NBO Signs Strategic MoU With Saudi Exim Bank to Foster Mutual Cooperation

Continuing to pave the way for international relations and support the Sultanate’s economic diversification, National Bank of Oman (NBO) has signed a strategic Memorandum of Understanding with Saudi Export-Import (EXIM) Bank. Under the agreement, the two institutions will establish a framework of cooperation that includes, but is not limited to, exploring the possibility of knowledge sharing, staff training, and providing financing, investment and other services in their respective countries. The partnership is a major milestone, adding impetus to the bank’s efforts to foster and promote bi-lateral trade and development.

Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, said, “As a leader in Oman’s banking sector, we have a role to play in fostering partnerships that leverage Oman’s competitive advantages and support its integration into the world economy. As well as presenting financing opportunities and new ways to facilitate additional trade, our cooperation with Saudi EXIM Bank will undoubtedly provide a solid foundation for realizing our goals and enhancing mutual benefits.

His Excellency Saad Al Khalb, Chief Executive Officer of Saudi EXIM Bank, added, “Our nation’s long-standing and friendly relationship with Oman has opened up many new opportunities for us, including our latest with NBO, one of several partnerships we have pursued with local commercial banks. Through them, we aim to develop and grow the export financing solution and the overall Saudi international trade system in the non-oil exports in line with the Saudi 2030, all while tapping into the tremendous potential of the region’s banking industry.”

As the Sultanate’s national bank, NBO has been instrumental in helping the country realize its social and economic potential from inception. With a growing number of international partnerships, it seeks to facilitate trade and investment flows as well as support cross-border banking to capitalize on Oman’s long-term ascendancy as a regional logistics and trading hub.