RIYADH: The Saudi Export-Import Bank more than doubled its credit facilities in 2024, reaching SR33.53 billion ($8.93 billion), as the Kingdom ramps up efforts to boost non-oil exports to international and high-potential markets. 

The institution’s credit facilities rose 103.2 percent year on year, with disbursements for export financing reaching SR11.96 billion — up 70 percent from 2023. The value of exports covered by credit insurance also climbed 127 percent to SR21.57 billion over the same period, according to a statement. 

This aligns with the bank’s goal to double the value of Saudi industrial exports from SR254 billion in 2022 to SR557 billion in 2030, and SR892 billion by 2035. It also reflects the financial entity’s mission to enable Saudi exports to reach global markets by bridging financing gaps and mitigating export risks. 

Speaking at an event in Riyadh, EXIM Bank CEO Saad bin Abdulaziz Al-Khalb emphasized the growing need for specialized export financing institutions, citing the complexities of global supply chains and the limitations of traditional commercial banks in managing cross-border trade risk. 

“He explained that credit operations differ from one country to another, therefore, the need arises for banks specialized in export and international credit operations to address this, and that commercial banks usually adhere to certain limits in accepting risks; this creates financing and insurance gaps that need to be filled, which is why countries have been forced to establish specialized export financing banks to fill these gaps,” the Saudi Press Agency reported. 

At the 7th edition of the Knowledge Diwaniya, organized by the Ministry of Finance’s Mutamam Center, the CEO also noted that non-oil exports had grown by over 100 percent from 2020 to 2024, thanks to the support of the Kingdom’s leadership, and emphasized the bank’s role in enabling this growth. 

The bank’s statement further revealed that, in 2024, its contribution to credit facilities for Saudi non-oil exports amounted to 7.66 percent, financing and insuring the export of Saudi non-oil products and services. 

Additionally, the financial institution signed 30 financing and insurance agreements and 20 memoranda of understanding in 2024 to boost collaboration with global institutions. These included a letter of credit insurance agreement with Saudi Basic Industries Corp., the largest documentary credit insurance policy in the Middle East. 

The bank also entered into a $300 million credit facility agreement with commodity firm Glencore and signed an MoU with the Export-Import Bank of the US. 

Saudi EXIM also hosted the Berne Union Country Risk Specialists Meeting 2024 and launched the Kingdom’s first Graduate Development Program for Export Insurance. 

Al-Khalb further clarified that the bank offers a comprehensive range of financing and insurance products covering local exporters, international buyers, global trading houses, and financial institutions worldwide. 

He also noted that production input financing was introduced this year to support industrial facilities in the Kingdom by financing raw materials, production inputs, primary materials, semi-finished materials, and equipment. 

These products have helped bridge the financing gaps left by commercial financial institutions and protect export parties from risks such as non-payment and market fluctuations. 

JEDDAH: Saudi Arabia is stepping up efforts to strengthen its economy by deepening private sector partnerships and improving regulatory practices, the Kingdom’s finance minister has said.

Speaking during a roundtable at the US Chamber of Commerce, held on April 23 in Washington alongside the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund,  Mohammed Al-Jadaan said Saudi Arabia’s Vision 2030 seeks to reshape and diversify the country’s economy.

This year’s Spring Meetings of the World Bank Group and the IMF take place against the backdrop of rising trade tensions sparked by US President Donald Trump’s tariff announcement, raising concerns regarding global economic forecasts and the impact on various economies.

According to the Saudi Press Agency, Al-Jadaan “emphasized that one of the Kingdom’s key priorities is establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision.”

The drive to diversify the Saudi economy saw the Kingdom’s gross fixed capital formation reach SR1.18 trillion ($313.68 billion) in 2024, reflecting a 5.3 percent annual increase. This growth was driven by a 7.6 percent rise in private sector investments, according to the Ministry of Investment.

The roundtable was attended by Saudi Arabia’s Ambassador to the US Reema bint Bandar and following his participation in the meeting, Al-Jadaan said in a post on his X account: “We discussed ways to enhance the economic partnership between Saudi Arabia and the US, as well as the valuable investment opportunities under Saudi Vision 2030.”

He added that he held talks with US Treasury Secretary Scott Bessent on strengthening bilateral and multilateral cooperation, focusing on supporting the efforts of the IMF and the World Bank.

In a separate post, the minister said: “I also met with Tobias Adrian, the IMF’s financial counsellor and director of the monetary and capital markets department, as well as Pierre-Olivier Gourinchas, the IMF’s economic counsellor and director of research. We discussed recent developments in global macroeconomic and financial policies.”

In an additional post on X, Al-Jadaan said he held talks with Indermit Gill, the World Bank’s senior vice president for development economics and chief economist, and Ousmane Dione, the bank’s vice president for the Middle East and Africa region. Al-Jadaan added: “We discussed economic developments globally and regionally.”

Al-Jadaan also met with the Syrian Minister of Finance Mohammed Barnieh and the Central Bank of Syria Governor Abdulkader Husrieh to discuss the latest economic developments in Syria and explore ways to strengthen bilateral cooperation.

A further meeting was held with Sweden’s Minister of Finance Elisabeth Svantesson to discuss global economic developments and ways to enhance bilateral collaboration.