Banking & Finance Saudi Exim Bank agrees $50 million credit facility with DL Hudson By Chris Hamill-Stewart October 14, 2024, 2:45 PM Reuters A supervisor at Maaden Aluminium. Under the agreement with Saudi Exim Bank DL Hudson will buy and distribute Saudi non-oil products such as metals Credit line to aid exporters DL Hudson specialises in energy and metal Saudi non-oil exports up 2.1% in July Saudi Exim Bank has signed a $50 million credit facility with metal and energy trading company DL Hudson to promote Saudi Arabia’s non-oil exports. The deal will help to connect exporters in the kingdom with international buyers in 22 markets around the world. Under the agreement Saudi Exim Bank will provide financing to UK-based DL Hudson Limited to buy Saudi products and distribute them to its customers across various global markets through its International Buyer Finance Product, which provides financing options to foreign importers. Abdullatif Al-Ghaith, Saudi Exim Bank’s director general of finance department, said the deal would “provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in global markets”. Mineral wealth leads global lab to open in Saudi Arabia Saudi Arabia opens bids for largest mineral exploration sites Look at the fall in startup investment. Now take a closer look… The Saudi Exim Bank is a development bank under the National Development Fund, which helps to boost Saudi Arabia’s non-oil exports and diversify the kingdom’s economic base. It provides financing, de-risking and insurance to Saudi and foreign companies working across all sectors aside from oil as part of its central goal of bolstering the competitiveness of Saudi companies in the international space. Under Vision 2030, Saudi Arabia has made mining a priority industry for non-oil growth. The government estimates the kingdom’s untapped mineral wealth at $2.5 trillion, based on exploration of 30 percent of the country’s mineral region. As part of this wider effort, Saudi Arabian entities have acquired stakes in mining businesses such as Brazil’s Vale Base Metals, while at home the country is increasingly seeking to explore and exploit what are believed to be vast copper deposits. Non-oil exports from Saudi Arabia were up 2.1 percent to SAR 94.5 billion ($25.2 billion) in July this year, compared with the same period last year.
