Latest news with #SaudiExport-ImportBank
Leaders
7 days ago
- Business
- Leaders
Saudi EXIM Bank, Credit Oman Sign MoU to Strengthen Bilateral Export Ties
The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor at the TXF Global 2025 conference, held in Copenhagen, Denmark, from June 10 to 12. The event served as a platform to reinforce Saudi EXIM's role in international trade and build strategic partnerships aimed at boosting the competitiveness of Saudi Arabia's non-oil exports. During the conference, Saudi EXIM CEO Eng. Saad bin Abdulaziz AlKhalb and Credit Oman CEO Khalil bin Ahmed Al Harthy signed a memorandum of understanding (MoU) to deepen cooperation between the two institutions. The agreement focuses on supporting joint projects, facilitating exports, and exchanging expertise to advance non-oil export growth and enhance economic and trade relations between Saudi Arabia and Oman. Eng. Al-Khalb also joined a high-level panel discussion with industry leaders and export credit specialists to explore strategies for advancing global trade cooperation. He highlighted Saudi EXIM's pivotal role as a trusted partner in the global trade landscape and noted that the bank's creation aligns with Saudi Arabia's broader economic diversification goals. Since its establishment, Saudi EXIM has extended over USD 22 billion in credit facilities. Al-Khalb emphasized that the bank's A+ credit rating from Fitch Ratings bolsters its credibility and impact both domestically and internationally. Finally, he underscored the bank's commitment to developing strategic pathways that empower local exporters. Related Topics : Saudi EXIM Bank Wins Two International Awards in Financial Solutions ACWA Power signs MoU with Saudi EXIM Bank to cooperate on knowledge sharing SAUDI ARABIAN AIRLINES (SAUDIA) FEATURES 'BORN A KING' FILM ONBOARD FIFA 2025 Club World Cup: First Round Schedule, Live Results & Scorers Short link : Post Views: 19 Related Stories
Jordan News
28-05-2025
- Business
- Jordan News
Housing Bank and Saudi EXIM Bank Sign $10 Million Financing Agreement - Jordan News
Housing Bank and Saudi EXIM Bank Sign $10 Million Financing Agreement Housing Bank has signed a $10 million credit line agreement with the Saudi Export-Import Bank (Saudi EXIM Bank) to finance the import of Saudi-origin goods and products by the bank's clients. This initiative aims to boost the flow of non-oil Saudi imports into Jordan and strengthen trade ties between the two countries. اضافة اعلان The agreement was signed at Saudi EXIM Bank's headquarters in Riyadh by Mohammed Naser Abu Zahra, Executive Vice President and Head of Corporate Banking at Housing Bank, and Eng. Abdullatif Al-Ghaith, Director General of the Lending Department at Saudi EXIM. This partnership reflects Housing Bank's ongoing commitment to enhancing financial inclusion by expanding its lending portfolio and financing solutions, particularly for Jordanian importers working with Saudi exporters. Saudi Arabia remains the leading exporter to the Jordanian market. The agreement is expected to meet the rising demand for Saudi goods in Jordan and foster new export opportunities for Jordanian businesses. It also supports the transportation and trade sectors, aligning with the Central Bank of Jordan's vision of offering practical financing tools that ease access to liquidity and reduce logistical challenges. It is worth noting that Housing Bank provides a comprehensive suite of services to support businesses and merchants, including financing, credit, and guarantee programs, as well as facilities, advanced digital services, and a wide array of commercial solutions.
Arab News
28-04-2025
- Business
- Arab News
Saudi Arabia, Egypt strengthen industrial ties with new initiatives
RIYADH: Saudi Arabia and Egypt are advancing efforts to strengthen their industrial and economic partnership, as officials emphasized the importance of trade facilitation, industrial integration, and government-backed support. Speaking at the Saudi-Egyptian Industrial Forum in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the Saudi Export-Import Bank has completed SR1.3 billion ($346.5 million) in operations, highlighting the strong bilateral relationship between the two nations. 'The industrial strategy emphasizes the importance of industrial integration with other countries, especially Egypt,' he stated, noting that cooperation pathways include industry, mining, and trade, as well as supply chains, human resources, research, and innovation. He highlighted the vital role of government agencies in supporting exporters and importers from both countries. Bandar Al-Ameri, chairman of the Saudi-Egyptian Business Council, highlighted that trade between the Kingdom and Egypt increased by 28 percent in 2024, citing the strengthening economic partnership between the business communities of the two nations. Al-Ameri pointed to the signing of a bilateral investment protection agreement as a strategic achievement and emphasized Egypt's role as a major economic partner and gateway to African markets. Hassan Al-Hwaizy, chairman of the Federation of Saudi Chambers, welcomed the Egyptian delegation, stating that Saudi-Egyptian economic relations are based on genuine partnership rather than figures alone. He called for enhancing cooperation in industry and trade and encouraged the establishment of joint projects, specifically to serve African markets. Vice Minister of Industry and Mineral Resources for Industrial Affairs Khalil Ibn Salamah explained that the industrial partnership focuses on five strategic sectors, including pharmaceuticals, automotive, construction materials, textiles, and food industries. He emphasized the strategic alignment between the industrial initiatives of both countries and urged Egyptian manufacturers to seize the opportunities available in the Saudi market, noting the Kingdom's target to establish 24,000 new factories over the next decade. The Saudi-Egyptian Industrial Forum, held in Riyadh under the patronage of the Saudi Minister of Industry and Mineral Resources, gathered more than 300 leaders and investors from the Saudi and Egyptian industrial sectors. Organized by the Federation of Saudi Chambers in cooperation with the Federation of Egyptian Industries, the forum focused on strengthening strategic cooperation and promoting pathways for industrial integration. The event also showcased available investment opportunities in priority sectors under the Kingdom's National Industrial Strategy, emphasizing the growing Saudi-Egyptian industrial base, which aims to expand investments in the pharmaceutical, automotive, construction materials, textiles, and food industries.
Arab News
23-04-2025
- Business
- Arab News
Saudi EXIM Bank's credit facilities more than double to $8.93bn
RIYADH: The Saudi Export-Import Bank more than doubled its credit facilities in 2024, reaching SR33.53 billion ($8.93 billion), as the Kingdom ramps up efforts to boost non-oil exports to international and high-potential markets. The institution's credit facilities rose 103.2 percent year on year, with disbursements for export financing reaching SR11.96 billion — up 70 percent from 2023. The value of exports covered by credit insurance also climbed 127 percent to SR21.57 billion over the same period, according to a statement. This aligns with the bank's goal to double the value of Saudi industrial exports from SR254 billion in 2022 to SR557 billion in 2030, and SR892 billion by 2035. It also reflects the financial entity's mission to enable Saudi exports to reach global markets by bridging financing gaps and mitigating export risks. Speaking at an event in Riyadh, EXIM Bank CEO Saad bin Abdulaziz Al-Khalb emphasized the growing need for specialized export financing institutions, citing the complexities of global supply chains and the limitations of traditional commercial banks in managing cross-border trade risk. 'He explained that credit operations differ from one country to another, therefore, the need arises for banks specialized in export and international credit operations to address this, and that commercial banks usually adhere to certain limits in accepting risks; this creates financing and insurance gaps that need to be filled, which is why countries have been forced to establish specialized export financing banks to fill these gaps,' the Saudi Press Agency reported. At the 7th edition of the Knowledge Diwaniya, organized by the Ministry of Finance's Mutamam Center, the CEO also noted that non-oil exports had grown by over 100 percent from 2020 to 2024, thanks to the support of the Kingdom's leadership, and emphasized the bank's role in enabling this growth. The bank's statement further revealed that, in 2024, its contribution to credit facilities for Saudi non-oil exports amounted to 7.66 percent, financing and insuring the export of Saudi non-oil products and services. Additionally, the financial institution signed 30 financing and insurance agreements and 20 memoranda of understanding in 2024 to boost collaboration with global institutions. These included a letter of credit insurance agreement with Saudi Basic Industries Corp., the largest documentary credit insurance policy in the Middle East. The bank also entered into a $300 million credit facility agreement with commodity firm Glencore and signed an MoU with the Export-Import Bank of the US. Saudi EXIM also hosted the Berne Union Country Risk Specialists Meeting 2024 and launched the Kingdom's first Graduate Development Program for Export Insurance. Al-Khalb further clarified that the bank offers a comprehensive range of financing and insurance products covering local exporters, international buyers, global trading houses, and financial institutions worldwide. He also noted that production input financing was introduced this year to support industrial facilities in the Kingdom by financing raw materials, production inputs, primary materials, semi-finished materials, and equipment. These products have helped bridge the financing gaps left by commercial financial institutions and protect export parties from risks such as non-payment and market fluctuations.
Zawya
23-04-2025
- Business
- Zawya
Saudi EXIM provides $9bln in credit facilities in 2024, up 103.2% in a year
Riyadh -- The Saudi Export-Import Bank (Saudi EXIM) achieved a significant advancement in the credit facilities offered during 2024, amounting to a total of SAR33.53 billion, up by 103.2% from SAR16.5 billion in 2023. Through these efforts, the bank aims to enhance the growth of Saudi non-oil exports and strengthen their competitiveness in global markets, marking a continuous upward trend in credit facilitation since the bank's establishment in 2020. In 2024, the bank's contribution of credit facilities for Saudi non-oil exports amounted to 7.66%, financing and insuring the export of Saudi non-oil products and services. By the end of the year, the total amount disbursed for export financing applications reached SAR11.96 billion, reflecting a 70% increase from SAR7.03 billion in 2023. Meanwhile, the total value of exports covered by credit insurance reached SAR21.57 billion, up 127% from SAR9.5 billion in the previous year. To boost collaboration with global institutions, Saudi EXIM signed 50 agreements and memoranda of understanding (MoUs) in 2024, including the letter of credit insurance agreement with the Saudi Basic Industries Corporation (SABIC), the largest documentary credit insurance policy in the Middle East. The bank also entered into a US$300 million credit facility agreement with Glencore and signed an MoU with the Export-Import Bank of the United States (EXIM). Furthermore, the bank hosted the Berne Union Country Risk Specialists Meeting 2024 and launched the Kingdom's first Graduate Development Program for Export Insurance, concluding with employment. Saudi EXIM, affiliated with the National Development Fund (NDF), is dedicated to enabling the growth of Saudi non-oil exports by closing financing gaps and mitigating export risks, thereby contributing to the growth of the non-oil economy in line with Vision 2030.
