Saudi business delegation wraps up visit to Vietnam 

Saudi business delegation wraps up visit to Vietnam 
During the four-day visit, the Vietnam-Saudi Arabia Business Forum took place in Hanoi, with the participation of over 200 representatives from both nations. (Shutterstock)
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Updated 18 September 2023
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Saudi business delegation wraps up visit to Vietnam 

Saudi business delegation wraps up visit to Vietnam 

RIYADH: In a move to strengthen trade, economic, and commercial ties between Saudi Arabia and Vietnam, a high-level business delegation from the Kingdom has successfully concluded its visit to the Southeast Asian nation.

Led by the Saudi Chamber of Commerce, the group engaged in a series of productive meetings with key figures from the Vietnamese Ministry of Foreign Affairs and the country’s Chamber of Commerce, focusing on enhancing cooperation across various sectors, as reported by the Saudi Press Agency. 

During the four-day visit, the Vietnam-Saudi Arabia Business Forum took place in Hanoi, with the participation of over 200 representatives from both nations.  

The Riyadh Chamber of Commerce also organized a business forum in Hai Phong, facilitating bilateral discussions between the Saudi delegation and their Vietnamese counterparts. 

The Saudi delegation also visited the headquarters of prominent Vietnamese companies, including the electric vehicle manufacturer Vinfast, telecommunications services firm FPT Corp., and the Zamil Steel Factory, which represents one of the largest Saudi industrial investments in Hanoi.

During the visit, Abdullah Al-Khorayef, a member of the board of directors of the Riyadh Chamber of Commerce and the head of the Saudi delegation, held discussions with Deputy Prime Minister of Vietnam Tran Luu Quang, exploring avenues to further boost trade exchange between the two nations. 

Trade and economic relations between Saudi Arabia and Vietnam have consistently thrived, with the Kingdom’s exports to the Southeast Asian nation in 2022 reaching SR4.17 billion ($1.11 billion), an increase from SR2.82 billion in 2021. The establishment of the Saudi-Vietnamese Joint Committee in 2006 has played a role in promoting cooperation across diverse sectors for mutual development. 

Saudi Arabia’s primary exports to Vietnam in 2022 encompassed plastic products, mineral products, organic chemicals, animal foods, and fish meat.  

Conversely, Vietnam’s imports to Saudi Arabia in 2022 totaled about SR7.8 billion, a rise from SR5.38 billion the previous year. These imports included electrical appliances, equipment and their components, and metal products. 

Mohammed Dahlawi, the Saudi ambassador to Vietnam, emphasized the significance of the delegation’s visit, stating that it is “part of the efforts aimed at reviewing economic experiences and investment opportunities in the targeted sectors.”  

He added: “This visit presents an opportunity to deepen the existing commercial and economic cooperation and broaden the scope of cooperation between the two countries.”


Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee
Updated 40 min 1 sec ago
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Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee

RIYADH: Amid efforts to enhance communication and collaboration between countries, Saudi Arabia is set to host the 12th session of the Organization of Islamic Cooperation statistical committee.

According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah.

The engagement cements the Kingdom’s standing globally and in the Arab world, given that this is the first time the gatherings have been held outside its headquarters in Turkey.


KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy
Updated 02 October 2023
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KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy

RIYADH: In an effort to further diversify its oil-dependent economy, Saudi Arabia is increasing its coffee production to achieve a relative balance with crops that yield high economic returns. The country aims to plant 1.2 million coffee trees by 2026, reported the Saudi Press Agency.

As the Kingdom ascends to the ranks of the world’s top 10 coffee-consuming nations, the government is prioritizing this commodity through various initiatives, aiming to stimulate sector growth and increase production. 

In a country where nearly 400,000 Arabica coffee trees yield over 800 tons of coffee annually, primarily in Jazan, Asir and Al-Baha regions, this shift underscores coffee’s burgeoning cultural and economic significance.

In commemoration of World Coffee Day, observed annually on Oct. 1, the Ministry of Environment, Water, and Agriculture has released substantial statistics about coffee farming in the southern region.

Currently, there are over 2,535 coffee farms in this area, including more than 500 model coffee farms. 

The emphasis on expanding Arabica coffee production in 15 additional governorates in the southwestern region aligns with the objectives of Vision 2030, demonstrating the government’s commitment to supporting the national economy through the coffee industry.

This development underscores the dual role of coffee as a cultural tradition and an economic force in the country.


First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks
Updated 02 October 2023
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First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks

RIYADH: Global financial experts called for a scientifically guided approach to managing the risks associated with sukuk transactions during a meeting in Cairo on Sunday.

This event, held under the theme “The Importance of Strengthening the Role of Sukuks in Sustainable Development: Presentation and Analysis of International Experiences,” was organized by the Arab Administrative Development Organization in partnership with the Albaraka Forum for Islamic Economy and the Egyptian Islamic Finance Association. 

The Saudi Press agency reported that the discussions convened industry leaders to explore how a bond adhering to Islamic finance principles can power investments in sectors aligned with sustainability objectives.

As the global economy undergoes rapid transformation, conference discussions focused on the dynamic role of sukuk in adapting to this evolving landscape.


Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD
Updated 02 October 2023
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Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

RIYADH: Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.

The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record for the first quarter of the current year, surpassing 146 billion dirhams.

SCAD’s statistical estimates revealed growth in the construction sector, with a year-on-year increase of 19.1 percent, reaching 25.3 billion dirhams.

The financial sector also grew 29.7 percent in the second quarter compared to the same period last year, reaching 18.3 billion dirhams.

The manufacturing sector also advanced 7 percent in the second quarter to 25 billion dirhams compared to the year-ago period.

The real estate sector climbed to 9.8 billion dirhams in the second quarter from 9.3 billion dirhams in this year’s first quarter.

Furthermore, wholesale and retail trade activities reached their highest quarterly value since 2014, amounting to 16.7 billion dirhams.

These activities contributed 5.8 percent to the GDP in the second quarter of 2023.

Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, emphasized: “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms the success of the emirate’s diversification strategy and adaptability to market shifts.”

Last month, S&P Global Ratings anticipated that the UAE would achieve 3 percent economic growth in 2023, primarily driven by the non-oil sector.

The analysis from the rating agency forecasts a further expansion rate of 4 percent next year.

Trevor Cullinan, a sovereign ratings analyst at the agency, pointed to the impressive expansion of the UAE’s non-oil sector, citing significant strides in services and industrial domains, reported the Emirates News Agency.

Identifying key sectors that are steering the UAE’s economic growth, Cullinan mentioned oil and gas, wholesale trade and industry, real estate, construction and financial services.

The rating agency also reported that the employment growth in the UAE last month was at its highest since October 2016, even as the Purchasing Managers’ Index hit 56.6, up from 56.1 in September.


OPEC optimistic on demand, calls for more oil and gas investment

OPEC optimistic on demand, calls for more oil and gas investment
Updated 02 October 2023
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OPEC optimistic on demand, calls for more oil and gas investment

OPEC optimistic on demand, calls for more oil and gas investment

ABU DHABI: The Organization of the Petroleum Exporting Countries is optimistic on demand and sees under-investment as a risk to energy security, Secretary-General Haitham Al-Ghais said on Monday at an energy industry event in Abu Dhabi.

He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive.

“We still see oil demand as quite resilient this year, as it was last year,” Al-Ghais said, noting the group’s forecast was for year-on-year demand growth of more than 2.3 million barrels per day (bpd).

He added that investment in the oil and gas sector was important for energy security.

“We are...running quite low on spare capacity; we have said this repeatedly and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,” he said.

The UAE’s Energy Minister Suhail Al-Mazrouei echoed the call and said investment by both international and national oil companies was needed.

“And these investments need the financial world to be willing to finance oil and gas,” Al-Mazrouei said.

He later told reporters that his country is on track to expand its oil production capacity to 5 million bpd by 2027 from 4.2 million bpd currently.