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Saudi’s SABB, EXIM sign insurance deal to facilitate exports

Saudi's SABB, EXIM sign insurance deal to facilitate exports

The Documentary Credit Enhancement Insurance Policy was agreed on the margins of the 9th Saudi Trade Finance Summit by the Saudi British Bank (SABB) and the Saudi Export-Import Bank.

In the presence of the Deputy Managing Director of Corporate and Institutional Banking at SABB, Majed Najm, the agreement was signed by the CEO of the Saudi Export-Import Bank, Eng. Saad Al-Khalb, and the Managing Director of SABB Bank, Tony Krebs.

The document enables SABB to improve its ability to accept and strengthen documentary credits in favor of Saudi exports, as well as to increase its interactions with foreign banks that issue documentary credits since insurance coverage helps Saudi products access new markets and development in current ones.

During the dialogue sessions of the Ninth Saudi Trade Finance Summit on the 15th and 16th of November in Riyadh, under the subject “Flexibility in Trade, Supply Chains, and Treasury Management,” SABB expressed its views on the growth of the future of trade finance in Saudi Arabia. A group of decision-makers, top specialists, financial heads, and trade finance sector executives from different government organizations and commercial enterprises were present.

During the discussion sessions, David Leslie, SAP’s General Manager of Global Trade and Receivables Finance, presented a working paper titled “The Comprehensive Digitization of Trade Finance,” in which he stressed the importance of digitization as a key factor in accelerating the growth process while saving time, effort, and money, as well as reducing risks.

SABB Bank, Saudi Arabia’s leading trade finance bank, sponsored the summit as a “platinum sponsor” because it is the most important and influential event in the Saudi trade finance sector, in addition to offering solutions and exchanging ideas on issues raised to build financial resilience strategies, develop commercial finance tools, and discuss laws and strategies that contribute to the Saudi economy’s growth.

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