Saudi EXIM Bank Partners With DL Hudson For $50 Million Credit Facility To Boost Non-Oil Exports

The Saudi EXIM Bank has entered into a $50 million credit facility agreement with DL Hudson Limited. This initiative aims to boost Saudi Arabia's non-oil exports by linking local exporters with international buyers across more than 22 global markets. The collaboration will enable DL Hudson Limited to purchase Saudi products and distribute them worldwide, enhancing the reach of Saudi exports.

Saudi EXIM Bank's Director General of the Finance Department, Eng. Abdulatif Al-Ghaith, and DL Hudson Limited's Chief Operating Officer, Moises Portillo, signed the agreement in London, UK. Eng. Abdulatif Al-Ghaith remarked, "This agreement comes within the framework of the bank's endeavor to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in global markets, highlighting the agreement's role in promoting exports across several key national economic sectors and creating new trade opportunities for local exporters by linking them to many global markets."

DL Hudson Limited, based in the UK, is known for its expertise in trading ferrous and nonferrous metals as well as energy products. The partnership will leverage this expertise to expand the distribution of Saudi goods internationally. Eng. Abdulatif Al-Ghaith expressed appreciation for DL Hudson's capabilities in metal trading and looked forward to future collaborative opportunities.

The Saudi EXIM Bank operates under the National Development Fund and is pivotal in diversifying Saudi Arabia's economic base beyond oil. By addressing financing gaps and reducing export risks, it supports the growth of non-oil sectors in line with Vision 2030. This strategic vision seeks to transform the Kingdom’s economy by fostering sustainable development across various industries.

The International Buyer Finance Product from Saudi EXIM Bank will facilitate financing for DL Hudson Limited. This product is designed to support international buyers in acquiring Saudi products, thereby expanding their presence in global markets. The initiative underscores the bank’s commitment to strengthening export systems for national products and services.

This agreement not only promotes trade but also creates new opportunities for local exporters by connecting them with diverse international markets. Such efforts are crucial for enhancing the competitiveness of Saudi non-oil exports on a global scale.

Through these initiatives, Saudi EXIM Bank continues to play a vital role in supporting economic diversification efforts within the Kingdom. By fostering international trade partnerships and providing essential financial solutions, it contributes significantly to achieving long-term economic sustainability.

With inputs from SPA