Muscat – Bank Muscat, the leading financial services provider in the sultanate, has entered into a memorandum of understanding (MoU) with Saudi Export-Import Bank, (Saudi Exim Bank) to enhance cooperation between the two institutions and support investment between Saudi Arabia and Oman.
The agreement was signed by H E Saad A al Khalb, chief executive officer, Saudi Exim Bank and Ahmed Faqir al Bulushi, chief corporate banking officer, Bank Muscat.
Saudi Exim Bank is the leading export and investment financing promotion agency set up by the government of Saudi Arabia.
Under the terms of the MoU, Bank Muscat and Saudi Exim Bank have agreed to mutually co-operate in a broad range of business opportunities relating to exports of goods and services from Saudi Arabia to the Sultanate of Oman or other destinations and financing projects tied to exports from Saudi Arabia. Bank Muscat is the only Omani bank operating in Saudi Arabia through its branch in Riyadh, offering full-fledged banking services to its corporate customers.
The MoU was facilitated through the bank’s treasury and global financial institutions team that specialises in enhancing trade opportunities across developed, developing and emerging global markets.
Bank Muscat, which accounts for over a third of Oman’s banking sector assets, posted a net profit of RO140.16mn for the nine-month period ended September 30, 2021 compared to RO113.21mn reported during the same period in 2020, an increase of 23.8 per cent.
Bank Muscat is the leading financial services provider in the sultanate with 174 branches and more than 800 ATMs, CDMs and other devices spread across the country making it the bank of choice for millions of customers.
Saudi Exim Bank was established in February, 2020 and has completed its first year of operations. It was established as part of the Saudi government’s Vision 2030 to raise the share of contribution from non-oil exports to the economy.
It aims to provide export financing, guarantees, credit insurance and different facilities with competitive advantages to enhance exports from Saudi Arabia.