Sohar International partners with Saudi Exim Bank
Sohar International, a leading bank in Oman, recently signed an agreement with the Saudi Export-Import Bank to establish a framework for cooperation between banks for the pursuit of their respective mandates.
Saad A Alkhalb, Chairman and CEO, signed the Memorandum of Understanding (MoU) and represented the Saudi Export-Import Bank, while that of Sohar International was Ahmed Al Musalmi, Chairman and CEO.
The establishment of this strategic alliance aims to contribute to the strengthening of socio-economic relations between the two countries and to open up new opportunities in the short and long term.
“Over the years, the Sultanate of Oman and the Kingdom of Saudi Arabia have enjoyed deep-rooted historical and brotherly ties. With both countries focusing on accelerating the pace of economic cooperation and achieving meaningful trade and investment, this strategic alliance between Sohar International and the Saudi Export-Import Bank is a significant contribution to the achievement of goals set out in Oman Vision 2040 and the Kingdom of Saudi Arabia. Arabia’s Vision 2030, ”said Ahmed Al Musalmi.
“Sharing a common vision of stimulating investment, developing its industries and commerce, and empowering its young local workforce, the agreement will open up new opportunities and new growth potentials for women and men. two countries. By sharing knowledge of our respective markets, collaborating in training sessions aimed at increasing staff skills and partnering to undertake the financing of key projects in both countries, we will be able to improve our global competitiveness while by maintaining the level of commercial excellence that we have. long revered, ”he added.
With financing and investing as key areas of focus, the strategic alliance between the two banks will look at co-financing, club agreements and support for syndication projects that can be executed in both countries. By sharing risks and rewards, combining its financial knowledge and expertise, and leveraging its well-deserved goodwill in the market, the partnership will add value to Sohar International’s ability to provide robust financing facilities throughout. by honoring the trade commitments of the agreement at several levels.
The deal will also boost trade, help close the financing gap, and reduce risks associated with exports and imports. By offering comprehensive financial services, the parties will endeavor to provide buyer credit finance to international buyers for the purchase of goods and services and / or finance for the development of projects.
Adhering to the values of resilience, sustainability and excellence, the agreement will be based, to a large extent, on the sharing of information relating to the respective local markets and, therefore, on the development of business opportunities in a manner which contributes to the achievement of common goals and mutual benefits. This collaborative approach to doing business will also give the local workforce the exposure needed to better understand other markets.
Saad A Alkhalb said: “The fraternal relations between the Kingdom of Saudi Arabia and the Sultanate of Oman have always helped to open up multiple perspectives and opportunities for cooperation between the two brotherly countries.
“We recently signed an agreement with Sohar International with the aim of expanding trade and increasing the financing solutions provided to beneficiaries located in Oman to import goods and services from Saudi Arabia, thus helping to boost business opportunities. between the two countries. This strategic alliance achieves the national objectives set out in the visions of our two brotherly countries. – TradeArabia News Service