'Export and Import' Launches New Phase with The Saudi Business Sector

The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
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'Export and Import' Launches New Phase with The Saudi Business Sector

The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).

The Saudi Export-Import Bank revealed a strategy to boost openness to the business sector to maximize the competitiveness of the Saudi product in global markets, announcing the approval of more than 81 financing requests worth 9 billion riyals ($2.4 billion) for more than 46 countries around the year.

Eng. Saad Alkhalb, CEO of the Saudi Export-Import Bank, told Asharq Al-Awsat that the bank was currently working to support all Saudi exports to all countries of the world, including African countries, adding: “The bank will build on investment insurance products to help Saudi exporters invest and export in all African countries, including Sudan. We also intend, in the coming period, to communicate with the African Export Bank, at its headquarters in Cairo, to discuss ways of cooperation between the two banks in order to develop African exports.”

Addressing an open meeting with business owners organized on Tuesday by the Federation of Saudi Chambers in Riyadh, in cooperation with the Saudi Export-Import Bank, Alkhalb disclosed a plan of many platforms to enhance transparency, according to periodic reports that enable the beneficiaries to access information and data required for each stage.

He pointed to the government’s efforts to support the development and industry systems in the Kingdom, noting that the business sector had contributed to the success of this trend.

For his part, Ajlan Al-Ajlan, President of the Federation of Saudi Chambers, underlined the importance of strengthening cooperation with the Export-Import Bank in order to support the bank’s efforts in exporting non-oil products, and providing financing and credit solutions that increase the competitiveness of the Saudi product.

In addition, a MoU was signed between the Federation of Saudi Chambers and the Saudi Export-Import Bank aimed at enabling exporters and importers to obtain financial and advisory services provided by the bank, as part of joint efforts to promote Saudi non-oil exports, in order to achieve the aspirations of the Kingdom’s Vision 2030.

The scope of cooperation between the two sides, according to the terms of the MoU, includes working to provide financial and advisory services to exporters and importers, introducing the services and products provided by the bank through dedicated workshops within the chambers of commerce, communicating with factories and investors, and explaining the facilities provided by the bank and the procedures necessary to obtain the financing and different services.



Anger Against Trump Is Forecast to Cost the US International Visitors 

Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
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Anger Against Trump Is Forecast to Cost the US International Visitors 

Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)
Replicas of the Statue of Liberty are displayed for sale in a tourist shop in lower Manhattan on March 28, 2025, in New York City. (AFP)

Anger over the Trump administration’s tariffs and rhetoric will likely cause international travel to the US to fall even further than expected this year, an influential travel forecasting company said Tuesday.

Tourism Economics said it expects the number of people arriving in the US from abroad to decline by 9.4% this year. That’s almost twice the 5% drop the company forecast at the end of February.

At the beginning of the year, Tourism Economics predicted a booming year for international travel to the US, with visits up 9% from 2024.

But Tourism Economics President Adam Sacks said high-profile lockups of European tourists at the US border in recent weeks have chilled international travelers. Potential visitors have also been angered by tariffs, Trump's stance toward Canada and Greenland, and his heated White House exchange with Ukraine President Volodymyr Zelenskyy.

“With each policy development, each rhetorical missive, we’re just seeing unforced error after unforced error in the administration,” Sacks said. “It has a direct impact on international travel to the US.”

The decline will have consequences for airlines, hotels, national parks and other sites frequented by tourists.

Tourism Economics expects travel from Canada to plummet 20% this year, a decline that will be acutely felt in border states like New York and Michigan but also popular tourist destinations like California, Nevada and Florida.

The US Travel Association, a trade group, has also warned about Canadians staying away. Even a 10% reduction in travel from Canada could mean 2.0 million fewer visits, $2.1 billion in lost spending and 14,000 job losses, the group said in February.

Other travel-related companies have noted worrying signs. At its annual shareholder meeting on Monday, Air Canada said bookings to the US were down 10% for the April-September period compared to the same period a year ago.

Sacks said he now expects foreign visitors to spend $9 billion less in the US compared to 2024, when international tourism to the country rose 9.1%.

“The irony is that the tariffs are being put in place to help right the trade deficit, but they're harming the trade balance by causing fewer international travelers to come and spend money here,” Sacks said.

Sacks said international arrivals had been getting close to returning to 2019 numbers, before the coronavirus pandemic halted most travel. Now he thinks they won't get back to that level until 2029.