Saudi Arabia will establish an independent export and import finance bank with capital of 30 billion riyals (Dh29bn), to provide financing to local exporters and foreign importers.
The kingdom proposed plans for the export-import (Exim) credit bank in December 2017, as a way of supporting international sales of its products.
State body Saudi Exports Development Authority (Seda) said this week it unveiled an initiative to set up the bank for “bridging the gaps in financial services” for import and export activities, and that the bank will be launched “soon”, according to a report by the state-run Saudi Press Agency.
The announcement was reportedly made during a meeting between Seda secretary-general of Saleh Al Sulami, and some of the kingdom’s biggest exporters, at the Riyadh Chamber of Commerce and Industry on Wednesday.
Delegates discussed key challenges facing export development in line with the kingdom’s Vision 2030 economic roadmap. Saudi Arabia is working to diversify its economy to reduce dependence on hydrocarbons, increase foreign investment and develop key export sectors such as mining, oil and gas and industrial products.
Business conditions in the Saudi non-oil private sector improved last month due to a rise in new orders, both international and domestic, according to Dubai lender Emirates NBD's latest report on the kingdom.
Work is now underway now on 32 projects as part of the Saudi National Exports Strategy, intended to help achieve Vision 2030 objectives, SPA said.
These include setting up the planned Exim bank, improving the efficiency of the export business environment, developing export capability for Saudi firms, promoting exporters’ activities and products and finding new opportunities for them.
Mr Al Sulami was quoted as saying that 2020 would be a “prosperous” year for Saudi exports.
The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
