The Saudi Export-Import Bank signed an export credit insurance policy with the Advanced Global Marketing Company (AGMC), a subsidiary of Advanced Petrochemical Company, which allows the company to insure payments on international exports and protect them against the risks of non-payment by international buyers.
The policy was signed by His Excellency Engineer Saad Al-Khalab, CEO of the Saudi Export-Import Bank, and Engineer Fahad Al-Matrafi, CEO of the Advanced Petrochemical Company, at the headquarters of the Saudi Export-Import Bank in Riyadh.
On this occasion, His Excellency Engineer Saad Al-Khalab said: “As part of our ongoing contributions at the Saudi Export-Import Bank to empowering the Saudi non-oil economy, we are intensifying our efforts to increase the percentage of Saudi non-oil exports, and encourage national companies to export their products by enhancing their competitive capabilities and reducing non-payment risks.” In light of the growing demand on the petrochemical sector, we are pleased to work with Advanced Global Marketing, as it is one of the largest companies in the sector. This agreement will have an effective economic impact on raising the rate of Saudi exports. It also affirms our commitment to continuing efforts in cooperating with partners who have the experience and financial capabilities to enable non-oil Saudi exports, and increase the opportunities for them to enter new regional and international markets in line with the goals of the Kingdom’s Vision 2030.”
Engineer Fahad bin Salem Al-Matrafi, CEO of Advanced Petrochemical Company, said: “The Advanced is one of the leading industrial companies in the Kingdom that gives the utmost attention to its customers, ensuring that the quality of its petrochemical products meet their needs around the world. Through this cooperation with the Saudi Export-Import Bank, the Advanced aims to protect its exports against the risks of non-payment. He further stressed the company’s keenness to contribute to achieving the goals of the Kingdom’s Vision 2030, as to increasing the contribution of non-oil products to the Kingdom’s gross domestic product. On the other hand, it seeks to enhance its ability to contribute effectively to enhancing the competitiveness of the Saudi products and supporting the “Made in Saudi Arabia” slogan by increasing its access to regional and global markets.”
Engineer Al-Matrafi added: “The Advanced Global Marketing Company is one of the subsidiaries of the Advanced Petrochemical Company and serves as its marketing arm. This agreement between the Saudi Export-Import Bank and the Advanced Global Marketing Company aims to develop and promote the exports of the national non-oil enterprises. It also emphasizes EXIM Bank’s role as an enabler for increasing exports and opening new export markets.
