Saudi EXIM Boosts Non-Oil Exports With Macquarie And Allianz Agreements

The Saudi Export-Import Bank (Saudi EXIM) has entered into a non-binding agreement with Macquarie Group, a prominent entity in global asset and commodity management. This agreement aims to provide credit facilities worth $500 million over three years to bolster the group's purchases of Saudi goods and services. Additionally, it will enable Macquarie to connect Saudi exporters with 156 markets worldwide.

The term sheet was signed in London by Saudi EXIM chief executive Saad bin Abdulaziz AlKhalab and Macquarie Group regional CEO for Europe, the Middle East, and Africa Paul Plewman. This credit facility agreement aligns with Saudi EXIM's efforts to develop Saudi non-oil exports and enhance their position in global markets through financing services, guarantees, and export credit insurance.

In a related development, Saudi EXIM signed a framework agreement with Allianz International Insurance Group. This agreement aims to provide insurance solutions that mitigate the risks of non-payment for export and import activities. These solutions are designed to facilitate the Saudi industrial sector's access to global supply chains in over 50 countries.

The signing took place on the sidelines of a workshop organized by Saudi EXIM in collaboration with Howden International Group at Lloyd’s Global Insurance Market. The event saw participation from the Ministry of Industry and Mineral Resources and brought together more than 100 representatives from international insurance companies.

During the workshop, Saudi EXIM reviewed the role of Saudi non-oil exports in achieving the goals of the national strategy for industry, in line with Saudi Vision 2030. The discussions underscored the importance of non-oil exports in diversifying the economy and enhancing global trade connections.

The agreements and initiatives undertaken by Saudi EXIM reflect its commitment to supporting the growth of Saudi non-oil exports. By providing financial and insurance solutions, the bank aims to strengthen the country's industrial sector and expand its reach in international markets.

With inputs from SPA