The agreements were signed by CEO Eng. Saad bin Abdulaziz Al-Khalb during an official visit to the United Kingdom and France, where he led the bank’s delegation as part of its efforts to expand global partnerships, enhance trade confidence, and mitigate export risks.
The bank aims to reinforce the resilience and sustainability of Saudi supply chains through these agreements.
The reinsurance agreements are part of Saudi EXIM’s Bridges Initiative, which focuses on strengthening trade finance and credit insurance solutions. The initiative seeks to establish reinsurance partnerships with export credit agencies and private insurers to support the flow of essential raw materials and capital goods.
Through these agreements, Saudi EXIM said that it aims to enhance global supply chain stability and facilitate access to industrial and technological materials from more than 70 countries under competitive credit terms.
According to Al-Khalb, these agreements support Saudi EXIM’s goal of fostering a sustainable export ecosystem that provides confidence and security for Saudi exporters.
In other notable developments in Saudi Arabia’s reinsurance sector, the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, recently acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) through a capital increase and subscription to new shares.
The kingdom’s reinsurance sector is on an upward trend, with total written premiums reaching SAR 1.94 billion (approximately US$520 million) in the first nine months of 2024. This reflects a compound annual growth rate of 17% over the past five years.
Projections indicate that the market will continue to expand, with expectations to reach US$5.17 billion by 2033, driven by economic diversification efforts and large-scale infrastructure projects under Vision 2030.
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