Africa’s Global Bank, United Bank for Africa (UBA) Plc, and Saudi Export-Import Bank (Saudi EXIM) have officially announced a collaborative alliance to bolster business growth and foster economic cooperation between their regions. The Memorandum of Understanding (MoU) was signed on November 9, 2023, during the Saudi-Africa Summits in Saudi Arabia, solidifying their commitment to enhance trade relations.
This strategic partnership outlines the guiding principles for cooperation, focusing primarily on promoting trade through the export of goods and services between the Kingdom of Saudi Arabia and African markets. The collaboration aims to contribute to the development of the African economy by establishing intercontinental business relationships facilitated by the new partnership.
Key highlights of the partnership include:
- Trade Promotion: The agreement focuses on promoting trade by exporting goods and services between Saudi Arabia and African markets.
- Economic Development: Both institutions commit to sustained participation in the development of the African economy through joint projects and collaboration.
- Financial Cooperation: The MoU aims to support joint projects and collaboration involving the export of goods and services from Saudi Arabia, exploring opportunities for co-financing, co-insurance, co-guarantee, and reinsurance projects.
- Knowledge Exchange: The partnership facilitates the exchange of information and expertise in the field of export credit policies and practices through various channels such as meetings, conferences, seminars, workshops, and staff training.
UBA’s Chief Executive Officer, Oliver Alawuba, expressed enthusiasm about the collaboration, emphasizing its potential to identify and support joint projects and collaborations in the exportation of goods and services. Alawuba highlighted the significance of the partnership in deepening economic cooperation, especially considering UBA’s presence in 20 African countries and its recent subsidiary opening in Dubai, expanding access to Asia and the Middle East.
His Excellency Eng. Saad Al-Khalb, CEO of Saudi EXIM, emphasized the dynamic platform created by uniting strengths, projecting the export of innovative Saudi goods and services, catalyzing industrial growth, and expanding the global footprint across African economies. The collaboration aligns with Saudi Arabia’s goal of diversifying exports and contributing significantly to the socio-economic fabric of African nations.
UBA, as a leading Pan-African financial institution, serves over thirty-seven million customers across 20 African countries and extends its reach to New York, London, Paris, and the UAE. On the other hand, Saudi EXIM, established in 2020, aims to boost Saudi non-oil exports and enhance competitiveness in global markets, aligning with the Kingdom’s Vision 2030.
This collaboration represents a strategic move towards economic growth, export diversification, and increased global competitiveness for both UBA and Saudi EXIM.