New Honda showroom opens in Qatif

The modern Honda Sales, Service & Parts (3S) facility in Qatif will serve the growing demands of Honda customers in the region.
Updated 06 October 2017
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New Honda showroom opens in Qatif

Abdullah Hashim Company Ltd., the sole distributor of Honda cars, power products, motorcycles and marine products in Saudi Arabia, recently opened a new 3S facility showroom in Qatif in the Eastern Province.
The modern Honda Sales, Service & Parts (3S) facility will serve the growing demands of Honda customers in the region.
“We, at Abdullah Hashim look forward to welcoming present and new Honda customers at the new Al-Khaleej Road showroom. We match Honda’s standards that are among the world’s highest by steadily developing and investing in our integrated sales and services network,” the company said in a statement.
With the addition of the new 3S facility, Abdullah Hashim-Honda now operates 20 dealerships in the Kingdom along with a 31 sub-dealer network throughout the country.


ITFC agreements eye trade boost

Updated 26 April 2018
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ITFC agreements eye trade boost

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, recently signed several agreements on the sidelines of the 43rd meeting of the board of governors of the IDB Group in Tunis. The agreements, worth more than $4 billion, aim to support the import of strategic commodities for a number of its member countries, namely Tunisia, Cameroon, Pakistan, Senegal and Togo.

A pledge agreement was also signed with the African Export-Import Bank (Afreximbank) amounting to $100,000 annually to assist in financing the implementation of the Arab-Africa Trade Bridges program’s activities for the coming five years.

The ITFC signed a three-year framework agreement worth $1.5 billion with Tunisia to mobilize financial resources from international and regional banks and financial institutions to finance the import of essential commodities such as crude oil and petroleum products.

Three syndicated Murabaha agreements were also signed with three African nations. These include €68 million ($84 million) for the purchase of crude oil and petroleum products for Cameroon, $22 million to support Togo’s energy sector, and $50 million to finance Senegal’s 2017-2018 groundnut campaign.

The ITFC and Pakistan signed two agreements: A three-year framework agreement worth $4.5 billion aimed at ensuring close cooperation and coordination of efforts between the government and ITFC and to pave the way for a strategic partnership between the parties; and a financing agreement worth $283 million for the purchase of crude oil and petroleum products.

ITFC CEO Hani Salem Sonbol said the agreements aim at the socioeconomic and trade development of these countries.