NBO signs strategic MoU with Saudi EXIM Bank

National Bank of Oman (NBO) has signed a strategic Memorandum of Understanding with Saudi Export-Import (EXIM) Bank enabling the two institutions to establish a framework of cooperation that includes 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, a press release said.

Abdullah Zahran al Hinai, CEO 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.”Saad al Khalb, CEO 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 realise its social/economic potential.

With a growing number of international partnerships, it seeks to facilitate trade and investment as well as support cross-border banking to capitalise on Oman’s long-term ascendancy as a regional logistics and trading hub.