Saudi EXIM Launches New Strategy to Reach Global Markets

EXIM announced the 2022 - 2026 strategy, approved by the Board of Directors of the National Development Fund (NDF), during an event in Riyadh on Monday. (Asharq Al-Awsat)
EXIM announced the 2022 - 2026 strategy, approved by the Board of Directors of the National Development Fund (NDF), during an event in Riyadh on Monday. (Asharq Al-Awsat)
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Saudi EXIM Launches New Strategy to Reach Global Markets

EXIM announced the 2022 - 2026 strategy, approved by the Board of Directors of the National Development Fund (NDF), during an event in Riyadh on Monday. (Asharq Al-Awsat)
EXIM announced the 2022 - 2026 strategy, approved by the Board of Directors of the National Development Fund (NDF), during an event in Riyadh on Monday. (Asharq Al-Awsat)

The Saudi Export-Import Bank (EXIM) launched a new strategy to facilitate national non-oil exports to reach global markets for the next five years.

The strategy enables Saudi non-oil exports to reach global markets by closing financing gaps and reducing export risks.

It focuses on maximizing the economic impact of the Bank's activities, improving customer experience, ensuring financial sustainability and operational efficiency, attracting and developing talent, and making the most of the available technologies.

EXIM announced the 2022 - 2026 strategy that was approved by the Board of Directors of the National Development Fund (NDF) during a meeting that included Minister of Industry and Mineral Resources Bandar Alkhorayef and EXIM CEO Saad Alkhalb.

Alkhorayef stressed that the importance of the new strategy lies in directing the Bank's efforts to serve the goals and interests of national strategies to help achieve Vision 2030.

It also facilitates efforts to serve local exporters in cooperation with the relevant authorities within the systems of enabling exports, industry, and mining.

The Minister stated that the Bank is contributing to reaching the Vision's goals of increasing non-oil exports to 50 percent of non-oil domestic product.

The Bank, he continued, is the official export credit and guarantee agency that provides solutions and facilities credit to exporters and their clients.

He stressed the commitment of the Bank to supporting the relevant national strategies and combining its efforts with the relevant authorities to achieve the national goals.

For his part, Alkhalb explained that the EXIM aims to maximize the development impact of its activities on the national economy and on Saudi non-oil exports in particular.

He said the plans allow the private financial sector to contribute in developing the Kingdom's non-oil exports through various credit solutions in terms of financing and insurance.

Alkhalb also added that the initiatives ensure effective partnerships with local, regional, and global agencies and provide opportunities for vital sectors to provide competitive non-oil products and services.

It increases the contribution of the sector's exports to the GDP and boosts the country's position in global trade, Alkhalb remarked.

EXIM provided over $1.5 billion in credits to empower Saudi exporters to boost their role in supporting the goals of Vision 2030 and boost its aspirations to increase the effectiveness of the alternative economy and raise the share of Saudi non-oil exports in the total non-oil GDP.

The Bank also signed five memoranda of understanding that support the its drive to seize more opportunities to empower Saudi exporters, expand the scope of its partnerships, and open new investment horizons for various sectors through cooperation with local, regional, and international finance and credit institutions.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.