Muscat – Bank Muscat, the sultanate’s main financial services provider, has entered into a memorandum of understanding with the Saudi Export-Import Bank (Saudi Exim Bank) to strengthen cooperation between the two institutions and support investments between Saudi Arabia and Oman .
The agreement was signed by HE Saad A al Khalb, Managing Director of Saudi Exim Bank and Ahmed Faqir al Bulushi, Director of Corporate Banking Services, Bank Muscat.
Saudi Exim Bank is the primary export finance and investment promotion agency established by the government of Saudi Arabia.
Under the terms of the MoU, Bank Muscat and Saudi Exim Bank agreed to cooperate with each other in a wide range of business opportunities related to the exports of goods and services from Saudi Arabia to the Sultanate of Oman. or other destinations and financing projects related to exports from Saudi Arabia. Bank Muscat is the only Omani bank operating in Saudi Arabia through its Riyadh branch, providing full-fledged banking services to its corporate clients.
The MoU was facilitated by the bank’s treasury and global financial institutions team, which specializes in enhancing business opportunities in developed, developing and emerging global markets.
Bank Muscat, which accounts for over a third of Oman’s banking sector assets, reported net profit of RO 140.16 million for the nine-month period ended September 30, 2021, compared to RO 113.21 million recorded over the same period in 2020, an increase of 23.8 percent.
Bank Muscat is the Sultanate’s leading financial services provider with 174 branches and over 800 ATMs, CDMs, and other devices 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 operation. It was created as part of the Saudi government’s Vision 2030 to increase the share of the contribution of non-oil exports to the economy.
It aims to provide export finance, guarantees, credit insurance and various facilities with competitive advantages to improve Saudi Arabia’s exports.