عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.