Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.


US Energy Secretary discussed Iran sanctions with Iraqi officials

Updated 11 December 2018
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US Energy Secretary discussed Iran sanctions with Iraqi officials

  • Perry spoke at a Baghdad hotel where he was attending a US chamber of commerce event alongside Iraqi Oil Minister Thamer Ghadhban
  • The United States has restored sanctions targeting Iran’s oil industry as well as its banking and transport industry

BAGHDAD: US Energy Secretary Rick Perry said on Tuesday he had discussed his country’s sanctions against Iran with Iraqi energy officials and signalled an intention to step up US private sector investment in Iraq.
Perry spoke at a Baghdad hotel where he was attending a US chamber of commerce event alongside Iraqi Oil Minister Thamer Ghadhban.
The United States has restored sanctions targeting Iran’s oil industry as well as its banking and transport industry.
Baghdad, an ally of both Washington and Tehran, is seeking US approval to allow it to import Iranian gas for its power stations.
Iraqi officials say they need more time to find an alternative source than a 45-day waiver granted to it by the United States.
“Sanctions were mentioned in meetings this morning,” Perry said without providing details.
He added that his attendance was sending a strong message of US commitment to Iraq’s economy and energy sector and that he recognized the challenges faced by Iraq’s government when it comes to rebuilding oil infrastructure destroyed during the war against Daesh militants.
“This is a different administration that will move with speed to develop an energy sector that best serves the citizens of Iraq,” Perry said of Prime Minister Adel Abdul Mahdi’s new government.