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Saudi EXIM Bank Signs Agreement with ITFC

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi EXIM Bank Signs Agreement with ITFC

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi EXIM Bank signed on Tuesday an agreement with the International Islamic Trade Finance Corporation (ITFC) to implement a $25 million financing line for Habib Bank Limited (HBL) in Pakistan to develop export opportunities for the Kingdom's Small and Medium Enterprises (SME) sector to export non-oil products to the Pakistani market.

The agreement comes within the framework of the “Enabling Export Activities of SMEs” program, which aims to increase export opportunities for Saudi SMEs and attract new importers of Saudi goods in Pakistan.

The ITFC and the Saudi EXIM Bank are working to enhance the competitiveness of Saudi non-oil exports to expand in international markets by providing credit facilities to financial institutions in the target markets.

The ITFC is also cooperating with the Small and Medium Enterprises General Authority (Monsha'at) within the program's framework to organize trade meetings for Saudi enterprises with potential partners in several countries and various sectors such as pharmaceuticals, food industries, and others.

The agreement was signed in the presence of the President of the Islamic Development Bank (IsDB), Dr. Mohammed bin Sulaiman Al-Jasser, during a meeting of the program's partners at the ITFC headquarters in Jeddah to develop the 2024 work plan, with the participation of Eng. Saad bin Abdulaziz Al-khalb, [Alkhalb], CEO of Saudi EXIM Bank, Eng. Hani Salem Sonbol, CEO of ITFC and Governor of Small and Medium Enterprises General Authority, Monsha'at, Sami bin Ibrahim Al-Husseini.

This cooperation is an important step in promoting international trade and increasing the contribution of SMEs to the GDP in line with the objectives of Saudi Vision 2030, which is one of the objectives of the “Enabling Export Activities of SMEs” program.

On April 19, 2022, a tripartite MoU was signed between ITFC, Saudi EXIM Bank, and Monsha'at to launch the SME Export Enablement Program in Saudi Arabia.

The program aims to boost Saudi non-oil exports by financing, training, consultations, and capability development for SMEs. Additionally, it focuses on improving the readiness of SMEs to receive financing from financial institutions with the possibility of local private banks participating in the program.

The program focuses on four key areas to help SMEs grow and expand their businesses, including capability development, access to export markets, consultancy services, and access to export financing (credit facilities).

Tuesday’s agreement represents an important milestone in implementing the program's objectives to promote exports of Saudi products and enable them to reach global markets by providing the necessary support in accordance with the Kingdom's Vision 2030, as SMEs in different sectors will be able to export their products to international markets.

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Business

Al-Moammar Receives First Work Order Under HUMAIN Agreement, Worth More Than 148% of 2025 Revenue

A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
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Al-Moammar Receives First Work Order Under HUMAIN Agreement, Worth More Than 148% of 2025 Revenue

A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).

Al-Moammar Information Systems Company (MIS) has received its first work order under its agreement with HUMAIN, with a total value exceeding 148 percent of the company's total revenue for 2025, including value-added tax.

In a statement on Saudi Exchange on Sunday, the company said Work Order No. 1, received on October 1, covers the scope of work related to a capacity of 50 megawatts. This was the scope previously announced as part of a project to design and build data centers dedicated to artificial intelligence technologies.

The company said the financial impact of the work order began in the second quarter of fiscal year 2026.

The work order was received under an agreement signed by Al-Moammar Information Systems with HUMAIN last September, with a value exceeding 689 percent of the company's total revenue for 2025, including value-added tax. The agreement includes an expansion of the project's scope from 50 megawatts to 250 megawatts.

When the agreement was announced, the company said the engineering, procurement, and construction works would be carried out through work orders issued by HUMAIN in accordance with the terms of the agreement. The company would announce each work order upon receipt, including its value, implementation period, and financial impact.

Al-Moammar Information Systems expects to receive additional work orders related to the further expansion of the project in the coming period and will announce any material developments in this regard when they occur.

Business

OPEC+ Agrees to Keep November Oil Output Targets Steady

FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
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OPEC+ Agrees to Keep November Oil Output Targets Steady

FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo

OPEC+ agreed to keep oil production targets steady for November at a meeting on Sunday, the producer group said, in line with expectations that further output policy adjustments are unlikely until next year.

Seven core members of the group comprising the Organization of the Petroleum Exporting Countries and allies including Russia made the decision for November in a brief online meeting on Sunday. The core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

Oil prices had dropped on Friday after European leaders agreed to US President Donald Trump's request to release diesel reserves. Even so, Brent crude remains above $100 a barrel, up from about $73 before the Iran war started in late February.

The Iran war has also delayed the group's output capacity review — crucial to determine members’ 2027 output quotas — because it has thrown estimates of future production potential into uncertainty, industry sources told Reuters last week.

OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed on paper because of the Middle East conflict.

The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below prewar levels in February, OPEC data shows.

The seven hold their next meeting on November 1.

OPEC+ still has about 2 million bpd of output cuts in place covering most members. It needs the result of the capacity review to decide how to distribute increases and any changes to output are unlikely before 2027, sources have said.

A separate OPEC+ ministerial group called the Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, also met on Sunday to review the market.

Business

Saudi Arabia Announces Results of Natural Gas Distribution Licensing Competition in Al-Kharj

A worker at one of Saudi Aramco's gas facilities.
A worker at one of Saudi Aramco's gas facilities.
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Saudi Arabia Announces Results of Natural Gas Distribution Licensing Competition in Al-Kharj

A worker at one of Saudi Aramco's gas facilities.
A worker at one of Saudi Aramco's gas facilities.

The Ministry of Energy today announced the results of a competition for a license to establish, own, and operate a natural gas distribution network in the industrial city of Al-Kharj in central Saudi Arabia.

The ministry had previously invited interested investors to participate in the competition to obtain the license and completed the procedures for qualifying bidders, launching the competition, and evaluating the bids.

As part of the competition, Natural Gas Distribution Company was awarded a license to establish, own, and operate the distribution network in the industrial city of Al-Kharj.

The competition will contribute to the objectives of the Liquid Fuel Displacement Program and the replacement of liquid fuels with natural gas, with the aim of maximizing the economic, environmental, and social benefits that the Kingdom derives from its petroleum resources as part of Vision 2030.

The launch of the competition is part of the ministry's efforts to strengthen the natural gas sector's infrastructure and stimulate investment in the sector by creating an attractive competitive environment that enables beneficiaries to access natural gas and improves the quality of services provided.