Saudi exports: most competitive are petrochemicals

Ahmed M. Al-Ghannam, Director General of Saudi Export Program talks about the exports in Saudi Arabia, petrochemical industries and many other export related topics.

He says, “The Saudi Fund started in 1975. We are now dealing with more than 80 countries. So far, we have successfully implemented 500 projects. Our capital value is 30 billion Saudi Riyal, which is equivalent to 8 billion dollars. Within the Saudi Fund for Development, we have established the Saudi Export Program, where we promote Saudi Export. It is like one of the Exim banks or like export credit agencies like other countries. The main purpose of this program is to promote Saudi products in new markets and to help the Saudi government to diversify the national economy.”

SFD is the main channel of Saudi Arabia in extending concessional aid to developing countries, the main objective is to promote and help developing country specially LCDs. to grow and develop by financing infrastructure project. SEP is the new window of SFD. Which promote Saudi export and Saudi trade; it has many instruments and tools in its promotion like many other ECAs and Exim. Banks, SEP provide the financing, credits and guarantees to Saudi exporters; it also help banks to engage more in financing Saudi trade and export. All these facilities are provided in commercial terms. SEP strategy has three main elements. First to maintain growth in our operation this means more Saudi export. Second to diversify and develop our support tools to Saudi non crude oil exports, this means meeting all needs of Saudi export whether it is financing guarantees or marketing. Third to contribute in achieving the main object of the 10th development plan of Saudi Arabia, which is helping in diversifying our economy and not be solely dependent on exporting crude oil. This means increasing the added value to national economy and employing more local capitals, more labor technology and national resources.