BOK, Saudi company sign MoU to support businesses in Pakistan

PESHAWAR: In a significant move towards promoting SME financing and economic development in Pakistan, the Bank of Khyber (BOK) has joined hands with Fauree Tech Pvt Ltd to establish a collaboration through a supply chain financing agreement.

The Memorandum of Understanding (MoU) was signed in a small ceremony held at the BOK Head Office in Peshawar. BOK was represented by Muhammad Ali Gulfaraz, MD & CEO, Sher Muhammad, Group Head of Conventional Banking, Nahman Qayum, Head of Corporate and Commercial Lending, and other senior executives of the bank.

Fauree, on the other hand, was represented by Dr Saleh Alamr, the Group CEO of Jawa Investments (based in Saudi Arabia) and Co-founder/Board Member of Fauree, via a video conference from Saudi Arabia. Additionally, Nadeem Hussain, a Board Member, and Azhar Tasadduq, Co-Founder & CEO, along with their team members Moiz Mehta and Sohaib Dar, were present on the occasion.

Fauree, a renowned technology firm with a strong presence in the Middle East, Pakistan, and Africa has been successfully providing cutting-edge solutions across various industries. With its extensive reach and expertise, Fauree is uniquely positioned to contribute to the growth and development of SMEs in Pakistan through this collaboration.

Dr Saleh Alamr, Group CEO of Jawa Investments and Co-founder/Board Member of Fauree, a prominent Saudi professional, expressed his enthusiasm for the newly formed partnership between Bank of Khyber and Fauree.

He stated, “The collaboration between these two esteemed organizations marks a significant milestone, and we consider it a great honor. We are confident that both organizations will reap the benefits of this collaboration. As digital transformation is a key pillar of Saudi Arabia’s Vision 2030, we are excited to deepen our relationship with Pakistan and contribute to its progress”.

Expressing his delight at the partnership, Muhammad Ali Gulfaraz, MD/CEO BOK, stated, “We are thrilled to announce our recent collaboration with Fauree Tech Pvt Ltd, aimed at facilitating SMEs. Aligned with our vision, we are consistently striving to become the most innovative and business-centric bank in Pakistan. In due time, we will unveil more such partnerships, expanding our horizons to provide ease and convenience to our valued customers. At BOK, we are committed to delivering premium value-added services and financial solutions.”

Copyright Business Recorder, 2023