Riyadh, November 24, 2024 – The Saudi Export-Import Bank (Saudi EXIM) recently hosted the Berne Union's Country Risk Specialist Meeting in Riyadh, bringing together a diverse group of experts, thought leaders, and risk management professionals from the export credit community. Held from November 19 to 21, the event provided an invaluable platform for participants to exchange best practices and innovative solutions to navigate the shifting dynamics of global trade and risk management.
The meeting, attended by representatives from 47 organizations spanning 33 countries, focused on enhancing the resilience of the export credit industry amid evolving global challenges. In a press release issued by Saudi EXIM, it was emphasized that the event played a pivotal role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while mitigating risk. Through these discussions, the industry aims to turn current economic challenges into opportunities for growth and prosperity.
A significant part of the discussions revolved around critical risks impacting international trade, such as geopolitical tensions, debt sustainability, and the volatile landscape of global markets. Experts explored new approaches to risk modelling and its applications in sectors like energy, infrastructure, and critical minerals. Participants were also introduced to Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through strategic investments, sectoral development, and the promotion of local industries.
In his opening address, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb highlighted the importance of the meeting as a platform for addressing risks that are increasingly shaping global economic decision-making. He stated, “Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively.” Al-Khalb also shared the completion of Saudi EXIM’s independent country risk model, a cutting-edge tool utilizing advanced modelling techniques and machine learning to assess country ratings and predict default risks. This innovation represents a significant leap forward in risk management, and Saudi EXIM aims to collaborate with export credit agencies worldwide to strengthen its risk management functions.
Eve Hall, Associate Director at Berne Union, emphasized the increasing complexity of global risks, noting that the traditional concept of 'country risk' is now intertwined with broader global transformations. "The global risk landscape today is highly volatile and interconnected," she said. "As we navigate the ongoing transformations related to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying, and pricing these risks, and by bringing together this community of experts for technical exchange, the Berne Union supports the development of the industry as a whole."
The conference also underscored Saudi EXIM's strategic alignment with Berne Union, which further solidifies the Kingdom’s commitment to expanding its collaboration in the global economy. This partnership aims to address key challenges within the export credit sector and foster partnerships with national and international financial organizations. Saudi EXIM’s membership in Berne Union represents a crucial step in this direction, further reinforcing the Kingdom's leadership in international trade and credit solutions.
Saudi EXIM, a development bank operating under the National Development Fund, plays a crucial role in diversifying Saudi Arabia's economic base by improving the efficiency of non-oil export ecosystems. The bank works to bridge financial gaps, minimize export risks, and contribute to the growth of the non-oil economy in alignment with the goals set out in Saudi Vision 2030. Through its partnership with Berne Union, Saudi EXIM is well-positioned to further its mission of strengthening global trade and advancing the Kingdom's economic diversification.
