Saudi nonoil exports drop 14.5% to SR47bn

Updated 23 June 2015
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Saudi nonoil exports drop 14.5% to SR47bn

Saudi nonoil exports dropped by 14.5 percent to SR47 billion in the first quarter of the current year compared to the figures of the same period last year, according to a report released by the Central Department of Statistics and Information (CDSI).

On the other hand, Saudi imports grew by 6.88 percent to SR162.5 billion compared to the figures of the same period last year, the CDSI report, quoted by local media, said.
Plastic and rubber products topped the Kingdom’s list of exports in Q1 and registered 31.6 percent of nonoil exports valued at SR15 billion, the report said.
Chemical products came in the second rank of nonoil exports and valued at SR13 billion, or 27.97 percent, followed by transport equipment and parts by 10.6 percent, or SR5 billion, of the total value of exports.
According to the CDSI report, equipment, machinery and electrical utensils captured the highest value of Saudi imports in Q1 (2015) at SR45 billion, or 27.71 percent of the total value of imports, followed by transport materials at the value of SR29 billion, or 17.93 percent, and ordinary metals and their products at SR17.5 billion, or 10.76 percent.
The UAE topped the list of major importers of Saudi nonoil products by 13.19 percent of the total value of exports in Q1, followed by China at 10.91 percent and India at 6.1 percent, the report said.
Regarding the Kingdom’s imports, China remained the biggest exporter to the Kingdom and captured 15.18 percent of the total Saudi imports, followed by the United States at 13.3 percent and Germany at 6.78 percent, the report said.


Bahrain’s Mumtalakat starts marketing dollar sukuk

Updated 14 min 35 sec ago
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Bahrain’s Mumtalakat starts marketing dollar sukuk

  • Several international banks will handle the transaction
  • The bond is expected to be at least $500 million

DUBAI: Bahrain’s sovereign wealth fund Mumtalakat started marketing its planned five-year US dollar Islamic bonds, or sukuk, with an initial yield guidance of around 6.25 percent, a document issued by one of the banks leading the deal showed.
The sukuk, which is expected to price later on Wednesday, will be of benchmark size, which generally means upwards of $500 million.
BNP Paribas, Citi, HSBC, National Bank of Bahrain and Standard Chartered Bank have been hired to arrange the transaction.