A seminar on Trade Finance and Risk Management Solutions was organized jointly by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Islamic Development Bank Group, and the Saudi British Bank (SABB).

Members of the business community in the Kingdom of Saudi Arabia attended the seminar in large number.

ICIEC and SABB also took the occasion to sign a Memorandum of Understanding (MoU) in the presence of the Saudi exporters, investors and representatives from banks operating in the Kingdom.

The MoU, signed by ICIEC CEO Abdel Rahman Taha and SABB Managing Director David Dew, provides the framework for cooperation between the two organizations in supporting exporters operating in the Kingdom to encourage them to explore new markets by providing risk mitigation solutions.

Later, Taha said: “The MoU is mainly focused on helping Saudi exporters in tapping new markets as well as having better access to finance especially for non-oil exports. This is line with ICIEC developmental mandate of supporting the expansion of exports of its member countries.”

Dew said, “There is a natural synergy between the work being done by SABB and ICIEC in promoting exports from Saudi Arabia and in assisting the Kingdom in diversifying the export base. The MoU that we have signed today will pave the way for a number of joint initiatives aimed at achieving these objectives.”