Saudi firms invited for export development forum in Lanka

Updated 06 September 2016

Saudi firms invited for export development forum in Lanka

RIYADH: The “16th World Export Development Forum (WEDF) is scheduled to be held in  Colombo, Sri Lanka, from  Oct. 12 to 13 under the theme of ‘Trade for Success: Connect, Compete, Change’.
The World Export Development Forum (WEDF) is an annual flagship event of the International Trade Center (ITC), Geneva, which brings together around 400 business practitioners from around the world to debate and identify practical solutions that contribute to trade-led inclusive sustainable development.
A special feature of WEDF 2016 in Colombo is a schedule of dedicated Business to Business (B2B) meetings for which over 100 Sri Lankan companies from the sectors mentioned below will be participating.
This will offer an excellent platform for Saudi Companies to meet business partners from Sri Lanka.
Special incentives such as a 25 percent discount on airfare on Sri Lankan Airlines and concessionary accommodation for 3 nights, etc. will be offered for potential Saudi businesses.
The sectors in focus are: information and communication technologies (ICTs), apparels, tourism, rubber-based products,
specialty food: tea and spices, manufacturing products and processed food.
South Asia’s most focused and largest international Boat Show and Fisheries Exhibition 2016 will also be held from Oct. 13 to Oct. 15 in Colombo and participants of the World Export Development Forum will be given an opportunity to visit this event as well.
Presentations on Investment opportunities in Sri Lanka and Sri Lanka product Exhibitions will also take place in parallel to WEDF 2016.
Investors and companies interested in taking part in these events can contact Gayan Rajapaksa/commercial secretary/Embassy of Sri Lanka in Riyadh (Tel: 011 4608251, mobile: 050 4481634 fax: 011-4608846, and e-mail: [email protected]/[email protected])

Saudi Arabia’s 2019 budget boosts spending by 7%

Updated 5 min 29 sec ago

Saudi Arabia’s 2019 budget boosts spending by 7%

  • Spending projected to hit $295 billion next year
  • Analysts expect ‘gradual’ pickup in non-oil economic growth

RIYADH: Saudi Arabia plans to increase state spending by more than 7 percent in 2019, according to a budget released by the Finance Ministry on Tuesday.

Spending is projected to rise to 1.106 trillion riyals ($295 billion) next year, up from an actual 1.030 trillion riyals this year, a finance ministry document quoted by Reuters said.

The move is seen as an effort to boost economic growth, which has been hurt by low oil prices, which have plummeted more than 30 percent since October. 

“We believe that the 2019 fiscal budget will be focusing on supporting economic activity – investment and wider,” Monica Malik, chief economist at Abu Dhabi Commercial Bank (ADCB), told Arab News. 

“The continuation of the handout package will be positive for household consumption by nationals. We expect to see some overall fiscal loosening in 2019, which should support a further gradual pickup in real non-oil GDP growth.”

Malik said the government spending projection in the 2019 budget is in line with earlier official indications. 

A pre-budget statement in September, the first of its kind in Saudi Arabia, predicted next year’s budget would be SR1.11 trillion.

The Kingdom has run a budget deficit since 2014 as a slump in oil prices lowered state income. Saudi Arabia aims to balance its budget by 2023.