Saudi EXIM Bank has signed a credit facility agreement with UAE-based company Petrochem Middle East, a leading distributor of chemical and petrochemical products. This collaboration aims to bolster Saudi non-oil exports and broaden their reach in specific international markets.
According to the agreement, the Saudi EXIM Bank has committed to providing a $25 million credit facility to the company. This facility will enable the company to boost its import of Saudi products and subsequently re-export them to international markets. The primary objective of this initiative is to enhance the opportunities for Saudi products to enter new markets, aligning with Saudi export strategies for global expansion
.Dr. Naif Al-Shammari, Deputy CEO of Saudi EXIM Bank, and Mr. Yogesh Mehta, CEO of Petrochem Middle East (FZE), signed the agreement at the company's main office in Dubai.
On the occasion, Dr. Naif Al-Shammari remarked, "Viewing exports as a pivotal driver for the Kingdom's economic growth and a key component in realizing the objectives of Saudi Vision 2030, we are currently observing an unparalleled momentum in the Kingdom's export ecosystem. This momentum stems from the collaborative efforts of various governmental entities, the proactive engagement of the private sector, and the distinct quality of products originating from Saudi Arabia. Based on this foundation, we at the Saudi Export-Import Bank are fully committed to our mission of bolstering this momentum. Our aim is to enhance the share of Saudi non-oil exports and elevate their competitive edge in the global arena. This agreement is particularly timely as Saudi chemical products are experiencing swift expansion and gaining notable traction in overseas markets. Petrochem Middle East, the UAE-based company, stands as the premier distributor of chemicals across the Middle East and Africa. Their profound expertise spans both regional and global markets."
On the occasion, Mr. Yogesh said “Today, Saudi Arabia has become an important destination for both business and tourism. The Saudi 2030 Vision has gained serious traction, and there are many growth opportunities in the Kingdom, making it the fastest-growing region in the Middle East now. In recent years, Saudi Arabia has seen remarkable growth in the petrochemical industry and has become a hub for chemical manufacturing and processing, both in the upstream and downstream segments. Petrochem sees huge potential for growth, both for exports and imports into the kingdom, and we know that the Saudi Exim bank and Petrochem Middle East will be great partners towards this goal .
