Sohar International, a leading bank in Oman, recently signed an agreement with Saudi Export-Import Bank to establish a framework of cooperation between the banks for the furtherance of their respective mandates.

Signing the memorandum of understanding (MoU) and representing Saudi Export-Import Bank was Saad A Alkhalb, Chief Executive Officer, whilst representing Sohar International was Ahmed Al Musalmi, Chief Executive Officer.

The establishment of this strategic alliance endeavours to contribute to enhancing socio-economic relations between the two countries and opening up new opportunities for the short and long term.

“Through the years, Sultanate of Oman and the Kingdom of Saudi Arabia have enjoyed deep-rooted historical ties and brotherly bonds. With both countries laying emphasis on increasing pace of economic cooperation and realizing meaningful commercial and investment exchange, this strategic alliance between Sohar International and Saudi Export-Import Bank is a significant contribution towards achieving the goals outlined in the Oman Vision 2040 and the Kingdom of Saudi Arabia’s Vision 2030,” said Ahmed Al Musalmi.

“Sharing a common vision of driving investment, developing its industries and trade, and empowering its local youth workforce, the agreement will open new opportunities and growth potentials for both the countries. By sharing knowledge of our respective markets, collaborating on training sessions aimed at augmenting staff competencies, and joining hands to undertake the financing for key projects in both countries, we will be able to enhance our global competitiveness while upholding the level of business excellence we have long been revered for,” he added.

With financing and investment as key interest areas, the strategic alliance between the two banks will look at co-financing, club deals and providing support to syndication projects which can be executed in both countries. By sharing risks and returns, combining its knowledge and financial expertise, and leveraging on its well-merited market goodwill, the partnership will add value to Sohar International’s capabilities to deliver robust financing facilities while honouring the agreement’s business commitments at multiple levels.

The agreement will also boost trade, help fill the gap of finance and reduce the risks associated with exports and imports. By offering comprehensive financial services, the parties will endeavour to provide buyer’s credit financing to international buyers for the purchases of goods and services and/or financing for project development.

Adhering to values of resilience, sustainability and excellence, the agreement will rely, to a great deal, on sharing information related to the respective local markets and thereby, developing business opportunities in a way that contributes to realizing shared goals and mutual benefits. This collaborative approach to doing business will also give the local workforce the necessary exposure 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 contributed to open up multiple prospects and opportunities for cooperation between the two brotherly countries.

“We have recently signed an agreement with Sohar International with the aim to develop trade exchange and increase financing solutions provided to beneficiaries located in Oman to import goods and services from Saudi Arabia, contributing to boost trade opportunities between the two countries. This strategic alliance comes to achieve the national goals outlined in the visions of our two brotherly countries.”

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