Saudi EXIM Bank Aims To Elevate Saudi Non-Oil Exports At TXF Global 2024

The Saudi Export-Import Bank (Saudi EXIM) recently participated in TXF Global 2024, which concluded yesterday in Athens. The conference focused on discussing opportunities and challenges and exchanging ideas and expertise regarding export credit solutions and trade finance.

Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalab spoke about the bank's role in developing Saudi non-oil exports in global markets. Since its establishment, the bank has provided credit facilities, including financing and insurance, exceeding $12 billion, with one-third of this amount facilitated in 2023 alone.

Al-Khalab indicated that the bank plans to increase its annual contribution to over $20 billion by 2030. He added that the bank collaborates with major global trading houses like Trafigura to finance the purchase of Saudi products, primarily in mining, with a value of $500 million.

He also mentioned that the bank issued the largest insurance policy in the Middle East, worth $2 billion, covering 450 financial institutions. Al-Khalab stressed the bank's contribution to the Kingdom's initiatives towards sustainability and renewable projects locally, regionally, and globally.

Saudi EXIM is working to enhance relationships with export credit agencies to boost growth in untapped markets. Additionally, there are 800 industrial investment opportunities with a value exceeding $400 billion that the bank aims to implement over the next ten years.

He highlighted promising projects in the Kingdom, such as Qiddiya and green hydrogen in NEOM, pointing out that the goal is to increase the number of industrial establishments from 11,000 to 36,000 by 2035.

Memorandums of Understanding

On the sidelines of the conference, Al-Khalab signed a memorandum of understanding with the CEO of Export Credit Greek, Gregory Stamatopoulos. This agreement aims to enhance economic cooperation and trade exchange between Saudi Arabia and Greece, including ways to develop Saudi non-oil exports to Greek markets.

He also signed another memorandum of understanding with the Director General of the Swedish Export Credit Agency, Anna Karin Jatko. This memorandum aims to enhance cooperation between the two sides and explore commercial and investment opportunities, promoting Saudi non-oil exports in Swedish markets.

With inputs from SPA