KSA posts sharp growth in foreign trade balance

Updated 06 May 2013
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KSA posts sharp growth in foreign trade balance

The Kingdom’s favorable balance of foreign trade grew from SR 150.65 billion in 2002 to a whopping SR 874.17 billion in 2011, according to a report of the Central Department of Statistics and Information.
Crude oil and its derivatives, plastics, polypropylene, polyethylene, organic chemical products such as ethylene glycol, fertilizers and inorganic products, electric cables and conductors figured high in the list of goods exported from the Kingdom during the period.
The US, Japan, China, South Korea, India, Singapore, Taiwan, Italy and Bahrain and the UAE were the major countries to which the Kingdom exported its goods, the report said.
The value of Kingdom’s imports in the decade from 2002 to 2011, meanwhile, rose to SR 493.45 billion.
China topped the list of Kingdom’s importers, followed by the US, Germany, Japan, South Korea, UAE, France, Italy, India and the UK. These countries accounted for 62 percent of the Saudi imports.
With 13.71 percent of the Saudi exports worth SR 187.52 billion, the US topped the list of Saudi exports in 2011. Crude and its derivatives topped the list of exported items followed by ethylene glycol, urea, rust-resistant pipes and perfumes.
US imports to the Kingdom stood at SR 61.94 billion accounting for 12.55 of the Kingdom’s imports taking second position in the list of importers. Cars and spare parts, and aircraft engines and spare parts as well as used cars were among the major imported items.
With SR 180.83 billion worth of goods, Japan was second among countries, which imported Saudi goods accounting for 13.22 percent of total Saudi exports in 2011.
The Kingdom imported from that country SR 31.07 worth goods accounting for 6.3 percent of imports.
Major items of exports were crude and its derivatives, methanol, polyethylene of low density, ethylene glycol and urea.
The Kingdom’s imports from that country, which ranked fourth among its importers, included cars and spare-parts, tires and light truck structures.
The exports to the GCC countries stood at SR 92.56 billion and imports from them at SR 32.13 billion in the year. With SR 37.88 billion worth exports to the UAE accounting for 2.77 percent of the Kingdom’s exports, the GCC member occupied ninth position among the Kingdom’s exporting countries in 2011.
The major export items to the UAE included crude oil and its derivatives, low density poly ethylene, iron and steel, jewelry and polypropylene.
Its imports to the Kingdom stood at SR 20.43 billion accounting for 4.14 percent of the total imports and had the sixth position among the Kingdom’s importers.
The imported items from the UAE included gold, platforms for offshore excavations, iron and steel rods and coils, copper rods and palm oil.
The exports to other Arab countries stood at SR 63.88 billion and imports from them at SR 16.45 billion.
Occupying the 24th position among Saudi Arabia’s exporting countries, Egypt imported SR 10.69 worth goods accounting for 0.78 percent of the Saudi exports, the report said.
The Kingdom, meanwhile, imported SR 7.02 billion worth goods accounting for 1.42 percent of its imports.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.