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The Saudi National Bank and The Ministry of Industry and Mineral Resources Sign a Cooperation Memorandum on the Digital Transformation of Bank Guarantees

Tuesday, 17 January, 2023


Aiming at Digitizing Bank Guarantees


​The Saudi National Bank and the Ministry of Industry and Mineral Resources signed a cooperation memorandum on the digital transformation of bank guarantees in the mining sector. This partnership is part of several digital initiatives that contribute to building integrated digital governance to improve work efficiency and increase the effectiveness of projects according to the national economy's needs in line with the Kingdom's 2030 vision.

The memorandum was signed by Mr. AbdulIlah Al-Hadab, Assistant Undersecretary of the Ministry of Industry and Mineral Resources, and Mr. Talal Al-Khereiji, CEO of Wholesale Banking at The Saudi National Bank.

Signing the memorandum came during The Future of Mining conference in its second edition, which was held under the patronage of the Custodian of the Two Holy Mosques at King Abdulaziz Conference Center in Riyadh, in the presence of H.E Mr. Bandar Al-Khorayef, Minister of Industry and Mineral Resources, H.E Eng. Khalid bin Saleh Al-Mudaifer, Vice Minister of Mining Affairs and Mr. Talal Al-Khereiji, CEO of Wholesale Banking at The Saudi National Bank.

Mr. Talal Al-Khereiji expressed his pride in having the bank as partner in enabling the mining sector and achieving its goals, emphasizing that the bank seeks to sign such partnerships to contribute to meeting the aspirations and ambitions of projects supporting the Kingdom's Vision 2030 by promoting the development of the mining sector via providing quality financing and banking services and solutions.

This memorandum is also consistent with what the bank represents as an influential local and regional financial and banking force, in addition to the active role it plays in terms of supporting investment and economic initiatives.

It is worth noting that SNB is the largest financial institution in the Kingdom, as it plays a leading role in supporting the national development efforts witnessed by the Kingdom, in line with the financial sector development strategy to achieve the strategic Kingdom 2030 vision of the Kingdom.