Saudi EXIM inks $51m in credit deals with Turkiye to enhance trade ties

Trade ties between the Kingdom and Turkiye are set to improve after the Saudi EXIM Bank inked credit deals worth $51 million with two financial institutions in the country.

Under the terms of the first contract with Turkiye Finans Katilim Bankasi, the designated amount is set at $26 million, while the second agreement with Albaraka Turk Katilim Bankasi stands at $25 million.

The pacts aim to stimulate exchanges between the Kingdom and its Middle East neighbor, fostering the smooth flow of Saudi non-oil exports into the Turkish markets.

In addition to promoting bilateral business, these agreements are expected to create new avenues for the Kingdom’s exporters and provide importers with specialized financial solutions to facilitate the purchase of Saudi products and services.

Deputy CEO of the bank, Naif Al-Shammari, said: “We strive to invest in the thriving economic relations between Saudi Arabia and the Republic of Turkiye in a way that enhances intra-industry trade and export of Saudi non-oil products with Turkiye.”

Al-Shammari emphasized the strategic significance of these collaborations in reinforcing the bank’s global partnerships.

He noted that such alliances are integral to the institute’s commitment to expanding and promoting Saudi non-oil exports, enhancing their competitiveness on both regional and global scales.