Saudi EXIM Raises Non-oil Products Globally
Saudi EXIM, the Saudi Export-Import Bank, has made significant strides in the third quarter of 2023.
Established only three years ago, the bank’s maturity and success are noteworthy, especially in enhancing Saudi Arabia’s non-oil export sector.
Expanding Global Reach
In 2022, Saudi Exim significantly contributed to the expansion of Saudi non-oil exports to over 60 countries, representing nearly a third of the United Nations member states.
This extensive global reach encompassed major economies such as the US, UK, China, and India, and also extended to various African and South American nations.
Moreover, the bank’s ongoing expansion efforts, which include providing funding lines to regional and international commercial banks and forming partnerships with key institutions, clearly demonstrate its strong commitment to supporting Saudi exporters.
Strategic Development and Partnerships
In 2023, Saudi EXIM launched a five-year plan to boost the Saudi non-oil economy globally. The plan aims at financing, risk management, diversification, and sustainability. The bank increased support for local exporters, forming new global financial partnerships. These enhance credit options and fill credit gaps.
Notably, Saudi Exim signed an agreement with Natixis Corporate & Investment Banking. This agreement aims to enhance Saudi exporters’ global competitiveness and support the nation’s diverse, sustainable economy.
Focus on Africa
A pivotal aspect of Saudi EXEM’s strategy centers on Africa. In November 2023, the bank notably signed agreements totaling USD 185 million with various African banks and financial institutions. These agreements aim to bolster African economies, foster commercial opportunities, and improve the competitiveness of Saudi products in African markets.
Additionally, this strategic focus is in line with the bank’s broader vision. It seeks to establish robust economic ties with African nations. Such ties are envisioned to spur sustainable development and open new investment opportunities.
Empowering SMEs, Adhering to ESG Principles
Saudi Exim has a strong focus on the SME sector, recognizing its vital role in the global economy. The bank has allocated a significant portion of its portfolio to the industrial sector and small and medium enterprises (SMEs).
Furthermore, the bank adheres to ESG (Environmental, Social, and Governance) principles, ensuring its activities positively impact financial.
Future Outlook
As CEO Saad bin Abdulaziz AlKhalb emphasizes, Saudi EXEM is focused on increasing non-oil exports’ contribution to the GDP. Consequently, the bank is preparing for significant growth and strategically plans to support local exports on a global scale.
This initiative will undoubtedly open up new pathways for growth. Furthermore, Saudi Exim’s strong commitment to finance and strategic goals is evident.
Ultimately, this approach marks a pivotal phase in diversifying and enhancing the global competitiveness of Saudi non-oil products.
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