Riyadh, November 19, 2023, The Saudi Export-Import Bank (EXIM Bank) has forged a strategic agreement with Obeikan AGC Glass Company to provide an export credit insurance policy. This collaborative effort aims to safeguard the company's international sales against non-payment risks posed by global buyers, opening up new opportunities for growth and market penetration on a regional and international scale.
The formalization of this agreement took place during a signing ceremony at the Saudi EXIM Bank's headquarters in Riyadh, with Eng. Saad Al-Khalab, CEO of Saudi EXIM Bank, and Ahmed Al-Hashimi, CEO of Obeikan AGC Glass Company, leading the ceremony.
Highlighting the significance of the partnership, Eng. Al-Khalab stated, "This alliance with Obeikan AGC Glass aligns with the bank's ongoing commitment to bolster the Saudi non-oil economy and enhance its contribution to the gross domestic product. The bank focuses on encouraging companies to broaden their export operations and venture into new international markets. The export credit insurance is one of our key offerings providing Saudi exporters with protection against the risk of non-payment by international buyers."
Al-Hashimi echoed similar sentiments, emphasizing that the export credit insurance policy provided by the Saudi EXIM Bank will play a pivotal role in driving the company's expansion endeavors to export products internationally. He noted its significance in realizing strategic objectives and multiplying investments, aligning with the Kingdom’s Vision 2030 objectives, which emphasize boosting the share of non-oil products in the Kingdom’s gross domestic product and promoting the "Made in Saudi Arabia" initiative.
The Saudi EXIM Bank, as a key player in strengthening the Saudi non-oil economy globally, focuses on bridging financing and insurance gaps while mitigating risks for exporters. This approach aligns seamlessly with the goals of the Kingdom’s Vision 2030, which seeks to elevate the share of non-oil exports in the gross domestic product.
