Riyadh: The Saudi Export-Import Bank (EXIM Bank) has entered into an agreement with Obeikan AGC Glass Company for an export credit insurance policy.

This strategic partnership will enable the company to secure their international sales against non-payment risks posed by global buyers.

Furthermore, it significantly amplifies the prospects for growth and penetration into new regional and international markets.

The agreement was formalized by CEO of Saudi EXIM Bank Eng. Saad Al-Khalab, and CEO of Obeikan AGC Glass Company Ahmed Al-Hashimi, during the signing ceremony held at the Saudi EXIM Bank's headquarters in Riyadh.

Emphasizing the significance of the agreement, Eng. Al-Khalab said, "This alliance with Obeikan AGC Glass aligns with the bank's ongoing commitment to bolster the Saudi non-oil economy and enhance its contribution to the gross domestic product. The bank focuses on encouraging companies to broaden their export operations and venture into new international markets. The export credit insurance is one of our key offerings providing Saudi exporters with protection against the risk of non-payment by international buyers."

Echoing similar sentiments, Al-Hashimi stated, "The export credit insurance policy provided by the Saudi EXIM Bank will play a pivotal role in driving our expansion endeavors to export products internationally. It imparts strength to our ambitions in realizing strategic objectives and multiplying investments, considering the growing demand for our products in global markets. At Obeikan AGC Glass, we are committed to contributing to the objectives of the Kingdom’s Vision 2030, which focuses on augmenting the share of non-oil products in the Kingdom’s gross domestic product and promoting the "Made in Saudi Arabia" initiative.”

The Saudi EXIM Bank plays a significant role in strengthening the Saudi non-oil economy on the global stage. The bank focuses on bridging financing and insurance gaps and mitigating the risks faced by exporters. This approach aligns with the objectives of the Kingdom’s Vision 2030, which aims to elevate the share of non-oil exports in the gross domestic product.