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Riyadh: The Saudi Export-Import (Saudi EXIM) Bank recently concluded reinsurance agreements worth over USD 101 million (about SAR 380 million) with the Arab Investment and Export Credit Guarantee Corporation (DHAMAN). The agreements were signed by Eng. Saad Al-Khalb, the CEO of Saudi EXIM Bank, and Mr. Abdullah Ahmed Al-Sabeeh, the Director General of DHAMAN.
The agreements are 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. The agreements aim to provide 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 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, HE Eng. AlKhalb 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 said that the latest agreements are a major step towards enhancing the exports of Saudi non-oil products services, in light of DHAMAN’s position as a major player in the region’s investment and export credit guarantee fields.
Mr. Abdullah Ahmed Al-Sabeeh expressed his happiness with the agreements, and praised Saudi EXIM Bank’s role in providing support to local exporters and international importers, noting that the agreements allow the utilization of the financial solvency owned by the institution and its distinguished rating by Standard & Poor’s at AA- which enables it to build capacity Insurance for Arab national export credit insurance agencies through various reinsurance agreements, meeting the aspirations of financial institutions in member states and opening new markets for exporters in the Kingdom and Arab countries.
The Arab Investment and Export Credit Guarantee Corporation "Dhaman" is a multilateral institution for insurance against commercial and political risks. Dhaman was established in 1974 and is headquartered in the State of Kuwait. Its membership includes all Arab countries and four joint Arab financial institutions. Its mission is to facilitate the flow of foreign direct investment to Arab member states and to support Arab exports and imports by providing specialized insurance services.
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About The Saudi Export-Import Bank:
The Saudi Export-Import Bank was established in 2020 to promote the exports of Saudi non-oil products and boost their ability to compete across various sectors in the global markets. It provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products and raise the contribution of non-petroleum industries to 50 percent in 2030 from the present 16 percent, which is a prime objective of Vision 2030. Saudi EXIM is one of the supervised development funds and banks by the Saudi National Development Fund (NDF).
© Press Release 2021
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