Emaar, the Economic City (EEC), has signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (SAUDI EXIM) and the Economic Cities and Special Zones Authority (ECZA) to provide export financing, guarantees, credit insurance, and other facilities to tenants of the King Abdullah Economic City’s Industrial Valley (KAEC).
The MoU, signed by H.E. Eng. Saad Alkhalb, CEO of SAUDI EXIM, Mr. Assim Al-Suhaibani, Chairman of EEC and Mr. Nabil Khojah, Secretary-General of ECZA, is part of EEC’s ongoing efforts to boost the investment environment and promote the growth of exports in KAEC.
Under the agreement, SAUDI EXIM will support the tenants of KAEC’s Industrial Valley through its diverse financing products and services which will enable investors of the Industrial Valley to boost their exports in line with Saudi Arabia’s efforts to increase its trade exchange volume.
In addition, by bridging the financing gaps for exporters and reducing their risks, the agreement also seeks to enhance the confidence in Saudi exports on a global level and facilitate their entry into new markets.
Cyril Piaia CEO – EEC
“We are delighted to partner with SAUDI EXIM and ECZA to offer exciting export opportunities to the investors of the Industrial Valley through competitive financing and insurance products that enable them to explore new opportunities and expand to new global markets. As one of the key focus areas of KAEC in addition to leisure and tourism, the Industrial Valley plays a major role in the strategies aimed at strengthening the economic city’s position as a fast-growing business destination with world-class facilities and an investor-friendly environment.”
HE Al Khalb stated that the MoU supports SAUDI EXIM’s ambitions to expand its partnerships to develop and diversify Saudi exports and improve their competitiveness. SAUDI EXIM’s financing products and services will complement the guidance and data provided by ECZA to targeted companies and factories to achieve the goals of economic cities, including capital localization and attracting foreign investments.
Mr. Khojah said that “The agreement between EEC, ECZA and Saudi EXIM marks a new step in ECZA’s endeavors to regulate Saudi Arabia’s economic cities through strategic partnerships and projects across the public and private spectrums.”
The new partnership enhances KAEC’s attractiveness as a one-of-its-kind investment hub and is significant to its aspirations to evolve as an Economic Zone with a vibrant business environment characterized by ease of doing business, enhanced export opportunities, and investment attractiveness.
