Bank of Africa (BOA) signed, last Tuesday, a memorandum of understanding with Saudi National Bank, the first Saudi bank as well as the Arab world in its own assets, and one of the pioneers in Islamic finance in the world, to promote collaboration and explore business opportunities for mutual benefit. This strategic partnership signed by Khalid Nasr, executive general director of BOA, and Luai Bafail Al Amoudi, FI menat region head of Saudi National Bank, should strengthen economic ties between Morocco and Saudi Arabia, as well as facilitate access banking services in Morocco for the Moroccan community resident in Saudi Arabia, indicates a BOA press release. Under the terms of the agreement, BOA and Saudi National Bank will collaborate on various initiatives, including facilitating cross-border transactions and remittances between Saudi Arabia and Morocco, identifying business opportunities to develop in areas such as trade finance, investment banking and digital banking, as well as supporting joint ventures in sub-Saharan African countries, in order to contribute to the growth of the continent in the mutual interest of the parties . Through this partnership, BOA facilitates and strengthens the promotion of economic relations between Saudi Arabia and Morocco and reaffirms its support for Moroccan expatriates abroad, the press release concludes.
