SDF finalizes SR145m deal

(MENAFN- Arab News) The Saudi Development Fund (SDF), which represents Saudi Export Program (SEP), has signed a memorandum of understanding worth SR145 million with the Saudi Investment Bank (SAIB). Accordingly, the SDF will offer guarantees to export of national nonoil products under the deal, local media said. Yousef Al-Bassam, VP & MD of SDF, and Musaid Al-Munaifi, CEO of SAIB, signed the deal at the SDF headquarters in Riyadh. Al-Bassam signed another deal worth SR11.25 million with Saudi Export Company to finance export of electrical products and other national commodities to Ghana through Lumiere Energy Services Company. Saudi Export Company CEO Jabir Al-Jibawi signed on behalf of his company. SEP's MD Ahmed Al-Ghannam said the agreements were in line with the Kingdom's efforts to promote nonoil exports and increase trade with friendly countries. The deals are also meant to encourage Saudi exporters and support national exports to compete in global markets. The two deals will also promote ties and joint ventures between Saudi businessmen and their counterparts in other countries. Total facilities approved by SDF to fund national nonoil exports since its inception in 1421 have so far touched SR22 billion, which benefited more than 50 countries, Al-Ghannam added.