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Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

Saudi EXIM Bank Signs MOU with OPEC Fund for International Development
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Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

The Saudi Export-Import Bank (EXIM) and the OPEC Fund for International Development have signed a memorandum of understanding (MOU) to enhance cooperation, support development initiatives, and promote Saudi non-oil exports in mutually beneficial markets. The agreement, inked during the 2024 OPEC Development Forum in Vienna, was signed by CEO of Saudi EXIM Eng. Saad bin Abdulaziz Al-Khalab and the Director General of the OPEC Fund for International Development, Dr. Abdulhamid Alkhalifa.
Eng. Al-Khalb emphasized that the MOU reflects Saudi EXIM's commitment to forging robust international partnerships and contributing to sustainable development efforts in collaboration with the global community. The initiative aims to bolster Saudi non-oil exports in international markets, thereby supporting local investors and strengthening the non-oil national economy in alignment with Saudi Vision 2030 goals.
He praised the OPEC Fund for International Development's role in promoting economic growth across more than 70 countries worldwide and highlighted the EXIM Bank's enthusiasm for its pivotal role in these initiatives.
During the forum, Eng. Al-Khalb led Saudi EXIM's delegation in exploring opportunities for international development initiatives, enhancing trade relations, and establishing partnerships to facilitate Saudi non-oil exports. He held meetings with various ministers and CEOs of international commercial and development institutions, including discussions with Minister of State for Financial Affairs in the Maldives Hussain Adam on enhancing cooperation for Saudi exports in Asian markets. Additionally, he met with CEO of Africa 50 Alain Ebobisse to explore collaboration opportunities for Saudi exports in African markets, as well as discussions on expanding exports to Latin America and the Caribbean.

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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.