LONDON: Saudi Energy Minister Khalid Al-Falih has revealed the Kingdom aims to quadruple the size of its mining, renewables and logistics sectors.
He was speaking at the Saudi-UK CEO Forum in London to mark the state visit of Saudi Crown Prince Mohammed bin Salman to London.
“One of our programs is the development of the Kingdom’s industrial energy and logistics. These are right at the heart of creating investment opportunities. We have $1.3 trillion of mining endowment. We want to quadruple our mining statistics and supply chains. As we quadruple some of these sectors, the focus is on quality not quantity. This will require the best collaboration between us,” Al-Falih said.
“The chemicals sector, which has grown fantastically in the last few decades, now needs to grow in terms of technology content and value added projects.”
Earlier, Liam Fox, the UK trade secretary said Britain was committed to helping Saudi Arabia become a “global investment powerhouse.”
Fox said he hoped Saudi Arabia’s Public Investment Fund (PIF) would find Britain a key investment opportunity that could work for both countries, and that would boost London’s status as a world financial center.
Fox also said the first Saudi/UK education dialogue will take place, to “establish a government to government policy exchange.”
Peter Mandelson, former EU trade minister, said the key to understanding KSA investment opportunities for Britain was the realization that Saudi Arabia was a staging post between and East and West, and “a jumping off point to Africa,” said Mandelson, former minister in Tony Blair’s Labour government.
Kingdom aims to quadruple mining, renewables and logistics says Al-Falih
Kingdom aims to quadruple mining, renewables and logistics says Al-Falih
Saudi Export-Import Bank signs reinsurance agreement with the German Export Credit Agency
RIYADH: The Saudi Export-Import Bank has signed a reinsurance agreement with Germany’s official Export Credit Agency, managed by Euler Hermes Aktiengesellschaft, with the aim of enhancing credit risk insurance coverage to meet the needs of local exporters of capital goods and production inputs from the Federal Republic of Germany.
This agreement is part of the bank’s efforts to strengthen partnerships with international export credit agencies, ensuring the safe and sustainable flow of essential raw materials and capital goods, and enhancing the efficiency of export activities by local enterprises, according to the Saudi Press Agency.
The agreement was signed by Saad bin Abdulaziz Al-Khalb, CEO of the Saudi Export-Import Bank, and Edna Schone, board member of Euler Hermes Aktiengesellschaft and head of its Export Credit Agency.
Al-Khalb stated that the reinsurance agreement with ECA represents an important step in expanding credit risk management tools and enabling local exporters to obtain the production inputs and capital goods necessary to grow their businesses with greater confidence.
He noted that cooperation with international export credit agencies reflects the bank’s commitment to developing advanced insurance solutions that contribute to the growth of the Kingdom’s foreign trade, as part of its pivotal role in strengthening the non-oil national economy.
Through this agreement, the Saudi Export-Import Bank continues to support the growth of Saudi non-oil exports and expand its network of international partnerships, in alignment with the goals of Vision 2030 to diversify the national economy and enhance the Kingdom’s position in global trade.
