Riyadh - Sharikat Mubasher: The Saudi Export-Import Bank (EXIM Bank) signed two agreements with the Saudi National Bank (SNB) to empower Saudi non-oil exports to expand in global markets, the bank announced in a statement.

Both banks inked an insurance agreement to enhance documentary credits for local exporters, in addition to a major Murabha agreement to finance Saudi non-oil exports.

These agreements underscore the commitment of both banks to fostering Saudi non-oil exports and enhancing their competitiveness globally by providing credit products, insurance, and financing solutions.

The insurance agreement was signed by Mohammed Al-Bishr, Director General of Insurance at Saudi EXIM Bank, and Nasser AlFraih, Head of Institutional and International Business at SNB.

The second agreement was signed by Abdul Latif Al-Ghaith, Director General of Lending at Saudi EXIM Bank, and SNB’s AlFraih.

Commenting on the agreements, the CEO of Saudi EXIM Bank Saad Alkhalb stated that they reflect the bank’s dedication to partnering with local financial institutions to strengthen the national non-oil economy and achieve diversification, in alignment with Vision 2030.

For his part, Tareq Al Sadhan, CEO of SNB, affirmed that the agreements will pave the way for more cooperation opportunities to enhance Saudi exports, broaden non-oil activities, and accelerate the growth of Saudi industries and services.

He further highlighted the pivotal role of public-private partnerships in boosting national exports and raising their competitiveness.