Impact of Development Funding on the Growth of Non-Oil Exports in the Kingdom A Comprehensive Ecosystem for Achieving an Ambitious Vision

The Saudi Vision 2030 has made economic diversification a key priority, focusing on encouraging and facilitating non-oil exports. To this end, The National Development Fund (NDF) oversees a comprehensive funding ecosystem to support the growth of non-oil industries.

Thus, in 2023, Saudi industrial exports exceeded SAR 200 billion, a significant increase. Today, Saudi products reach over 150 markets globally, a testament to the success of these efforts.

Development banks and funds played a pivotal role. ?The Saudi Export-Import Bank, for instance, provided over SAR 32 billion in credit facilities in 2023 – a historic milestone.

?These initiatives have yielded tangible results. For the first time, non-oil activities contributed 50% to Saudi’s real GDP. The total value of the non-oil economy reached SAR 1.7 trillion at constant prices, driven by growth in investment, consumer spending, and exports.?

In summary, Saudi Vision 2030 succeeded in making a substantial leap forward in the Kingdom's expedition to economic diversification and a more balanced economic structure.

Alkhalb: We aim to increase the value of funding and insurance for industrial exporters, reaching SAR 20 billion by the end of 2024.

In an exclusive interview with ‘Khuta’ newsletter, His Excellency Eng. Saad bin Abdul Aziz Alkhalb, CEO of the Saudi Export-Import Bank, emphasized the bank's strategic role in empowering the competitiveness of Saudi non-oil exports in international markets.

Alkhalb highlighted the bank’s package of financial products, which includes financing products, guarantees, export credit insurance, and other services designed specifically to remove barriers for local exporters and global importers. He said, "We successfully provided credit solutions exceeding SAR 10 billion within the first four months of 2024, and we aim to increase the value of funding and insurance for industrial exporters to SAR 20 billion by the end of 2024."

The CEO underscored the bank's efforts, aiming to utilize all its capabilities to raising the percentage of Saudi non-oil exports and diversifying the national economy.

Alfanar’s Exports Reach SAR 790 Million in 2023

Alfanar a Saudi company, that emerged from the vibrant heart of Riyadh, had embarked on an ambitious journey to establish itself as a leader in the electrical and construction industries.

Guided by its core values of quality, innovation, and talent, the company set its sights on broadening its reach and expanding its client base.

?In 2022, Alfanar’s growth aspiration received a crucial boost when the Saudi Export-Import Bank approved short-term credit facilities worth SAR 250 million.

Over time, Alfanar's activities have expanded with the support of the Saudi Export-Import Bank. In 2023, the company’s exports soared to an impressive SAR 790 million, showcasing its ability to compete on the global stage. Today, Alfanar's products have penetrated markets across the Gulf region, Iraq, Sudan, Yemen, Jordan, and the United Kingdom, solidifying its position as a trusted brand.

Sudair Industrial City: Driving Saudi Arabia's Industrial Future

Situated at the heart of the Kingdom, Sudair Industrial City stands as a bold vision for Saudi Arabia's flourishing industrial future. Meticulously designed, the city's master plan divides the expansive site into two complementary zones - residential and industrial - to create a harmonious environment that caters to both the needs of residents and the growth of industry.

Strategically located near Riyadh International Airport, Sudair Industrial City seamlessly integrates logistics solutions to facilitate the movement of goods and people. A key component of this infrastructure is the development of a state-of-the-art dry port, which will provide comprehensive logistical support for industrial and commercial enterprises. This initiative represents a significant addition to Saudi Arabia's growing logistics ecosystem, further bolstering the country's export momentum.

Celebrating Saudi Arabia's Cultural Tapestry: The Kingdom's Enduring Legacy Shine on UNESCO's World Heritage List

The Kingdom of Saudi Arabia stands as a repository of rich cultural heritage, reflecting its deep-rooted history and enduring civilization. Committed to preserving and sharing this legacy with the world, the Kingdom has proudly and successfully added several sites to UNESCO's prestigious World Heritage List.

Nestled in the southwest of the Kingdom, the Hima Cultural Area is a captivating testament to the region's timeless heritage. This remarkable site features a mesmerizing collection of rock art, meticulously chronicling the daily lives and traditions of the people who have inhabited the area for over 7,000 years. Amidst this expansive canvas, the Hima Well stands as a symbol of human ingenuity, dating back at least 3,000 years and serving as a testament to the region's enduring spirit of innovation.

Equally enthralling is the Turaif District in Diriyah, which embodies the hallmarks of the Najdi architectural style – a unique blend of function and form that has stood the test of time.

Complementing these cultural charms, Al-Ahsa Oasis, which is the world's largest palm oasis, boasting over 2.5 million towering palm trees. This verdant sanctuary, nestled in the heart of the Kingdom, stands as a living testament to the harmonious coexistence of human civilization and the natural world.

Majed Al-Hugail Appointed CEO of Cultural Development Fund (CDF)

In a strategic move that underscores the Kingdom of Saudi Arabia's unwavering commitment to its cultural renaissance, the board of directors of the Cultural Development Fund (CDF) has appointed Majed bin Abdulmohsen Al-Hugail as the organization's new chief executive officer.

As an experienced and accomplished leader, Al-Hugail is poised to guide the CDF in its mission to nurture the growth, development, and sustainability of Saudi Arabia's dynamic cultural ecosystem as well as amplify its economic and social impact.

SIDF Celebrates Supporting Over 4,000 Projects Over 50 Years

The Saudi Industrial Development Fund (SIDF) celebrated its 50th anniversary, reflecting on its remarkable five-decade journey and its profound impact on the national economy and the development of the Kingdom's human capital. This milestone was marked by a special exhibition that showcased the Fund's progress over the years.

Since its inception, SIDF has approved loans exceeding SAR 180 billion for more than 4,000 projects across Saudi Arabia, with an estimated total investment value of SAR 700 billion.

SDB Supports Entrepreneurs and Startups in Food Sector

The Social Development Bank has signed a cooperation agreement with Savola World Corporation, a leading food and retail conglomerate, to establish a sustainable financing program under the umbrella of Savola’s corporate Social Responsibility Program portfolio. The program valued SAR 5 million will provide tailored financing solutions and support to food related entrepreneurs and startups enabling them to accelerate their growth and the Kingdom’s economic development.

REDF Deposits SAR978 Million for Sakani Beneficiaries in May 2023

The Real Estate Development Fund deposited SAR978 million in the accounts of the beneficiaries of the “Sakani” program, which is supported by the Ministry of Municipal Rural Affairs and Housing and the Real Estate Fund, for May 2024. This initiative aligns with the ongoing efforts to support beneficiaries and achieve the goals of the Housing Program, a key program under Saudi Vision 2030. The support was allocated to subsidize the profits of contracts for various housing support programs.

Saudi Exim Signs Two Agreements to Boost Non-Oil Export Financing and Insurance

The Saudi Export-Import Bank signed an agreement with Macquarie Group, a global leader in asset and commodity management, to provide $500 million in credit facilities over a three-year period, aimed at enhancing the Group's purchases of Saudi goods and services and connecting Saudi exporters with over 156 markets worldwide.

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