The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, proving a platform for experts and thought leader in risk management from the export credit community. Taking place from November 19 to 21, 2024, in Riyadh, the attendees exchanged and shared best practice to better protect the industry amid shifting global dynamics.

The event gathered specialists from 47 organizations across 33 different countries, serving as a platform for discussing strategies, partnerships, and innovative solutions.  By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity. It played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk .

Discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches towards risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors and overviewed Saudi Arabia's National Industrial Strategy, highlighting the economic diversification through investments, developing new sectors, and promoting local industries.

In his opening remarks, H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM, stressed the privilege of hosting the meeting, describing it as an ideal platform to address risks impacting global economic decision-making. He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."

He added, "At Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modeling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."

Eve Hall associate Director at Berne union commented “The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of ‘country risk’ is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis provides a fantastic example of where collaboration in this field can be effectively applied.”

Regarding the Berne Union, Saudi EXIM's membership represents a significant strategic step in line with the Kingdom’s commitment to enhancing collaboration and integration into the global economy. This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank’s goal of developing the export of national products and services through partnerships with national and international financial and funding organizations. Moreover, the Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance and to cooperate in maintaining the stability of global trade.

Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gabs, and minimizing export risks. This plays a role in growing non-oil national economy in line with Vision 2030.

About the Saudi Exim:

The Saudi Export-Import Bank (Saudi EXIM) was established to achieve the objectives of Saudi Vision 2030 related to enhancing the non-oil economy, developing and diversifying the export of non-oil Saudi products, and increasing their competitiveness in global markets across various sectors. This is accomplished by providing financing services, guarantees, and credit insurance with competitive advantages to enhance confidence in Saudi products. It is one of the development banks and funds affiliated with the National Development Fund.

Contact Channels with SAUDI EXIM:
Email: info@saudiexim.gov.sa
Website: https://saudiexim.gov.sa
Twitter: @SaudiEXIM
LinkedIn: SaudiEXIM