Howden, Allianz Trade and Saudi EXIM bank sign Initial Framework Agreement to accelerate Saudi Arabia’s economic transformation and foster global trade


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  • London specialty insurance market supports Saudi Arabia’s vision to become a global manufacturing hub that will attract foreign investment, diversify its economy and increase non-oil government revenue by more than 500% to over SAR 1Trillion (US$250bn) by 2030[1]

London, 4 June, 2024 – Howden, the global insurance intermediary group, and Allianz Trade, the world’s leading trade credit insurer, today announced the signing of an Initial Framework Agreement with Saudi EXIM Bank to provide Credit and Political Risk insurance to exporters willing to seize business opportunities in Saudi Arabia through its Vision 2030 plan.

As part of the initial agreement, brokered by Howden, Allianz Trade and Saudi EXIM Bank have agreed to work in partnership to provide dedicated non-payment insurance for international exporters and banks to facilitate the trade of non-oil products to the Kingdom. The new insurance arrangements will de-risk the financing and trade flows required to support Saudi Arabia’s National Industrial Strategy, creating a global manufacturing hub. 

The Kingdom’s National Industrial Strategy will accelerate the diversification of its industrial base to increase non-oil exports, encourage privatisation, attract greater foreign investment, nurture innovation and research, and create local jobs. The National Industrial Strategy has ambitious targets to triple manufacturing exports to SAR557bn (USD149) by 2030.[2]

The agreement was signed on Wednesday 29th May at Howden’s London office between His Excellency Saad Al-khalb, CEO, Saudi EXIM Bank, David Howden, CEO, Howden and Marine Bochot, CEO Northern Europe, Allianz Trade. The signing was preceded by a briefing at Lloyd's of London, where the Saudi EXIM delegation set out the Kingdom's 2030 Vision to the London Credit and Political Risk insurance market.

His Excellency Eng. Saad Al-khalb, CEO, Saudi EXIM Bank, stated: “This agreement comes within the framework of the Saudi Export-Import Bank’s Bridges Initiative which aims to build and strengthen supply chain bridges between the Kingdom of Saudi Arabia and the world to facilitate the flow of goods and services at competitive cost and improve the reliability and productivity of those flows. 

“The National Industrial Strategy of Saudi Arabia is a national effort lead by business and supported by the government. Saudi EXIM is keen to work with external partners to unlock supply chain financing and investment from the global financial markets and enable them to capitalise on the opportunity presented by the National Industrial Strategy while benefiting from our support. 

“This agreement opens supply chain bridges from over 50 countries where Allianz Trade Group has a presence to the benefit of Saudi’s growing manufacturing sector and increasing the level of attractiveness of the Kingdom of Saudi Arabia as a hub for manufacturing worldwide.” 

David Howden, CEO, Howden, said: “Saudi Arabia’s 2030 vision will transform its economy by investing in new sustainable technology and infrastructure, as well as encouraging direct foreign investment. Howden is proud to support this important initiative. The unrivalled expertise of the London market has been critical in developing these ground-breaking insurance arrangements.  It’s yet another demonstration of the important role that insurance plays in underwriting the global energy transition. Insurance protects economic growth, supports global trade, strengthens supply chains and is crucial in opening up opportunities to deliver a sustainable future for all.”

Marine Bochot, CEO Northern Europe, Allianz Trade, commented: “As a global trade credit insurer, we are committed to supporting foreign exporters targeting growth opportunities offered by Saudi Arabia’s ambitious Vision 2030 in a targeted, diversified and sustainable economic environment. This strategic partnership will leverage our strong global network and capabilities in providing trade credit insurance across multiple export regions. We are pleased to partner with Howden and Saudi EXIM Bank to foster such growth areas, strengthen global trade and provide robust protection for supply chains.”

[2] National Industrial Strategy (NIS), Ministry of Industry and Mineral resources, Saudi Arabia, page 138