The Saudi Export-Import Bank (Saudi EXIM) and the Saudi National Bank (SNB) signed an insurance agreement to enhance documentary credits and a major Murabaha agreement for financing the export of non-oil products. These efforts aim to enhance Saudi non-oil exports, by providing credit products, insurance, and financing solutions to strengthen their competitiveness in global markets, in line with the objectives of Vision 2030.
The two agreements were signed under the patronage of Saudi EXIM Bank's CEO, H.E. Eng. Saad Alkhalb, and SNB's CEO, Tareq bin Abdulrahman Al-Sadhan, during a signing ceremony held at the headquarters of Saudi EXIM Bank, King Abdullah Financial District (KAFD) in Riyadh.
The insurance policy agreement, covering commercial and political risks, was signed by Mohammed bin Omar Al-Bishr, Director General of the General Insurance Department at Saudi EXIM Bank. Additionally, the major Murabaha agreement for financing the export of non-oil products was signed by Abdul Latif bin Saud Al-Ghaith, the General Director of the Finance Department at Saudi EXIM Bank. Nasser Al-Fraih, Head of the Group of Banking and International Institutions at SNB, represented the bank in signing the agreements.
H.E. CEO of Saudi EXIM Bank stated: "these two agreements are part of the integration that Saudi EXIM Bank is working on to start partnerships with local financial institutions in order to enhance the non-oil economy and create a diverse and inclusive economy in line with the Kingdom's vision 2030. This is achieved through empowering Saudi non-oil exports and enhancing confidence in Saudi products." He emphasized the bank's commitment to continue doubling efforts for integrated work with government institutions, financial institutions, and the private sector to strengthen the export system. These agreements will support the banking sector's role in increasing Saudi exports, bridging financial gaps, and reducing non-payment risks in export operations.
For his part, the CEO of SNB clarified that the two agreements reflect the successful partnership between the public and private sectors, by contributing to the growth of Saudi non-oil exports, increasing their competitiveness, and providing credit and financing solutions that contribute to building a sustainable economy in line with the objectives of Vision 2030. He added these agreements pave the way for collaborative efforts to support Saudi exporters, enhance non-oil export activities, and create more opportunities for Saudi industries and services to enter new markets and expand globally.
