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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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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.