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Saudi EXIM Targets Alternative Economy

The Saudi Export-Import Bank (EXIM) develops the alternative economy through supporting emerging sectors. (Asharq Al-Awsat)
The Saudi Export-Import Bank (EXIM) develops the alternative economy through supporting emerging sectors. (Asharq Al-Awsat)
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Saudi EXIM Targets Alternative Economy

The Saudi Export-Import Bank (EXIM) develops the alternative economy through supporting emerging sectors. (Asharq Al-Awsat)
The Saudi Export-Import Bank (EXIM) develops the alternative economy through supporting emerging sectors. (Asharq Al-Awsat)

The Saudi Export-Import Bank (EXIM) will continue to develop the alternative economy as a target to support the strengthening of the Kingdom's commercial position globally, announced CEO Saad Alkhalb.

Speaking to Asharq Al-Awsat, Alkhalb expected more investment opportunities in the emerging sectors, which will impact the alternative economy and enhance the Kingdom's commercial position.

EXIM continues to hold workshops with various Saudi chambers to introduce the bank's products and services and the credit and financing solutions it provides in cooperation with its local and foreign strategic partners.

Alkhalb pointed out that the open meetings with employees of the Saudi Chambers, and businessmen and women in the regions, increased awareness of the bank's role in supporting the export of Saudi products.

It also attracted large numbers of local exporters who want to benefit from these services, given that small and medium-sized enterprises account for over half of the approved financing applications.

EXIM signed nearly $118 million in deals with three banks and signed an insurance policy with the Saudi British Bank worth $63.5 million to enhance documentary credits.

EXIM Bank also signed a credit lines agreement with Jordan's Capital Bank and the National Bank of Iraq to support importers of Saudi goods, services, and products in the Jordanian and Iraqi markets.

Alkhalb said the agreements provide a real opportunity to enable Saudi exporters and entrepreneurs to export their national products, services, and unique technologies to global markets.

In October, EXIM Bank signed a memorandum of understanding (MoU) with the Japanese Sumitomo Mitsui Banking Corporation (SMBC) to provide more financial solutions that support trade between exporters and importers in Saudi Arabia and Japan and enable them to export and import goods easily with fewer risks.

The MoU stipulates supporting joint finance projects, developing all financial transactions, providing buyer credit finance, and discussing opportunities to secure financial guarantees or letters for beneficiaries with credit competency from Saudi exporters or Japanese buyers.

It also promotes innovative solutions that can increase chances to finance purchases and implement projects related to Saudi and Japanese exports.

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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.