• Saudi Exim Bank has opened its first African representative office in Casablanca, Morocco, to expand its regional footprint and boost Saudi non-oil exports.
• The bank previously signed major cooperation agreements with Shelter Afrique, Standard Bank South Africa, and UBA to finance infrastructure and trade projects across Africa.
• Bilateral trade between Saudi Arabia and Morocco reached 26.4 billion dirhams ($2.86 billion) in 2024, up 7.3% year on year.

Saudi Exim Bank has obtained regulatory approval to open a representative office in Casablanca, marking its first physical presence in Africa, Moroccan lawyer Abdelatif Laamrani announced on October 12, 2025.

Laamrani, founder of Al-Amrani Law Firm, guided the Saudi state-owned export-import bank through Morocco’s legal process to establish the office.

The Casablanca office aims to strengthen Saudi Exim’s footprint in North Africa and support bilateral trade flows between Saudi Arabia and Morocco. The move aligns with Morocco’s strategy to consolidate Casablanca Finance City as a leading regional financial hub for Africa.

Before opening in Morocco, Saudi Exim accelerated its cooperation across the continent through multiple financing partnerships.

In August 2025, the bank signed a memorandum of understanding with Shelter Afrique, the pan-African housing and urban development finance institution. The deal aims to mobilize joint financing for infrastructure, construction, and urban development projects across several African countries.

Earlier, in October 2024, Saudi Exim extended a $25 million credit line to Standard Bank South Africa to facilitate trade between South Africa and Saudi Arabia. In November 2023, it signed another MoU with United Bank for Africa (UBA) to deepen economic cooperation and financial flows between both regions.

These initiatives highlight Saudi Exim’s growing focus on Africa as part of Riyadh’s broader push to diversify exports beyond oil and to expand trade relations under Vision 2030.

Established in 2020, Saudi Exim Bank supports the promotion of Saudi non-oil exports by offering financing, guarantees, and credit insurance to help Saudi firms expand abroad.

The opening of the Casablanca office is expected to bolster trade relations between the two kingdoms. According to Morocco’s Exchange Office data, bilateral trade reached 26.4 billion dirhams ($2.86 billion) in 2024, up 7.3% from the previous year.

Moroccan exports to Saudi Arabia rose 16.8% to 1.15 billion dirhams, while imports from Saudi Arabia stood at 24.8 billion dirhams, reflecting continued energy and goods inflows.

Saudi Exim’s initial expansion plan, announced in late 2022, included plans for representative offices in Egypt and South Africa. The bank ultimately chose Morocco as its first African base, underscoring the country’s appeal as a gateway to African and European markets.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum