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Excellency Eng. Khalid bin Abdulaziz Al-Falih, Minister of Energy, Industry and
Mineral Resources, Chairman of the Board of Directors of the Saudi Export
Development Authority, announced the establishment of an EXIM Bank with SAR 30
billion in capital to boost the exports and support Saudi industrial and mining
projects. His remarks came in a speech delivered by H.E. on Wednesday at the
annual "IKTVA" forum and exhibition organized by Saudi Aramco in the
presence of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of
the Eastern Region, and His Royal Highness Prince Ahmed bin Fahad bin Salman,
Deputy Governor of the Eastern Region.
Excellency also revealed that SAR 5 billion have been allocated to the new bank
as a first installment this year, indicating that no talks about the enablers
of the National Industrial Development and Logistics Program would be well-made
without referring to the government financing for industrial and mining
projects, as the capital of the Saudi Industrial Development Fund has been
increased several times, from SAR 500 million at establishment to SAR 65
billion this year.
his part, the Secretary-General of the Saudi Export Development Authority, Mr.
Saleh Al-Solami said that having an EXIM bank in Saudi Arabia will help boost
the development of exports through the financing of both foreign and local
exporters and importers. The bank will also provide solutions intended for all
the stages of the export process, that would contribute to bridging the gaps in
the financial services provided to the Kingdom’s import-export sector.
pointed out that “Saudi Exports” will cooperate to provide exporters with
services within the solutions provided by the EXIM Bank in order to promote the
non-oil exports in international markets in general, encourage their access to
global markets and provide tools and means to overcome the obstacles to Saudi
stressed that the EXIM Bank will provide integrated banking solutions based on
international best practices in order to enhance the export financing and the
Saudi international trade system and to develop the non-oil exports in line
with the Saudi Vision 2030. The bank will offer several solutions including
opportunities to finance exporters and importers, services for exporters
through “Saudi Exports”, integration with the financial services provided to
the import-export sector by commercial banks instead of competing with them
while also ensuring compliance with the appropriate controls and maintaining a
greater level of flexibility than private banks.
is worth mentioning that "Saudi Exports" employs all its capabilities
to improve the efficiency of the export environment; build export capacities;
promote exporters and their products; create export opportunities; develop
programs for exporters; encourage them; promote Saudi products in international
markets and increase their competitive quality in order to help them access
these markets in a way that reflects the position and quality of the Saudi
product and serve as a tributary to the national economy. The work of
"Saudi Exports" comes as a translation of the Saudi Vision 2030 and a
response to the aspirations of the wise leadership towards diversifying the
sources of income of the national economy.
"Saudi Exports" concluded its participation in the events of The Big 5 for construction and building, which was held in Dubai World Trade Center and...
Seeking to Enhance the Export Environment.
Saudi Exports Development Authority “SAUDI EXPORTS” has organized workshops for exporting Saudi...
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