Saudi Export-Import Bank (Saudi EXIM) has signed a memorandum of understanding (MoU) with Natixis Corporate & Investment Banking (Natixis CIB), a subsidiary of Groupe BPCE, the second largest banking group in France, to enhance Saudi exporters’ competitiveness globally, facilitate business in their international expansion and support the country’s vision for more diversified and sustainable economy.
The key areas of cooperation between Saudi EXIM and Natixis CIB include supporting Saudi businesses and promoting awareness through a series of seminars and workshops focusing on the importance of commercial and political risk management in international trade, collaboration in developing export finance solutions, as well as regular dialogue and the exchange of market intelligence between the two parties.
This partnership demonstrates Saudi EXIM’s ambition to promote more strategic partnerships with international players, in line with the objectives of Vision 2030, to enhance the visibility of Saudi products and services in the global arena and to create and expand more investment opportunities.
The MoU was signed by Dr.Naif AlShammari, Chief Business Officer of Saudi EXIM, and Barbara Riccardi, Regional Head of Middle East at Natixis CIB, in the presence of senior officials from both parties.
Commenting the partnership, Dr.Naif AlShammari, Chief Business Officer of Saudi EXIM, said: “Amid a growing focus on boosting local content and empowering the private sector in Saudi Arabia in line with its Vision 2030 objective of diversifying the country’s economic base, we at Saudi EXIM continue to forger collaborations with leading financial institutions around the world to promote and strengthen the Kingdom’s non-oil exports and businesses. This new cooperation is aimed at furthering our efforts by capitalizing on Natixis CIB’s expertise through awareness creation, product development and knowledge-sharing initiatives. We hope our cooperation will also contribute to the growth and development of international trade while advancing the Kingdom’s non-oil export aspirations.”
Barbara Riccardi, Regional Head of Middle East, Natixis CIB, commented: “We are delighted to have signed this MOU with Saudi EXIM and look forward to working closely together to support Saudi businesses. Following our opening of an office in Saudi Arabia in 2021, this agreement further underlines our commitment to grow our activities in the country, and to use our expertise to support the pursuit of the Vision 2030 objectives.”
The Saudi Export-Import Bank was established in 2020 to promote the exports of Saudi non-oil products and boost their ability to compete across various sectors in the global markets. It provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products and raise the contribution of non-petroleum industries to 50 percent in 2030 from the present 16 percent, which is a prime objective of Vision 2030. Saudi EXIM is one of the supervised development funds and banks by the Saudi National Development Fund (NDF).