عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Fund for Development Signs $10M Deal With National Bank of Iraq

Agreement between the Saudi Fund for Development and the National Bank of Iraq to encourage buying Saudi products (Asharq Al-Awsat)
Agreement between the Saudi Fund for Development and the National Bank of Iraq to encourage buying Saudi products (Asharq Al-Awsat)
TT
TT

Saudi Fund for Development Signs $10M Deal With National Bank of Iraq

Agreement between the Saudi Fund for Development and the National Bank of Iraq to encourage buying Saudi products (Asharq Al-Awsat)
Agreement between the Saudi Fund for Development and the National Bank of Iraq to encourage buying Saudi products (Asharq Al-Awsat)

The Saudi Fund for Development (SFD) announced signing a finance agreement with the National Bank of Iraq (NBI) to provide SAR37.5 million ($10 million) in credit facilities to Iraqi investors willing to import products and services from Saudi companies.

The agreement aims to bolster bilateral cooperation in various fields and affirm the fraternal ties between the Kingdom and Iraq, said SFD CEO Sultan al-Marshad.

Under the agreement, SFD will grant NBI a revolving line of finance worth $10 million to import various commodities and services with a Saudi origin to clients of the bank from importing companies with a finance percentage of 100 percent of their value and with a repayment period of up to 36 months depending on the type of imports and nature of the process.

“This agreement highlights the brotherly ties between the Kingdom of Saudi Arabia and Iraq, and reflects the two countries’ willingness to enhance cooperation in all fields,” Marshad added.

“This deal is part of what the government of the Kingdom of Saudi Arabia has allocated to support reconstruction and development projects in Iraq with more than $1.5 billion.”

He also stressed that supporting stability in countries seeking to realize sustainable economic and social development is a top priority for SFD.

"The agreement comes in line with the Kingdom’s efforts to diversify its sources of national revenues and increase the volume of non-oil exports of commodities and services of Saudi origin," Marshad said.

This deal will open new markets for Saudi producers and contribute to stimulating the Iraqi commercial and financial sectors.

Notably, Riyadh and Baghdad had signed five agreements in various fields on the sidelines of Iraqi Prime Minister Mustafa al-Kadhimi’s visit to the Saudi Kingdom in April.

These included the establishment of a joint fund, with an estimated capital of $3 billion, as a contribution from the Kingdom to promote investment in Iraq.

Chairman of the board of directors of Capital Bank Group Bassem al-Salem, for his part, said the fund’s role reflects the Kingdom’s historical orientations and its continuous support of joint Arab action and contributes to achieving Arab economic integration.

Most Viewed

 
 
Business

Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
TT
TT

Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.