RIYADH, 6 Feb. – The Saudi Export-Import Bank (Saudi EXIM) on Sunday signed a joint agreement of cooperation with the Economic Cities and Special Zones Authority (ECZA) and Emaar, the Economic City.
The agreement was signed by his Excellency Eng. Saad bin Abdulaziz Alkhalb, the Chief Executive Officer of Saudi EXIM; Nabil Khojah, the Secretary General of ECZA; and Assim Alsuhaibani, the Chairman of Emmar, the Economic City.
According to the three-way agreement, the three sides would share services and expertise to create more opportunities for Saudi products to enter new markets. In addition, the agreement allows Saudi EXIM to offer its credit and lending solutions to manufacturers operating within Industrial Valley in King Abdullah Economic City (KAEC), in aims of fostering a favorable investment environment in economic cities and keeping Saudi capital circulating within the country.
The agreement embodies the bank’s efforts to build collaborative partnerships, enabling exporters to obtain the services and opportunities presented by pertinent government agencies, helping emerging sectors grow, and increasing non-petroleum exports’ contribution to the gross domestic product (GDP.)
Eng. Alkhalb said that the agreement bolsters Saudi EXIM’s hopes for more partnerships that would boost, diversify, and enhance the competitiveness of national exports through financing and credit insurance services for non-petroleum exports, accessible to qualified clients.
He added that the expertise offered by ECZA, the government agency that oversees economic cities, would help corporations and manufacturers with guidance and data. These insights would help keep capital local and attract foreign investments with compelling incentives that boost exports and create a favorable environment for investors in economic cities.
Alkhalb also said that the collaboration would help Saudi EXIM to utilize the mighty marketing machine of Emaar, the Economic City, the primary developer of KAEC and the liaison with Industrial Valley manufactures, to familiarize them with the credit and lending facilities that the bank offers, as well at the paperwork needed to obtain these facilities. Emaar’s marketing power would also help to promote Saudi EXIM’s products and services at ECZA’s conferences and events and facilitate access to Industrial Valley clients.
