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Abu Dhabi, UAEThursday 20 September 2018

Saudi Arabia to create $8bn export bank

Move comes after analysts see stronger international demand for the kingdom’s products and services

Saudi Arabia's energy minister Khalid Al Falih has announced the creation of an export bank. Essam Al Sudani/Reuters
Saudi Arabia's energy minister Khalid Al Falih has announced the creation of an export bank. Essam Al Sudani/Reuters

Saudi Arabia will establish an export bank with capital of US$8 billion to support overseas sales by its industrial and mining projects, the energy, industry and mineral resources minister Khalid Al Falih said on Wednesday.

“A bank for exports with a capital of 30 billion [Saudi riyals - Dh29.38bn] will be established to encourage and support exports, and 5bn riyals have been allocated as a first instalment this year,” he said in Dammam.

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Saudi companies have seen a rebound in new export orders, growing for the second time in five months in September. The new markets were linked to stronger international demand for the kingdom’s products and services, according to a purchasing managers’ index (PMI) survey report. “More projects and stronger underlying demand were cited by panellists as the key factors behind greater inflows of new business.

"Firms retained positive expectations over the 12-month outlook for output. Optimism was rooted in forecasts of further improvements in market demand.”

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