United Bank for Africa (UBA) Plc and Saudi Export-Import Bank (Saudi EXIM) have forged a partnership with the goal of fostering business growth and promoting economic cooperation between their respective economies.
Both institutions signed a Memorandum of Understanding (MoU) yesterday, to foster economic cooperation and trade relations between the two entities.
The MoU was signed on the sidelines of the Saudi and Arab African Summits in Saudi Arabia.
The collaborative agreement between UBA Group and Saudi EXIM Bank establishes key principles for fostering cooperation and relations. The primary emphasis is on stimulating trade by facilitating the export of goods and services between the Kingdom of Saudi Arabia and African markets.
Apart from collaborating in these areas, both institutions will also ensure sustained participation in the development of the African economy through intercontinental business relationships that will be facilitated by the new partnership.
UBA’s Chief Executive Officer, Oliver Alawuba, who expressed his enthusiasm about this collaboration, explained that through the partnership, both companies will Identify and support joint projects and collaboration in the area of exportation of goods and services.
He 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.”
CEO of Saudi EXIM, Saad Al-Khalb, said, “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. This, we believe, will not only augment Saudi Arabia’s export diversification but also contribute significantly to the socio-economic fabric of the African nations we will serve together.”