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ICIEC and SABB sign an MOU

ICIEC and SABB organize a joint seminar on “Trade finance and risk management solutions” and signed a Memorandum of Understanding to support non-oil Exports in Saudi Arabia

JEDDAH, 14-11-2012, A seminar on Trade Finance  and Risk Management Solutions  was organized jointly by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) member of the Islamic Development Bank  Group and the Saudi British Bank (SABB) for the business community in the Kingdom of Saudi Arabia. During the event, ICIEC and SABB signed a Memorandum of Understanding (MoU) in the presence of a large number of Saudi Exporters, investors and representatives from banks operating in the Kingdom at the Hilton Hotel in Jeddah.

The MoU was signed by Dr. Abdel Rahman Taha, the Chief Executive Officer of ICIEC, and Mr. David Dew, Managing  Director of SABB. The MoU provides the framework for cooperation between ICIEC and SABB in supporting exporters operating in the Kingdom to encourage them to explore new markets by providing risk mitigation solutions.

 Commenting on the MoU, Dr. Abdel Rahman Taha, the Chief Executive Officer of  ICIEC, said, “The MoU is mainly focused on helping Saudi exporters in tapping new markets as well as having better access to finance especially for non-oil exports. This is line with ICIEC developmental mandate of supporting the expansion of exports of its member countries.”

Mr. David Dew, Managing Director of SABB, commented, “There is a natural synergy between the work being done by SABB and ICIEC in promoting exports from Saudi Arabia and in assisting the Kingdom in diversifying the export base. The MoU that we have signed today will pave the way for a number of joint initiatives aimed at achieving these objectives.”

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