Riyadh, February 13, 2025 – In a significant move to strengthen international trade relations and promote the export capabilities of Saudi Arabia’s small and medium-sized enterprises (SMEs), the Saudi Export-Import Bank (Saudi EXIM) and the International Islamic Trade Finance Corporation (ITFC) have officially signed an implementation agreement for a $5 million financing line in favor of Alizz Islamic Bank in the Sultanate of Oman. This collaboration is a key component of the Kingdom’s KSA SMEs Export Empowerment Program, designed to enhance the access of Saudi non-oil exports to the Omani market and further support the growth of SMEs.
The signed agreement is poised to create new export opportunities for Saudi businesses, particularly SMEs, by providing them with enhanced financial support and improving their access to Omani importers. This strategic partnership underscores Saudi Arabia’s commitment to empowering its domestic enterprises, fostering international trade, and diversifying its export base beyond oil, in line with the broader objectives of Vision 2030. The financing facility will help Saudi exporters navigate the complexities of cross-border trade, enabling them to expand their market presence and tap into the growing demand for high-quality goods and services in Oman.
The agreement was formalized at a signing ceremony held at Alizz Islamic Bank’s headquarters in Oman, with Saudi EXIM Bank Director of the Financial Institutions Department, Mohammed AlAbdulmohsen, and ITFC General Manager of the Treasury Department, Ahmed M. Yousef Jan, representing their respective organizations. The partnership will see both institutions continuing their joint efforts to provide targeted credit facilities to financial institutions in key countries, further facilitating the flow of Saudi exports to international markets.
By focusing on strengthening financial connections between Saudi Arabia and Oman, this agreement aims to elevate the competitiveness of Saudi non-oil exports on the global stage. This is part of a broader strategy to enable SMEs in the Kingdom to play a more substantial role in driving economic growth and contributing to the country's gross domestic product (GDP). As Saudi Arabia continues to position itself as a global hub for trade and innovation, the collaboration between Saudi EXIM, ITFC, and Alizz Islamic Bank represents an essential milestone in the Kingdom's efforts to diversify its economy and strengthen its trade relationships.
This agreement is not only a step toward enhancing Saudi exports but also a strategic move toward realizing the long-term objectives of Saudi Vision 2030, which emphasizes the importance of empowering local SMEs, expanding their global reach, and contributing to the sustainable growth of the Kingdom’s economy. The program will continue to offer financial solutions that promote the international competitiveness of Saudi businesses, positioning them as key players in the global marketplace.
