030 by opening new horizons for export and investment and expanding opportunities for commercial cooperation between the two countries. He further stressed that South Africa is a key strategic partner for the Kingdom in efforts to expand trade and economic ties with the African continent.
Regarding the MoUs, Dr. Al-Shammari stated: “The signing of the MoU with Standard Bank positions it as a key strategic partner in enhancing Saudi-South African trade cooperation. Saudi EXIM has allocated a $25 million credit line to Standard Bank to support non-oil Saudi exports to South Africa and other African markets. This partnership will enable Saudi exporters to benefit from Standard Bank’s extensive presence in more than 20 African countries, facilitating access to new markets for Saudi products.”
He added: “Absa Bank, with a presence in over 10 African countries, will play a vital role in providing innovative financial and insurance solutions to support Saudi-African trade. This partnership will contribute to the growth of Saudi exports in African markets and enhance their competitiveness regionally and internationally.”
During the visit, Saudi EXIM held a series of productive meetings with government officials and representatives of financial and commercial institutions in South Africa, including a meeting with H.E. the South African Minister of Trade, Industry, and Competition, led by H.E. Dr. Majid bin Abdullah Al-Qasabi. A tripartite meeting was held between Saudi EXIM, ACWA Power, and Standard Bank to discuss ways to support the expansion of Saudi exports in African markets.
The bank also participated in the inauguration of the operations center of (SMSA Express) in South Africa, which aims to provide integrated logistics solutions, thereby boosting trade exchange between the Kingdom and Africa. Saudi EXIM concluded its visit with a tour of the Saudi Commercial Attaché's office in Johannesburg and the International Representative Office, led by H.E. Dr. Iman bint Habas Al-Mutairi, Deputy Minister of Commerce, to support the ongoing collaborative efforts.
