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Saudi EXIM Bank Signs Two Cooperation Agreements with Japan's SMBC, MUFG Banks

Saudi EXIM Bank Signs Two Cooperation Agreements with Japan's SMBC, MUFG Banks
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Saudi EXIM Bank Signs Two Cooperation Agreements with Japan's SMBC, MUFG Banks

Saudi EXIM Bank Signs Two Cooperation Agreements with Japan's SMBC, MUFG Banks

Saudi EXIM Bank signed two cooperation agreements with SMBC Business Banking and MUFG Bank, fostering cooperation and creating co-financing opportunities to promote non-oil exports in target markets, the Saudi EXIM Bank revealed in statement. This came on the sidelines of the Saudi-Japan Vision 2030 Business Forum in Tokyo.

According to the statement, the two agreements were signed separately by Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM Bank, along with Mr. Akihiro Fukudom, CEO of SMBC Bank and Hironori Kamizawa, CEO of MUFG Bank.
Commenting on the partnerships, Eng. Saad Al-Khalab stated: "This collaboration with Japanese entities is part of our joint efforts to strengthen economic relations between both countries and achieve the Saudi-Japan Vision 2030. The acceleration of commercial projects between our nations toward broader horizons comes as a result of the strength, advanced economic status, and promising investment opportunities."
During the roundtable meeting, which brought together several ministers from both sides, Eng. Saad Al-Khalab reviewed Saudi EXIM Bank's activities with Japanese financial institutions and commercial companies to enhance economic and trade relations and identify projects of mutual interest, SPA reported.
During the financial sector's roundtable meeting, Al-Khalab emphasized the critical importance of collaborative efforts between all financial institutions and business sectors. This is to ensure the provision of comprehensive, incentivizing credit solutions that can accelerate the pace of trade and mutual and global investment activities.
The Saudi EXIM Bank aims to empower the Kingdom's non-oil national economy in accordance with Vision 2030. The bank is focused on enabling Saudi non-oil exports to expand and penetrate global markets by bridging financing gaps and reducing export risks.

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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.