Riyadh, Saudi Arabia — Saudi Arabia’s National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and Commercial Bank of China (ICBC), the world’s largest bank with total assets of approximately $5 trillion, that will have a positive impact in attracting the bank’s extensive client base looking to explore public-private partnership opportunities in the kingdom.
NCP CEO Mohannad Basodan said this agreement will expand the bank’s involvement in a market sounding and strengthen its engagement in providing financial advisory services for PPP projects.
Additionally, both parties will enhance cooperation and participation in organizing local and international events aimed at exploring opportunities and promoting knowledge sharing and training in various areas, including project finance.
Basodan also emphasized that ICBC’s economic significance will contribute positively to supporting PPP initiatives and enhance NCP’s role in supporting targeted sectors through new partnerships, as banks and financial institutions play a crucial role in the success of PPP projects in the kingdom.
ICBC serves more than 8 million corporate clients and 650 million retail customers. The agreement was formally signed by Hani Alsaigh, NCP’s Vice President for Strategic Marketing and Knowledge Management, and Jing Lin Guo, General Manager of ICBC, in the presence of NCP CEO Mohannad Basodan and ICBC’s Chairman of the Board of Directors, Chen Siqing.