ITFC strengthens partnership with NCB

The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf.
Updated 05 February 2019

ITFC strengthens partnership with NCB

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the National Commerce Bank (NCB) have signed a Commodity Murabaha agreement. The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf to discuss the existing strategic partnership and new areas of cooperation in the future.

“This meeting shall be the stepping stone for an even stronger partnership between ITFC and NCB in the future and a chance to showcase ITFC’s keen interest to partner and strengthen relationship with Saudi banks for the benefit of the local Saudi market and SME sector and beyond,” ITFC CEO Sonbol said.

NCB CEO Alsaggaf said that the agreement with ITFC is in line with NCB Treasury Group’s strategic aim of expanding its counterparties while dealing in Shariah-compliant solutions. 

NCB is also a strategic syndicate partner of ITFC. The total NCB participation in ITFC’s syndication has reached up to $2.7 billion since the start of the collaboration of the two institutions in 2009.

Since 2008, ITFC has provided more than $45 billion of trade financing to OIC member countries, with a mission of being a catalyst for trade development among those countries.

Bahri’s maritime solutions on show

Updated 20 February 2019

Bahri’s maritime solutions on show

Saudi shipping company Bahri is demonstrating its commitment to advancing the growth of maritime industry and improving security in the logistics business at the International Defense Exhibition (IDEX) and Naval Defense and Maritime Security Exhibition (NAVDEX).

The events are being held under the patronage of Sheikh Khalifa bin Zayed Al-Nahyan, president of the UAE and supreme commander of the UAE Armed Forces in Abu Dhabi from Feb.17-21.

Khaled bin Hussain Biyari, assistant minister of defense — executive affairs; General Awwad Eid Al-Balawi, director general of Saudi Arabian Border Guards; and other officials visited Bahri’s booth during the events.

As part of its participation, Bahri is showcasing its maritime capabilities and innovation-driven solutions at the largest defense expo in the Middle East. The company is also highlighting its unmanned surface vessels (USVs) at its booth. Powered by MAP Pro technology, which transforms any vessel into an autonomous one, Bahri’s USVs are capable of numerous applications, including gathering data, surveillance and reconnaissance. In addition, the vessels offer significant cost savings and reduce human workload in high-risk operations. 

Bringing together more than 1,310 specialized companies from 62 countries, both events offer a strategic business platform for exhibitors to present their latest naval, maritime and coastal security technology, equipment and crafts, and explore partnership opportunities with local and international companies. 

Abdullah Aldubaikhi, CEO of Bahri, said: “Events such as IDEX and NAVDEX provide a unique opportunity to gather new insights into new security technologies that can help companies thrive in a safe and secure trade. With Saudi Arabia being at the forefront of efforts aimed at maintaining stability and security in the region, maritime security is a key focus area for the Kingdom.” 

Aldubaikhi added: “Bahri’s presence at IDEX and NAVDEX 2019 is part of our strategy to further strengthen our offerings to enhance the Kingdom’s maritime capabilities and support its transformation as the world’s leading logistics hub. The exhibition also provides us with an excellent platform to connect with our customers and explore new partnership opportunities that will further drive our ambitious expansion plans.”

Bahri Logistics, one of the five business units within Bahri and one of the top 10 breakbulk carriers in the world, operates six new state-of-the-art multipurpose vessels that are capable of carrying different types of cargo, including project, ro-ro, breakbulk, equipment, and container cargo.