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The opening of the first Iraqi bank in Saudi Arabia
Economical 06/07/2023
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Baghdad: morning
Yesterday, Tuesday, the National Bank of Iraq opened the first Iraqi bank in Saudi Arabia, pointing out that it is a step that will contribute to enhancing economic development in Iraq, whose economy is witnessing clear growth.
The bank stated in a statement that “this announcement was made by the head of the Saudi-Iraqi Business Council, Muhammad bin Abdullah Al-Khorayef, who inaugurated the activities of the forum along with a number of members of the Business Council, the Coordination Council, the Saudi Export Development Authority, the Ministry of Investment and the Foreign Trade Authority, and a number of personalities.” Official and businessmen from the Saudi and Iraqi sides, the managing director of the National Bank of Iraq, Ayman Abu Dahim, the Executive Vice President of the Capital Bank Group Nadim Qabwat, the CEO of the National Bank of Iraq in Saudi Arabia Zaid bin Abdulaziz Abunayan, and a group of managers
Bank executives ».
He added, “The opening of a branch of the National Bank of Iraq is an important step to expand the base of trade exchange between Iraq and Saudi Arabia in light of the increasing growth of exports between the two countries, as the presence of this branch will provide an opportunity for the bank to expand the scope of service provided to its clients from the corporate sector located in Jordan, Iraq, the Emirates and Saudi Arabia, through Providing commercial services to them directly.
The managing director of the National Bank of Iraq, Ayman Abu Duhaim, stressed “the importance of opening the first Iraqi bank in the Kingdom of Saudi Arabia,” explaining that “the National Bank of Iraq will play an important role in developing and developing economic relations between the two countries, after the increasing growth in the volume of trade exchanges between them.” .
He stressed, “The importance of the bank becoming the ideal partner for Saudi and Iraqi companies.”
For his part, the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid Abunayyan, stated that “the volume of trade exchanges between Iraq and Saudi Arabia reached 5.5 billion riyals last year, with a growth rate of 48 percent, as the volume of trade exchange maintained stable growth over the past few years.”
He added that the scope is still great for increasing bilateral trade exchange, especially after the National Bank of Iraq started its business in Saudi Arabia, which aspires to become the preferred and ideal partner for Saudi and Iraqi companies, in a step that will contribute to strengthening the economic development process in Iraq, whose economy is witnessing clear growth.
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