Riyadh, 23 August 2023, In order to reduce the risk of non-payment associated with foreign buyers, the Saudi EXIM Bank and Evonik Industries Marketing Company (ETM) signed an export credit insurance policy. This move helped Saudi Arabia's non-oil exports grow and improved its chances of entering new regional and international markets. Eng. Saad Al-Khlab, CEO of Saudi EXIM Bank, and Eng. Abdulmohsen Al-Muhaidib, General Manager of Evonik Industries, signed the contract at the bank's Riyadh headquarters. Al-Khlab made the following statement in response to the collaboration with ETM: "The relationship is a continuation of the bank's continued commitment to support the export endeavors of national institutions. Saudi Arabia's non-oil exports will be able to compete in the most intense markets worldwide thanks to the deal. We are happy to work with Evonik Industries to promote Saudi non-oil exports' expansion on global markets.
Al-Muhaidib emphasized the importance of the deal by stating that it would give national businesses several chances to expand their exports and join new foreign markets without taking any repayment risks. One of the most significant engines of economic growth in the Kingdom of Saudi Arabia is the agreement's provision of loan facilities for growing sectors. In addition to reducing the danger of non-payment, the Saudi EXIM Bank's export credit insurance program aids businesses in growing their clientele in new markets by forging bonds of trust with importers and boosting their ability to compete globally.
