Saudi Arabia Signs Deals to Fuel Non-Oil Export Growth

KSA, 4 June, 2024 : Saudi Export-Import Bank (Saudi EXIM) signed two key agreements to support the growth of Saudi Arabia's non-oil exports. The deals aim to unlock new opportunities and reduce risks for Saudi businesses.

One agreement, with Australian financial services firm Macquarie Group, provides $500 million in credit facilities over three years. This will facilitate increased purchases of Saudi goods and services by Macquarie and connect Saudi exporters with international markets.

A separate agreement with Allianz International Insurance Group offers insurance solutions to mitigate risks for Saudi exporters and importers. This will make it easier for Saudi businesses to participate in global supply chains across over 50 countries.

These agreements mark a significant step forward for Saudi Arabia's efforts to diversify its economy and strengthen its non-oil export sector.

Source : www.zawya.com