SABB committed to trade finance development in KSA

SABB received the ‘Best Bank for Commodity Finance’ award during the event.
Updated 04 December 2019

SABB committed to trade finance development in KSA

SABB presented important insights about the future of trade finance in Saudi Arabia during the 7th Annual Saudi Trade Finance Summit.

The event, held in Riyadh, was attended by a group of decision-makers, senior experts, professionals, and leaders in the trade finance sector from various governmental and private institutions.

SABB, which was the platinum sponsor of the summit, participated in providing solutions, exchanging ideas to develop trade finance tools, discussing the laws, strategies, and trends of trade finance, during the summit sessions.

SABB also received the “Best Bank for Commodity Finance” award.

The annual summit is considered to be one of the most important events in the Kingdom’s trade finance sector.

Ahmad Alalawi, head of origination and client advisory at SABB, participated with a working paper titled “Saudi Trade Finance Trends and Challenges in 2020,” where he discussed effects of the global trade wars on Saudi trade, the new opportunities in changing the local regulatory environment, and new trade products and the value they can add to the Saudi market.

Another working paper was presented by Sean Bowey, head of global trade and receivables finance products at SABB, titled “Saudi Trade Market Digitization as a Part of an International Trend,” where he stressed that trade finance is coming to unprecedented growth, pointing out to the benefits to banks and customers in Saudi Arabia as an outcome. He also highlighted the importance of developing global standards and digital products in relation to finance, and emphasized the importance of digitization as an important factor to increase transparency, and developing the secondary market.

SABB has launched several products and services aimed at promoting the role of trade finance, in an effort to stimulate the economy and business development in order to achieve the objectives of Vision 2030.


STC powers G20 Summit media center with 5G network

Updated 24 November 2020

STC powers G20 Summit media center with 5G network

As part of its partnership with the G20 Saudi Secretariat, STC Group, the digital enabler of the Kingdom’s agenda for the G20 Leaders’ Summit 2020, provided its 5G services to the media center responsible for covering the summit activities. In addition, the Saudi telecom operator supported all sites dedicated for hosting the summit’s virtual meetings, with technologies that enabled digital services throughout all the G20 Summit meetings held under the presidency of the Kingdom.

At the International Media Center, STC set up the “This is Saudi Arabia” platform. Among its aims was the rediscovery of Saudi Arabia through a new perspective, highlighting tourist sites and national heritage in a technologically innovative manner and providing media professionals covering the summit with information on the Kingdom’s touristic offerings.

Majid Al-Qasabi, minister of commerce and investment and acting minister of media, visited STC’s pavilion at the International Media Center, where he was briefed on the telecom giant’s role in supporting the facility and providing technical services to participating media professionals.

Dr. Fahd Al-Tunsi, secretary-general of the G20 Saudi Secretariat, said that he valued the significant role and efforts exerted by the Ministry of Communications and Information Technology and its partner — the STC Group — during the Kingdom’s G20 presidency year, adding that such efforts have led to positive results for all stakeholders.  

The company provided more than 11 high-speed sites, covering all areas with wireless networks to serve the digital requirements of the virtual meetings and conferences. In addition, STC provided its logistic and technical services required to ensure the success of this event.   

STC Group CEO Nasser Sulaiman Al-Nasser said: “As a digital enabler, we take pride in our cooperation with the G20 Saudi presidency at this important time for the Kingdom, and we look forward to providing all services to enable realizing the objectives of this cooperation during the Saudi G20 presidency year.”

He added that the success of the virtual summit in the Kingdom is “an incentive for us in the telecommunications and information technology sector to move forward in the digital transformation journey of the Kingdom.”

“We are proud of the achievements of our country, and we are keen to implement our strategy in supporting investment infrastructure, as well as offering all smart solutions and all capabilities to keep pace with the national requirements and new global developments,” Al-Nasser added.