United Bank for Africa Plc and the Saudi Export-Import Bank have officially entered into a Memorandum of Understanding (MoU) aimed at enhancing economic collaboration and trade ties.
The MoU was formalized during the Saudi-African Summit in Saudi Arabia last Thursday, as confirmed by a statement from the United Bank for Africa. The agreement underscores the commitment of both financial institutions to bolstering trade relations by facilitating the export of goods and services between the Kingdom of Saudi Arabia and various African markets.
Against the backdrop of the Saudi-African Summit, the memorandum signifies a strategic partnership between the United Bank for Africa Plc and Saudi EXIM Bank, with a dedicated focus on stimulating and advancing trade activities between the two entities.
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Commenting on the partnership, UBA’s Chief Executive Officer, Oliver Alawuba, said, “We are happy to join hands with Saudi EXIM Bank in a partnership that holds great promise for businesses and economies in both regions. This agreement will not only facilitate the export of goods and services but also solidify our commitment to intercontinental business relationships and contribute to the development of the African economy.
“This relationship is particularly promising, considering that Saudi Arabia is deliberate in deepening economic cooperation with Africa and UBA has a presence in 20 African countries, providing the necessary vehicle for deepening this engagement. The partnership also expands our access to Asia and the Middle East, where the bank recently opened a subsidiary in Dubai.”
The CEO of Saudi EXIM, Saad Al-Khalb, highlighted the collaborative efforts between Saudi EXIM and the United Bank for Africa Plc as a catalyst for advancing the export of innovative Saudi goods and services. He emphasized the strategic nature of the partnership, envisioning its role in propelling industrial growth and expanding Saudi Arabia’s global presence within the diverse economies of Africa. Al-Khalb asserted that this collaboration aims not only to diversify Saudi Arabia’s exports but also to make a substantial contribution to the socio-economic development of the African nations served by both institutions.
He further expressed confidence that the joint initiatives would create a dynamic platform, fostering increased trade activities and leaving a positive impact on the interconnected economic landscapes of Saudi Arabia and African nations. The envisioned collaboration is poised to strengthen economic ties and contribute to the growth and prosperity of the regions involved.
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