The GM word of Saudi Export Program
As is well known, that the volume of total exports of any country has a significant influence on the economic growth rates and all the associated matters of that growth. Thus, exports are the primary element of economic and civil progress. Therefore, the government of Saudi Arabia strivingly works on diversifying its sources of national income through the trade and economic agreements that have been signed with a numerous of neighborly and friendly countries along with the government's efforts and contributions of booting the mutual trade programs between K.S.A and other countries in the world, as well as supporting all the Saudi authorities and entities who aim to encourage and increase the Saudi non-oil national exports, such as the Saudi Export Program (SEP) that instituted its functions upon a Royal Decree in 1999 to be a part of the Saudi Fund for Development activities, to play a significant role on the diversity constellation of the K.S.A's income souses to motivate the Saudi exporters to expand and discover their existed and new businesses widely. (SEP) also contributes on adding competitive advantages to the national products that aimed to be exported via providing its services of financing facilities and insurance credits facilities as well on the purpose of raising the global demand of the Saudi products as well as facilitate its flows into new markets, which consequently is going to lead this to prosper the Saudi non-oil national exports in general. Furthermore, SEP provides its services on higher-trade bases and standards that convoys the international appropriate credit and financing analysis to who benefited from its services. Nevertheless, (SEP) provides its services with lower and competitive interest rates to assist the Saudi exporters and the importers of the Saudi national well-quality goods and services to reach their needs from the Saudi markets as well as achieve and convoy the tendencies of the Saudi Vision 2030, which aims to raise the level the non-oil exports of the Kingdom to be not depending furtherly on just a few income sources.
Director General Manager of Saudi Export Program
Abdulmohsen bin Abdulrahman Al-kahial
SEP aims to contribute and diversify the national income sources and also contributes to achieving the Kingdom's Vision 2030 and its ambitious programs throughout :
• Developing and diversifying the non-oil exports via provides funding facilities (finance – Credit Insurance) for the Saudi non-oil exports.
• Maximize the competitiveness of Saudi exports
via providing credits to foreign buyers and/or
Institutions of the Saudi non-oil importers.
• Motivate the Saudi exporters to discover and enter new markets by mitigating risks associated with non-payment issues.
• Enhance the facilities offered by the SEP and mitigate associated risks through technical cooperation, Co-financing and reinsurance arrangements with the global and regional institutions that could be involved in this business.
(SEP) continues to provide its facilities for the national exports through the financing services (Direct and Indirect lines) and Saudi insurance credit services. Hence, In 2019, SEP approved (6) financing credits for several importers with an amount of (1.84) SAR billion; and (7) financing credits for several importers, in addition, SEP financed lines of credits with an amount of (15.39) SAR billion. Thus, the total of financing of non-oil national exports approved by SFD since its inception in 2001 is (293) transitions of financing & insurance credits with a total amount of (81.44) SAR billion, separated into (183) direct financing credits worth (77.18 billion) and (110) approved requests of the financing lines worth (4.26) SAR billion. Subsequently, (SEP) has approved and renewed (17) insurance policies during this current year of 2019 with a value of (3.64) SAR billion. Thus, the number of approved & renewed insurance policies by SEP since it commenced in September 2003 is (310) with a total amount of (33.93) SAR billion, separated into (253) Comprehensive Policies worth of (23.48) SAR billion, and (16) Specific Policies (open account and letter of credit) worth of (589) SAR million and (41) documents guaranteeing of enhancement of documentary credits for the beneficiaries of Saudi local banks worth about (9.86) SAR billion. Thus, the actual exports covered under those documents & policies amounted to (31.94) SAR billion. It should be noted that the total number of approved exposures reached (9157) thousand. Accordingly, the total amount approved by (SEP) to finance and guarantee Saudi non-oil goods and services since its commencement was around (115.37) SAR billion.
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