The Saudi National Bank (SNB) and the Saudi Export-Import Bank (Saudi EXIM) have signed an agreement to enhance documentary credit insurance, as well as a major Murabaha agreement to finance non-oil Saudi exports. This is part of the joint efforts to promote the growth of non-oil Saudi exports by providing credit products, insurance and financial solutions to boost its competitiveness in the global markets, in line with the Kingdom’s Vision 2030 objectives.
The agreements were signed under the patronage of H.E Eng. Saad bin Abdulaziz Al-khalb, CEO of Saudi EXIM Bank, and Mr. Tareq bin Abdulrahman Al-Sadhan, CEO of the Saudi National Bank, during the signing ceremony held on Sunday, May 12, 2024, at Bank’s Head Office – KAFD in Riyadh.
From Saudi EXIM Bank side, the enhancement of documentary credit insurance against commercial and political risks agreement was signed by Mr. Mohammed Omar Al-Bashir, General Manager of Insurance. Additionally, the major Murabaha agreement was signed to finance non-oil commodity exports by Mr. Abdulatif Saud Al-Ghaith, General Manager of Finance Department. From SNB side, the agreements were signed by Mr. Nasser Sulaiman Al Fraih, Head of Institutional and International. On this occasion, H.E Eng. Saad bin Abdulaziz Al-khalb, CEO of Saudi EXIM Bank, stated: "These agreements are part of the integration models that the Saudi EXIM Bank is working on to activate partnerships with local financial institutions in order to support the Saudi non-oil export market and contribute to a more vibrant, diverse, and sustainable economy in line with the Kingdom’s Vision 2030 objectives.
On this occasion, H.E Eng. Saad bin Abdulaziz Al-khalb, CEO of Saudi EXIM Bank, stated: "These agreements are part of the integration models that the Saudi EXIM Bank is working on to activate partnerships with local financial institutions in order to support the Saudi non-oil export market and contribute to a more vibrant, diverse, and sustainable economy in line with the Kingdom’s Vision 2030 objectives.
This is achieved by enabling non-oil exports and enhancing confidence in Saudi products." He emphasized the Saudi EXIM Bank’s commitment to continue intensify its efforts to work collaboratively with governmental and financial institutions as well as the private sector to enhance the export system. These agreements are a new addition to increase the contribution of the banking sector in enabling Saudi exports to contribute to bridging the financial gaps and mitigating the risks of non-repayment for export operations.
Mr. Tareq Al-Sadhan, CEO of the Saudi National Bank, explained that the two agreements reflect the successful partnership between the public and private sectors, and contribute to enhancing the development of non-oil Saudi exports and increasing their competitiveness, provide credit and financing solutions that participates in building a sustainable economy in line with Kingdom’s Vision 2030 goals. He added that the agreements open up prospects for joint cooperation to support Saudi exporters and enhance non-oil export activities, as well as increase opportunities for the entry of Saudi industries and services into new markets and expand and penetrate global markets.
SNB is the largest financial institution in the Kingdom, playing a leading role in supporting the national development efforts witnessed by the Kingdom of Saudi Arabia through partnerships in various fields, in line with the rapid growth and the strategy for the development of the financial sector to achieve Kingdom’s Vision 2030 goals.