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Saudi EXIM Bank, DL Hudson Sign $50 Million Credit Facility Agreement

The agreement was signed by Director General of the Finance Department at Saudi EXIM Bank Eng. Abdulatif Al-Ghaith and Chief Operating Officer of DL Hudson Limited Moises Portillo, in London. (SPA)
The agreement was signed by Director General of the Finance Department at Saudi EXIM Bank Eng. Abdulatif Al-Ghaith and Chief Operating Officer of DL Hudson Limited Moises Portillo, in London. (SPA)
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Saudi EXIM Bank, DL Hudson Sign $50 Million Credit Facility Agreement

The agreement was signed by Director General of the Finance Department at Saudi EXIM Bank Eng. Abdulatif Al-Ghaith and Chief Operating Officer of DL Hudson Limited Moises Portillo, in London. (SPA)
The agreement was signed by Director General of the Finance Department at Saudi EXIM Bank Eng. Abdulatif Al-Ghaith and Chief Operating Officer of DL Hudson Limited Moises Portillo, in London. (SPA)

The Saudi EXIM Bank signed Sunday a $50 million credit facility agreement with DL Hudson Limited, aiming to promote the growth of Saudi non-oil exports by connecting local exporters with international buyers in over 22 markets worldwide.

Under the agreement, Saudi EXIM Bank, through its International Buyer Finance Product, will provide financing to DL Hudson Limited to purchase Saudi products and distribute them to customers across various global markets.

The agreement was signed by Director General of the Finance Department at Saudi EXIM Bank Eng. Abdulatif Al-Ghaith and Chief Operating Officer of DL Hudson Limited Moises Portillo, in London.

Al-Ghaith said: “This agreement comes within the framework of the bank's endeavor to provide financing solutions that contribute to the development of Saudi non-oil exports and boost their competitiveness in global markets.”

He highlighted the “agreement's role in promoting exports across several key national economic sectors and creating new trade opportunities for local exporters by linking them to many global markets.”

Saudi EXIM Bank, a development bank under the National Development Fund, plays a key role in diversifying the Kingdom’s economic base.

It strengthens the export system for national non-oil products and services by addressing financing gaps and minimizing export risks. These efforts support the growth of the non-oil economy in line with Saudi Vision 2030.

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Indonesia to Check Grocery Shelves as Deadline for Halal Labels Nears

A halal label is seen on a pack of food displayed to sell at a mini market in Jakarta, Indonesia, February 15, 2019. (Reuters)
A halal label is seen on a pack of food displayed to sell at a mini market in Jakarta, Indonesia, February 15, 2019. (Reuters)
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Indonesia to Check Grocery Shelves as Deadline for Halal Labels Nears

A halal label is seen on a pack of food displayed to sell at a mini market in Jakarta, Indonesia, February 15, 2019. (Reuters)
A halal label is seen on a pack of food displayed to sell at a mini market in Jakarta, Indonesia, February 15, 2019. (Reuters)

Indonesian authorities plan to inspect grocery store shelves to check compliance with a law requiring halal labels on food items from Friday, officials said, although some importers and restaurants face hurdles in complying.

The world's biggest Muslim-majority country adopted a measure in 2014 requiring the labelling for restaurants and food products, setting an Oct. 17 deadline to ensure items are suitable for consumption under Islamic law.

While most businesses in the nation of 280 million have complied, along with some major global food producers, others say they need more time.

"They (some members) want to be part of Indonesia's strong market for halal products, but are still encountering complex supply chains and lack of clear guidelines," said Lydia Ruddy, managing director of the American Chamber of Commerce.

"These potentially can lead to trade disruptions and higher costs," she told Reuters, adding that AmCham was in talks with the government on the matter.

She called for more foreign certifiers to speed inspection of products and raw materials abroad so as to help the affected AmCham members.

The law requires products or restaurants without the certification to declare they do not comply with the law, a step that could hit sales.

Islamic law prohibits consumption of pork or intoxicants such as alcohol, while meat can only be eaten if the animals were slaughtered by prescribed methods.

The halal certifying body BPJPH has asked the government for a two-year waiver on some raw materials used in the food and beverages industry, as well as products of small businesses, but the president has yet to sign off, its head, Aqil Irham, said.

With Indonesia's President-designate Prabowo Subianto set to take over from the incumbent Joko Widodo next weekend, it was not clear if such a dispensation could be issued in time.

The presidential office did not immediately respond to request for comment.

The trade ministry deferred questions on the waiver to the BPJPH.

Authorities plan inspections on Friday to check compliance and issue a formal warning to producers of items that lack clear labels, said domestic trade official Moga Simatupang.

"We will take administrative action against non-compliance, so we urge importers to immediately register to get halal labels," he added.

In the absence of compliance, such products will be removed from stores, he added, without setting a timeframe.

Most of the 400 members of the Indonesian Food and Beverage Industries Association have complied, but restaurants and hotels face difficulties because authorities need time to check menu offerings, said Adhi Lukman, the group's chairman.