United Bank for Africa (UBA) Plc, known as Africa’s Global Bank, has joined forces with Saudi Export-Import Bank (Saudi EXIM), a leading export credit agency in the Kingdom of Saudi Arabia. The collaboration, unveiled during the Saudi and Arab African Summits, is designed to fortify business growth and foster economic cooperation between the two regions.
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The Memorandum of Understanding (MoU), inked on the sidelines of the Summits, delineates the key principles guiding cooperation and relations between UBA Group and Saudi EXIM Bank.
The primary focus of this partnership is to promote trade by facilitating the export of goods and services between the Kingdom of Saudi Arabia and African markets.
In addition to their collaborative efforts in trade, both financial institutions are committed to actively participating in the development of the African economy through intercontinental business relationships.
The MoU aims to support joint projects involving the export of goods and services from Saudi Arabia. Opportunities for co-financing, co-insuring, co-guaranteeing, and reinsurance projects jointly undertaken by companies from both regions will also be explored.
The agreement facilitates the exchange of information and expertise in export credit policies and practices. It envisions sharing experiences and best practices through various avenues such as meetings, conferences, seminars, and workshops. Furthermore, provisions are made for training each other’s staff members and engaging in staff exchanges when mutually beneficial.
UBA’s CEO, Oliver Alawuba, expressed enthusiasm for the collaboration, emphasizing its potential to identify and support joint projects in the exportation of goods and services. He stated, “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.”
Highlighting the promising nature of the relationship, Alawuba noted that Saudi Arabia’s deliberate efforts to deepen economic cooperation with Africa align well with UBA’s presence in 20 African countries. This partnership also extends UBA’s reach to Asia and the Middle East, complementing its recent subsidiary opening in Dubai.
Eng. Saad Al-Khalb, CEO of Saudi EXIM, expressed optimism about the collaboration’s impact on Saudi Arabia’s export diversification.
He stated, “By uniting our strengths, we are setting in motion a dynamic platform that will propel the export of innovative Saudi goods and services, catalyze industrial growth, and magnify our global footprint across the rich tapestry of African economies.”
UBA, a leading Pan-African financial institution, serves over 37 million customers across 1,000 business offices and customer touchpoints in 20 African countries.
With a presence in New York, London, Paris, and the UAE, UBA facilitates connections between people and businesses through retail, commercial, and corporate banking, cross-border payments, remittances, trade finance, and ancillary banking services.
Established in 2020, Saudi EXIM aims to promote Saudi non-oil exports and enhance competitiveness in global markets. The agency provides financing services, guarantees, and credit insurance to boost confidence in Saudi products, aligning with the Kingdom’s Vision 2030 goal to increase the contribution of non-oil industries to 50% by 2030. The Export-Import Bank operates under the supervision of the Saudi National Development Fund.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
