Strengthening Intra-OIC Trade ICIEC Supports Saudi Frozen Food Exports

ICIEC issued a Global Alliance Policy (GAP) in support of the Food and Fine Pastries Manufacturing Company “Sunbulah”, a prominent Saudi Arabian exporter in the frozen food industry which was facilitated by NASCO Saudi. The policy, issued in May 2025, provides one-year coverage against protracted default, insolvency, and political risks, with a total insured amount of USD115 million. The transaction supports the export of a wide range of food and non-food products, including frozen vegetables, dairy items, honey, ice cream, beverages, and consumer goods such as diapers to markets in Oman, Qatar, the UAE, Jordan, and Canada.

This transaction aligns closely with ICIEC’s mandate to facilitate trade and investment among OIC Member States and enhance food security. By mitigating commercial and political risks, the GAP policy strengthens investor and lender confidence, promotes private sector engagement in international markets, and enables broader access to trade finance. This contributes directly to export sector development, particularly within the food industry, and supports sustainable development goals (SDGs) such as Zero Hunger (SDG 2), Decent Work and Economic Growth (SDG 8), and Partnerships for the Goals (SDG 17).

The anticipated development impact includes increased trade and economic activity, enhanced food security across OIC countries, and improved resilience of global food supply chains. Key measurable results expected from the transaction include higher volumes and values of insured exports, expanded financing opportunities for exporters, and deeper regional economic integration.