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Saudi Export Development Authority SAUDI EXPORTS is responsible for overseeing the establishment of Saudi Export-Import “EXIM” Bank which will provide, after its establishment, the services of direct financing, indirect financing, and export credit guarantee. "Saudi Exports" is currently completing all statutory procedures required to establish the bank in cooperation with the relevant government agencies, knowing that the bank scheduled to be launched in October 2019.   

Until the establishment of Saudi EXIM Bank, SAUDI EXPORTS launched Export Financing Initiative to support the exporters, by signing two agreements to finance exporters, within the private sector stimulate plan. The first agreement was with Saudi Industrial Development Fund (SIDF), and the second agreement was with The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The total amount which allocated for financing amounted to 5 Billion SAR, and the maximum financing was set at 600 million SAR per client

The launch of the Export Financing Initiative is considered a positive step toward the development of Saudi exports, as financing helps exporters to complete transactions that they couldn’t otherwise have carried out due to lack of funding or due to the buyer’s (importer) need for financing. Moreover, the available financing products are divided into two sections, the first is the pre-export finance which is pre-shipment loan provided to Saudi exporters to cover needs for working capital such as purchase of raw materials, and the second is financing international buyer (importer), which is post-shipment loan provided to international buyers of Saudi goods.

In addition, all small, medium and large enterprises in all sectors -with the exception of crude oil- can apply for financing through export finance icon on the Saudi Export Development Authority website. When pressing The Export Finance icon, it shows two options: pre-export finance and buyer's credit, either of which can be selected. Furthermore, the process for requesting financing support is as follows: download application and KYC forms, complete application and KYC forms, prepare required documents, upload all documents into system, then await feedback.

The documents required for pre-export finance are: application form, commercial registration, articles of association, completed KYC forms, corporate structure (subsidiaries, affiliates, Joint Ventures, etc.) and audited financial statements (for the last three years). Moreover, the documents required for buyer’s credit are the application form, and from the applicant /exporter: commercial registration, articles of association, and the audited financial statements (for the last three years), and from the buyer /importer: commercial registration, articles of association ,completed KYC forms, audited financial statements (for the last three years), corporate structure (subsidiaries, affiliates, Joint Ventures, etc.), and the export contract (draft acceptable if not yet signed).

It is noteworthy that non-oil exports increased by 22% with a value of 21 billion SAR in December 2018 compared to the same period in 2017. Thus, the Kingdom's total non-oil exports in 2018 amounted to 236 billion SAR, according to preliminary data.

It is worth mentioning that SAUDI EXPORTS employs all its capabilities to improve the efficiency of the export environment, overcome the barriers that exporters may face, raise awareness about export practices, and develop human competencies in the field of export. It is also working to raise the export readiness of the targeted enterprises through an assessment of the export readiness and consultation services to improve the export capacity of the target enterprises.

SAUDI EXPORTS also facilitates the creation of suitable opportunities and export markets for enterprises by providing markets reports and studies. SAUDI EXPORTS contributes to the emergence of Saudi products to the target markets through participation in international exhibitions and matches exporters with international buyers through trade missions and bilateral meetings on the sidelines of international exhibitions.