Saudi-Holland Bank Promoting Iran-Saudi Trade
May 28, 1998 - 0:0
TEHRAN Irano-Saudi trade is growing and the future is brighter with the inclusion of fresh items in the list of goods exchange by the two country, it was reported yesterday. Both countries are having good trade relations since a long time, a press release of Saudi Hollandi Bank said yesterday. Iran is regularly importing petrochemical products, air conditions units, float glasses, automobile spare parts, various food items from Saudi Arabia, it said.
At the same time Iran also exports to Saudi Arabia several items such as carpets, chemicals and food items, the report said. However a major portion of the trade business are routed through Dubai. This indirect channel of the trade business are dealing the products to reach its destination as well as it is very expensive to both parties. To cut short the existing producers the Saudi companies are requiring to Saudi banks to consider establishing direct relations with Iranian banks.
For the last 12 months there were several exchange of business delegations between Saudi and Iran and now they are finding the way to expand the trade business, the report said. In view of the recent developments of diplomatic relations between the two countries another delegation of Saudi businessmen arrived here to find and study the requirement of Iranian companies for export of Saudi products.
Last year the trade between the two countries were $400 million. Saudi Hollandi Bank Manager Syed Ahmad Ziauddin is currently on a visit of Iran. He arrived for the first time with the sole object of helping his bank's customers to develop the business. Ziauddin said, There is a lot of potential to develop the business between the two countries. He is here to study the country and call on the officials of the Central Bank of Iran and other banks for cooperation.
Saudi Hollandi Bank is incorporated Saudi Bank with 40 percent of its equity held by Abn Amro Bank NV Holland and 60 percent by Saudi nationals. SHB proves a full range of commercial banking services through its network if 40 branches. SHB is the oldest bank in the kingdom and it is serving the kingdom since 1926.
At the same time Iran also exports to Saudi Arabia several items such as carpets, chemicals and food items, the report said. However a major portion of the trade business are routed through Dubai. This indirect channel of the trade business are dealing the products to reach its destination as well as it is very expensive to both parties. To cut short the existing producers the Saudi companies are requiring to Saudi banks to consider establishing direct relations with Iranian banks.
For the last 12 months there were several exchange of business delegations between Saudi and Iran and now they are finding the way to expand the trade business, the report said. In view of the recent developments of diplomatic relations between the two countries another delegation of Saudi businessmen arrived here to find and study the requirement of Iranian companies for export of Saudi products.
Last year the trade between the two countries were $400 million. Saudi Hollandi Bank Manager Syed Ahmad Ziauddin is currently on a visit of Iran. He arrived for the first time with the sole object of helping his bank's customers to develop the business. Ziauddin said, There is a lot of potential to develop the business between the two countries. He is here to study the country and call on the officials of the Central Bank of Iran and other banks for cooperation.
Saudi Hollandi Bank is incorporated Saudi Bank with 40 percent of its equity held by Abn Amro Bank NV Holland and 60 percent by Saudi nationals. SHB proves a full range of commercial banking services through its network if 40 branches. SHB is the oldest bank in the kingdom and it is serving the kingdom since 1926.