Saudi Arabia, Latvia ink deal to boost trade, investment

Saudi Arabia, Latvia ink deal to boost trade, investment
FSC board member Abdulaziz Saleh Al-Mousa and Latvian Minister of Economics Ilze Indriksone inked the deal during the Saudi-Latvian Business Forum. Photo/ SPA
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Updated 07 June 2023
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Saudi Arabia, Latvia ink deal to boost trade, investment

Saudi Arabia, Latvia ink deal to boost trade, investment

RIYADH: In line with its economic diversification plan, Saudi Arabia has signed a deal with Latvia to promote bilateral trade and encourage Latvian investors to explore opportunities in the Kingdom.

The agreement was signed between the Federation of Saudi Chambers and the Investment and Development Agency of Latvia in Riyadh on Wednesday, the Saudi Press Agency reported.  

Abdulaziz Saleh Al-Mousa, FSC’s board member, and Latvian Minister of Economics Ilze Indriksone inked the deal during the Saudi-Latvian Business Forum, which was attended by representatives of various government entities, members of the local business community, and 20 Latvian companies.

The forum emphasized the opportunities for Latvian businesses in Vision 2030 projects and the overall Saudi market.

The event discussed opportunities in Latvia and the prospects for cooperation in logistics, construction, pharmaceuticals, and information and communication technology.

Latvia also intends to develop its commercial and cultural relations with Saudi Arabia, focusing on education, economy, culture, food, and food processing.

According to the UN Comtrade database on international trade, Latvia’s exports to Saudi Arabia were worth $149.35 million in 2022, while Saudi Arabia’s exports to Latvia stood at $1.41 million in 2021.

Trade efforts between nations date back to August 2021, when Khaled Al-Yahya, then secretary-general of FSC, welcomed an official trade delegation from Latvia.  

Al-Yahya noted that Latvia contained many commercial features and favorable investment opportunities. He also expressed a desire to establish future relations and cultivate trade exchange.

He said that the Kingdom implemented several reforms and legislative procedures to enhance the role of the private sector in the economic development process, improve the business environment and offer incentives for investors.

The meeting then discussed mechanisms to exchange investment opportunities through private sector institutions in both countries, increasing the number of trade delegations to each country, holding joint exhibitions, and exchanging information to know the available investment opportunities better.


Bahrain’s economy grows 2% as non-oil sector expands

Bahrain’s economy grows 2% as non-oil sector expands
Updated 7 sec ago
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Bahrain’s economy grows 2% as non-oil sector expands

Bahrain’s economy grows 2% as non-oil sector expands

RIYADH: Bahrain recorded a 2 percent growth in real gross domestic product in the second quarter compared to the same period last year, according to its Ministry of Finance and National Economy. 

In its latest report, the department disclosed that the growth in real GDP was fuelled by a rise in the non-oil sector, also of 2 percent. 

The transportation and communication activities topped the rankings, reporting an annual growth of 13.3 percent in the second quarter, followed by hotels and restaurants, which grew by 9.6 percent. 

Real estate and business activities rose 4.9 percent, while financial corporations advanced by 4.7 percent annually over the second quarter of last year. 

The oil sector also reported an annual increase of 2.2 percent in business activity, spurred by a 2.9 percent rise in the combined production of Abu Sa’afa and the onshore Bahrain oil fields.   

Like many oil-dependent nations, Bahrain has recognized the need to diversify its economy.   

Various initiatives have been taken to support this, including in the financial services, tourism and hospitality, and real estate sectors.

The report further stated that the non-oil industry contributed 82.9 percent of Bahrain’s real GDP between April and June,

The financial sector made up the largest segment of the total, with its size reflecting the government’s focus on financial technology and digital banking.

The oil sector was the second-largest contributor to real GDP at 17.1 percent, while government services came in third, accounting for 14.1 percent.

The manufacturing sector dropped by 0.9 percent in the second quarter compared to last year’s corresponding period yet controlled 13.6 percent of the country’s real GDP. 

Bahrain has also been promoting the manufacturing and industrial sectors to reduce dependency on oil, including nurturing Aluminum Bahrain – one of the largest producers of the metal in the world – and growing the petrochemical industry. 

These diversification efforts align with Bahrain Economic Vision 2030, a comprehensive development plan to transform the country’s economy. 

The quarterly report further projects real GDP growth of 2.9 percent in 2023 and 3.2 percent in 2024, with the non-oil sector growing by 3.5 percent and 3.8 percent, respectively, during those years. 


Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 
Updated 6 min 17 sec ago
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Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

RIYADH: The Public Investment Fund has established a new company to develop the historic Jeddah district of Al Balad into a global tourist destination.

Al Balad Development Co. will improve the infrastructure of the region, supervise the restoration of historical buildings in the area, and develop service facilities.

It will also oversee the creation of entertainment, residential, commercial, hotel and office spaces, according to the Saudi Press Agency.

The total area of ​​the project is about 2.5 million sq. meters, while the total construction area is 3.7 million sq. meters.

This includes approximately 9,300 residential units and 1,800 hotel units, in addition to approximately 1.3 million sq. meters of commercial and office space.


Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism
Updated 49 min 31 sec ago
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Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

RIYADH: In a bid to enhance the experience for travelers and bolster Chinese visits to Saudi Arabia, the Saudi Tourism Authority has collaborated with Huawei Mobile Services and its advertising branch, Petal Ads. 

The partnership was cemented through a memorandum of understanding signed during the Approved Destination Status launch ceremony in Beijing, according to a press release. 

Fahd Hamidaddin, CEO of the Saudi Tourism Authority, signed the deal alongside Walter Ji Rengui, president of Huawei Consumer Cloud Service Global Ecosystem Development & Operations. 

The primary objective of this collaboration is to reshape the way visitors explore Saudi Arabia by digitizing travel services, with a specific focus on attracting Chinese tourists, the press release added. 

Choon Yang Quek, chief technology officer at the STA, stated: “The partnership with Huawei Mobile Services and Petal Ads is part of Saudi’s innovative approach to marketing tourism and enhancing visitor experiences.”  

He added: “By joining forces with Huawei, known for its strong consumer connections, and combining it with Saudi’s commitment to visitor satisfaction, we can now reach new audiences more effectively through established Huawei channels and gain deeper insights into Chinese travelers to tailor their Saudi journeys.” 

This agreement reflects the ongoing partnership between the two entities and their shared dedication to showcasing Saudi Arabia as a dynamic destination to Chinese audiences, the press release added. 

Alhasan Al-Dabbagh, president of Asia-Pacific markets at the STA, said: “By incorporating Huawei’s cutting-edge technology into the travel experience, we can leverage established channels to reach a wider audience and gain a deeper understanding of potential visitors.” 

Through the integration of Huawei Mobile Services’ advanced technology solutions, tourists visiting Saudi Arabia can anticipate a smarter travel experience. 

This includes features such as seamless navigation, language translation services, and augmented reality-guided tours, all aimed at helping tourists make the most of their time while exploring the Kingdom. 

The partnership is part of the STA’s efforts to enhance the tourist experience through technology while highlighting Saudi Arabia’s cultural heritage, landscapes, and hospitality. 

This comes as the Kingdom aims to deliver personalized experiences for Chinese tourists, with readily available support throughout their trip. 

In partnership with Petal Ads, the STA looks to attract more Chinese tourists to discover Saudi Arabia’s attractions.  


OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   
Updated 03 October 2023
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OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   

RIYADH: A new framework to help boost food security across the Muslim world will be unveiled at the next meeting of the Organization of Islamic Cooperation, set to be held in 2025, it has been announced.

The OIC confirmed the move at its latest gathering in Doha on Tuesday, as it called for a new business model entered on contract farming for its member nations.    

This initiative is expected to be in the spotlight at the next OIC ministerial conference due to in the capital of Chad in 2025, with the exact date yet to be announced.  


Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 
Updated 03 October 2023
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Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 

RIYADH: Saudi Arabia can expect a considerable penetration of online trading as the General Authority for Small and Medium Enterprises, or Monsha’at, organized the third phase of its tour with the E-Commerce Council on Monday. 

According to the Saudi Press Agency, the tour concludes on Wednesday and has witnessed the participation of service providers and e-commerce specialists. 

The tour included discussions on developing an environment conducive to developing e-commerce in the Kingdom and the platform's role in various government sectors, including transportation, rural and municipal affairs, housing and SMEs.