Referring to the announcement by the Saudi Industrial Export Company on the website of the Saudi Stock Exchange (Tadawul) that it signed a contract for the representation of Saudi companies in the Republic of Iraq with the Saudi Export Development Authority on 04-03-1442
AH corresponding to-21-10-2020 CE.
The Saudi Industrial Exports Company (Sadirat) announces that on Sunday 03/18/1443 AH corresponding to 24-10-2021 AD a memorandum of understanding was signed with the International Development Bank for Investment and Finance in the Republic of Iraq
|Memorandum Signing Date||2021-10-24 Corresponding to 1443-03-18|
|Counterparty||International Development Bank for Investment and Finance in the Republic of Iraq|
|Memorandum Subject||The Saudi Industrial Export Company would like to announce to the shareholders the signing of a memorandum of understanding with the International Development Bank for Investment and Finance in the Republic of Iraq (a company registered in Iraq and licensed by the Central Bank of Iraq as a private commercial bank) in order to cooperate and provide appropriate financial solutions and services to support Saudi exports to the Republic of Iraq|
|Memorandum Duration||Gregorian year starting from the date of signature|
|Related Parties||There are no related parties|
|Financial Impact||There is no financial impact during the term of the memorandum, and any further developments in this regard will be announced later|
It should be noted that the International Development Bank for Investment and Finance was established in 2011 to become one of the most important leading banks at the local and regional levels. with a degree (BB-).
Also, in 2019, the bank signed a memorandum of understanding with the International Finance Corporation (IFC), the investment arm of the World Bank, in the field of trade finance, emphasizing the strength and solidity of the bank and its quest for regional and international expansion.
In addition the at the beginning of the year 2021 AD the bank lead the list of Iraqi banks in terms of its assets, which amounted to more than 1.32 trillion Iraqi dinars, with a growth rate of 19.71%, accounting for 10.61% of the total assets of the banking sector as a whole.
The bank also operates through 25 branches distributed inside Iraq from north to south, in addition to two representative offices in the Lebanese Republic and the United Arab Emirates.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
SIEC - Saudi Industrial Export Co. SJSC published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 12:23:03 UTC.