“Capital Bank” promises Iraq a qualitative commercial shift with the Gulf countries

“Capital Bank” promises Iraq a qualitative commercial shift with the Gulf countries

2023-06-06 01:08

Shafaq News / The National Bank of Iraq, affiliated to the “Capital Bank” group, announced during its sponsorship of the joint Saudi-Iraqi business matching forum that was held in Jeddah, that it will start its business through its official headquarters in the King Abdullah Financial Center in Riyadh, stressing that it is a step that will contribute to promoting economic development in Iraq, whose economy is witnessing clear growth, will make a “qualitative leap” in enhancing the volume of trade exchanges with the Gulf states.

This announcement was made by the Chairman 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 official figures and businessmen from both Saudi sides. And the Iraqi, and the managing director of the National Bank of Iraq, Ayman Abu Dahim, and the deputy CEO of the Capital Bank Group, Mr. Nadim Qabbat, and the CEO of the National Bank of Iraq in Saudi Arabia, Eng. Zaid bin Abdulaziz Abunayan, and a group of executives in the bank.

The opening of a branch of the National Bank of Iraq, according to Al-Khorayef, is an important step to expand the base of trade exchange between Iraq and the Kingdom of Saudi Arabia in light of the increasing growth of exports between the two countries. , by providing commercial services to them directly.

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, 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, expressed his happiness with the opening of the first branch of the National Bank of Iraq in Saudi Arabia and said that “the branch will provide banking services and various banking facilities to cover the untapped sectors in the Saudi trade market, which means increasing its market share of Total commercial dealings between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial dealings.

Abunayyan pointed out that “the volume of trade exchanges between Iraq and Saudi Arabia amounted to 5.5 billion riyals last year, with a growth rate of 48%, as the volume of trade exchange maintained stable growth during the past few years, explaining that the scope is still great for increasing bilateral trade exchange, especially after the bank directs Al-Ahly Al-Iraqi does its business in Saudi Arabia, and thus 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.

During the forum, a brief was presented about the Saudi Iraqi Investment Company, wholly owned by the Saudi Public Investment Fund, which was established recently with a capital of $3 billion.

Acting CEO of the Saudi Iraqi Investment Company, Miteb Al-Shathri, stated that “the company will invest in Iraq through direct investment in private companies and in companies listed in the Iraqi market, in addition to indirect investment by participating in economically feasible infrastructure projects and investing in funds that target Iraqi market.

Al-Shathri added, “The Saudi-Iraqi company will jointly invest with the Public Investment Fund companies and private sector companies to accelerate the regional expansion of Saudi companies,” noting that “the presence of the National Bank of Iraq in Riyadh will contribute to encouraging and facilitating trade between the two brotherly countries in light of the increasing growth of exports between the two countries.” “.

The Public Investment Fund had invested $185 million in the Capital Bank Group of Jordan in exchange for a 24% stake, which in turn owns a 62% stake in the National Bank of Iraq.

For his part, Abu Dahim expressed his “thanks and appreciation to the Saudi Public Investment Fund for its clear keenness to develop and develop Saudi-Iraqi cooperation relations, and transfer them to new levels,” noting that “the establishment of the Saudi-Iraqi Investment Company and its direction to invest in Iraq will cause a quantum leap in enhancing the volume of exchanges.” trade between the two countries.

It is worth noting that the establishment of a branch of the National Bank of Iraq in the Saudi market, which is among the strongest economies in the world, will contribute to supporting the pace of growth by building a network of banking relations with major institutions and companies operating in the commercial sector in the Kingdom and the continuous pursuit of achieving the desired goals through innovation and development. In providing all banking solutions that support and support commercial activities between the Kingdom of Saudi Arabia and Iraq.

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