The Saudi Export-Import Bank or Saudi EXIM Bank recently concluded reinsurance agreements worth over $101 million (about SAR 380 million) with the Arab Investment and Export Credit Guarantee Corporation or Dhaman, local reports have said.
The agreements were signed by Saudi EXIM Bank CEO Saad Al-Khalb and Dhaman Director General Abdullah Ahmed Al-Sabeeh, said the local reports.
The agreements are apparently part of the bank’s efforts to provide financing and insurance products to Saudi exporters and increase the competitiveness of Saudi products in foreign markets.
They are said to be aimed at providing export credit guarantee products to a larger base of beneficiaries and support Saudi banks’ efforts to provide more credit facilities to facilitate the export of Saudi non-oil products.
They also reportedly enhance the ability of the banks to consolidate letters of credit received from foreign banks for the benefit of Saudi exporters.
Speaking at the signing ceremony, Al-Khalb explained that the agreement with Dhaman comes as part of a series of agreements concluded by the bank.
He said they aim to enhance cooperation with financial and credit expertise consultants and build partnerships with specialized institutions that support the various non-oil sectors by providing the best financing and insurance products and upgrading the trade and business sector in the region.
He added that the agreements also seek to establish new industries that meet the local market’s needs and provide high-quality and competitive products to the foreign markets.
Al-Khalb also said that the latest agreements are a major step towards enhancing the exports of Saudi non-oil products and services.
