AMMAN: The Saudi Fund for Development (SFD) has signed a financing agreement with the National Bank of Iraq (NBI) to provide $10 million in credit facilities to Iraqi investors wanting to import products and services from Saudi companies.
The move aims to contribute to strengthening trade relations between the two countries, a statement issued by Saudi Press Agency said.
Under the agreement, SFD will grant NBI, a subsidiary of Capital Bank Group, a revolving financing line to import various goods and services of Saudi origin for the bank’s importing company clients, with a 100 percent financing rate of its value.
The agreement was signed in Jordan’s capital Amman by SFD CEO Sultan Abdulrahman Al-Marshad and Bassem Al-Salem, chairman of the board of directors of Capital Bank Group.
It will grant a payment period of up to 36 months depending on the type of imports and the nature of the operation.
The agreement “reflects the two countries’ desire to enhance cooperation between them in various fields, and is part of what was allocated by the Saudi government to support reconstruction and development projects in Iraq, exceeding $1.5 billion,” said Al-Marshad.
He added that supporting stability in countries seeking to achieve sustainable economic and social development is one of the fund’s most important priorities, and through this agreement, Saudi Arabia seeks to enhance efforts to achieve joint prosperity.
The agreement is in line with the Kingdom’s efforts to diversify sources of national income and increase the volume of non-oil exports of Saudi goods and services, as it will open new markets for Saudi producers and contribute to stimulating Iraq’s commercial and financial sectors, he said.
Al-Salem praised SFD for its efforts to support and finance development projects in Iraq and stimulate bilateral trade relations.
“The fund’s role reflects the Kingdom’s historical orientations and its continuous support of joint Arab action, and contributes to achieving Arab economic integration,” he said.
Al-Salem added that the agreement will contribute to increasing trade between the two countries by providing NBI with credit facilities for importers to import high-quality Saudi goods and services at competitive prices to the Iraqi market. The agreement will also activate transport operations between the two countries.
Saudi Fund for Development signs $10m deal with National Bank of Iraq
https://arab.news/46vje
Saudi Fund for Development signs $10m deal with National Bank of Iraq
- The agreement will grant a payment period of up to 36 months depending on the type of imports
- It is in line with the Kingdom’s efforts to diversify sources of national income and increase the volume of non-oil exports
Saudi Arabia launches skills framework to support mining, industrial growth
JEDDAH: Saudi Arabia has launched a new skills framework for the mining and industrial sectors to standardize job roles and support workforce development.
The initiative was unveiled by Minister of Industry and Mineral Resources Bandar Alkhorayef on the sidelines of the Global Labor Market Conference 2026, according to Al-Eqtisadiah.
The framework is intended to help employers, job seekers and training providers better navigate labor demand in mining and industry, as Saudi Arabia accelerates investment in manufacturing, minerals processing and related value chains under Vision 2030.
“This is, in fact, a tool which ensures clear definitions of occupations and their required skills. It will cover more than 500 job roles, detailing the necessary skills, responsibilities, and titles,” Alkhorayef said during a discussion panel at the event.
The Ministry of Industry and Mineral Resources said the initiative — known as the Industry & Mining Occupations & Skills Framework — will serve as a national reference for occupations and skills in mining and industry.
The framework is designed to achieve a set of strategic objectives that support human capital development in the industrial and mining sectors. It aims to strengthen workforce planning, training programs, and career pathways, while supporting informed decision-making.
Covering more than 500 industrial occupations, over 300 professional specialties, 600 skills, and 900 professional certifications, the framework sets standardized job titles, descriptions, and skill requirements to support recruitment, performance, and competitiveness.
For each occupation, a profile is developed, outlining the code, job titles, and descriptions, as well as other information such as key tasks, educational qualifications, and required skills.
These profiles give employees clarity on roles, career pathways, and accredited credentials, while helping job seekers match their qualifications with suitable roles and focus on targeted skill development.
The framework, published by the ministry, runs to nearly 3,200 pages and was developed through collaboration with the General Authority for Statistics, alongside government bodies, private sector organizations and academic institutions.
The launch comes as Saudi Arabia’s mining push gains momentum after new surveys of the Arabian Shield showed the Kingdom’s mineral resources are larger than previously estimated.
Official estimates have jumped by about 90 percent to roughly SR9.37 trillion ($2.5 trillion), up from around SR5 trillion in 2016, strengthening the case for further mining investment and skills development.
