Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT 

Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT 
According to the General Authority for Statistics, the total value of non-oil exports in December reached SR26.5 billion ($7.07 billion), marking an increase from SR23.6 billion in the same period in the preceding year. Shutterstock
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Updated 21 February 2024
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Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT 

Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT 

RIYADH: Saudi Arabia’s non-oil exports experienced a 12 percent surge in December 2023 compared to the corresponding month of the previous year, official data showed. 

According to the General Authority for Statistics, the total value of non-oil exports in December reached SR26.5 billion ($7.07 billion), marking an increase from SR23.6 billion in the same period in the preceding year. 

Strengthening the non-oil private sector is of utmost importance for Saudi Arabia as the country actively diversifies its economy away from oil, aligning with the objectives outlined in Vision 2030. 

The report highlighted that chemical and allied products constituted the majority of exported non-oil goods in December, accounting for 32.4 percent of total non-oil merchandise exports. 

Additionally, GASTAT pointed out that the ratio of non-oil exports to imports rose to 43.8 percent in December, compared to the same month in 2022. This increase was driven by a 12 percent rise in non-oil exports, contrasting with a 7.1 percent decline in imports during the same period.

Meanwhile, Saudi Arabia’s trade balance increased for the second consecutive month in December 2023, reaching SR39 billion. 

The Kingdom posted a trade balance of SR28 billion in November, while it stood at SR30 billion and SR41 billion in October and September respectively. 

The report also revealed that Saudi Arabia’s total trade balance for 2023 reached SR417 billion. 

However, the Kingdom’s overall merchandise exports dipped by 9.47 percent year-on-year in December to SR98.5 billion, driven by a fall in oil exports. 

According to GASTAT, oil exports fell by 15.8 percent in December 2023 compared to the same month of the previous year. This dip in oil exports was due to Saudi Arabia’s decision to reduce crude output in accordance with an agreement by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. 

To maintain market stability, the Kingdom, in April 2023, reduced oil output by 500,000 barrels per day, which is now extended until the end of December 2024.

Saudi Arabia also pledged an additional oil output cut of 1 million bpd in July, which continued until the end of December 2023. 

China was Saudi Arabia’s primary merchandise trading partner in December, with exports to the Asian nation amounting to SR14.6 billion, or 14.8 percent of the total.

China was closely followed by Japan and India, with SR10.9 and SR8.7 billion of the total exports, respectively. 

South Korea, the UAE, the US were also featured in the top 10 destinations for Saudi exports, along with Egypt, Malaysia, Bahrain, and Singapore.

On the import side, China held the lead, accounting for 21 percent or SR12.47 billion in imports in December 2023.

Jeddah Islamic Port ranked as the highest entry point for goods into Saudi Arabia in December, with a value of SR14.8 billion, constituting 24.6 percent of the overall imports.

In another report, which covered the overall statistics for the fourth quarter of 2023, GASTAT noted that Saudi Arabia’s merchandise exports decreased by 14.4 percent to SR297.9 billion compared to the same period in 2022. 

GASTAT revealed that a dip in oil exports drove this fall, which also attributed to Saudi Arabia’s decision to reduce the crude output. 


Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn
Updated 18 April 2024
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Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.

The total trading turnover of the benchmark index was SR8.19 billion ($2.18 billion) as 130 stocks advanced, while 90 retreated. 

The MSCI Tadawul Index also increased by 5.98 points, or 0.38 percent, to close at 1,575.11.

The Kingdom’s parallel market, Nomu, followed suit and gained 305.77 points, or 1.16 percent, to close at 26,418.75. This comes as 33 stocks advanced, while as many as 27 retreated.

The best-performing stock on the main index was Saudi Arabian Amiantit Co., as its share price rose by 7.69 percent to SR30.80.

Allianz Saudi Fransi Cooperative Insurance Co. also performed well as its share price saw a 6.79 percent increase to close at SR20.16.

This comes as Abu Dhabi National Insurance Co. completed a strategic acquisition of a 51 percent stake in Allianz, according to the Emirates News Agency, WAM.

ADNIC Chairman Mohamed Al- Nahyan told WAM: “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”

Other top performers include United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. whose share prices soared by 5.68 percent and 5.51 percent, to stand at SR11.16 and SR14.16 respectively.

The worst performer was Alkhaleej Training and Education Co., whose share price dropped by 5.27 percent to SR33.25.

On the announcements front, Saudi mining giant and Public Investment Fund subsidiary, Saudi Arabian Mining Co., known as Ma’aden, announced the launch of single stock options in a statement on Tadawul. 

SSOs will enable local and international investors to effectively hedge and manage portfolio risks as well as diversify products available for trading in the market. 


Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties
Updated 11 min 19 sec ago
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Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

RIYADH: Saudi Arabia’s finance minister on Thursday stressed the need for “decisive financial policies” across the world to navigate through uncertain economic conditions.

Speaking during the Spring Meetings 2024 of the IMF held in Washington, D.C, Mohammed Al-Jadaan noted that such a decisive approach would bolster resilience and sustainability amid the ongoing uncertainties.

He was attending a meeting of finance ministers and governors of the Middle East, North Africa, Afghanistan and Pakistan region with IMF Managing Director Kristalina Georgieva.

“I also participated in the Global Sovereign Debt Roundtable, where I highlighted the importance of enhancing Comparability of Treatment by establishing a clear and fair framework that ensures equitable treatment among all creditors,” Al-Jadaan said in a post on X.

Additionally, the minister participated in the second G20 finance ministers and central bank governors’ meeting held under the Brazilian presidency in Sao Paulo. He emphasized that effective climate action required a holistic approach.

He said that can be achieved “by integrating diverse sectors acknowledging the diversity of solutions to address climate challenges, including using innovative technologies to manage emissions.”

Al-Jadaan also met with Jose Vinals, chairman of Standard Chartered Bank, to discuss the regional and global economic outlook.

He also met with Spanish Minister of Economy, Trade, and Business, Carlos Cuerpo to discuss ways to enhance relations between the two countries.

Moreover, Al-Jadaan held talks with Jean Lemierre, chairman of Bank BNP Paribas, the global head of Official Institutions Coverage, Laurent Leveque, and the head of Debt Capital Markets, Alexis Taffin.

They discussed progress made in Saudi Arabia, as well as issues related to attracting investment and alternative financing.


Magrabi opens new complex in Makkah

Magrabi opens new complex in Makkah
Updated 18 April 2024
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Magrabi opens new complex in Makkah

Magrabi opens new complex in Makkah

RIYADH: With a new branch in Makkah, Magrabi Hospitals and Centers are expanding to more Saudi cities to meet the growing demand for specialized ophthalmological and dentistry care.

Minister of Health Fahad Al-Jalajel inaugurated the medical complex and one-day surgery center in the holy city, accompanied by Magrabi Hospitals and Centers CEO Mutasim Alireza, the Group’s Deputy CEO and Cheif Operating Officer Abdulrahman Barzangi, and several officials and dignitaries.

Al-Jalajel underscored that the opening reflects the Kingdom’s commitment to enhancing the quality of its healthcare services and transitioning toward a more comprehensive and integrated medical system.

He further stated that this initiative is a vital component of the Health Transformation Program, a foundational aspect of Saudi Vision 2030, which has achieved significant milestones and advancements in the medical sector under the leadership of Crown Prince Mohammed bin Salman.

Following the official inauguration, the minister toured the complex’s facilities, noting its significance as a notable project and a valuable contribution to the Kingdom.

Alireza said: “This specialized medical complex underscores our commitment to being at the forefront of healthcare for ophthalmology and dental services and continuing our mission to offer specialized medical services that meet community needs with the utmost quality and safety.” 

In March, Magrabi Ophthalmology and Dentistry Hospital Dammam officially opened its doors in Al-Shaala, marking an achievement for medical care in Saudi Arabia.

The Magrabi Dammam health facility is the largest specialized center in the region and provides sub-specialized services, meeting the highest quality standards and leveraging the latest global technologies.


UAE records 64% surge in trademark registrations

UAE records 64% surge in trademark registrations
Updated 18 April 2024
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UAE records 64% surge in trademark registrations

UAE records 64% surge in trademark registrations

RIYADH: The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.

The figures, released by the nation’s Ministry of Economy, reveal the notable increase from 2,813 signups in the same period of 2023. 

March emerged as a particularly prolific period, with 2,018 new brands reported.

The trademarks registered during this time span a wide range of key sectors, including smart technology, transportation, food and beverage and pharmaceuticals as well as medical devices, finance, real estate, and more. 

The preceding months of January and February collectively accounted for 2,592 trademarks, further highlighting sustained growth and momentum in registrations.

As the country continues to position itself as a global business hub, trademark registrations serve as a crucial indicator of economic vitality and innovation-driven growth.

In a release on X, the ministry noted on April 17 that it has: “Worked on developing the trademark registration service, using the latest technologies and innovative solutions to achieve higher efficiency and better interaction with clients.”

The UAE’s adherence to international treaties and agreements further strengthens its trademark registration regime. 

By adhering to agreements like the Paris Convention for the Protection of Industrial Property and the Agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS, the UAE facilitates international trademark registration and enforcement, empowering businesses to broaden their operations across borders.

The nation has further established mechanisms for enforcing trademark rights and combating infringement. 

These include civil remedies, such as damages, injunctions, and seizure of infringing goods, as well as criminal penalties for trademark counterfeiting and piracy.


Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 
Updated 18 April 2024
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Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

RIYADH: Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness. 

In an X post following the deal, the Saudi lender stated that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich. 

This development follows Saudi EXIM’s signing of reinsurance treaties with a consortium of global reinsurers led by Swiss Re in Zurich. These agreements will expand global insurance operations in collaboration with the world’s largest reinsurers and provide insurance coverage to support the growth of Saudi exporters in global markets. 

The trade relationship between Saudi Arabia and Switzerland has been robust, with exports from the Kingdom to the European nation totaling $810.67 million in 2023, according to the UN’s database on international trade.  

The Kingdom’s primary exports to Switzerland included pearls, precious metals, and aluminum, valued at $587.57 million and $139.39 million, respectively.  

On the other hand, Swiss exports to Saudi Arabia amounted to $6.77 billion in 2023. 

Meanwhile, Saudi EXIM also signed a $20 million credit line agreement with Turkiye-based Aktif Bank to enhance the flow of Saudi non-oil exports to Turkish markets.

In October 2023, Saad Al-Khalb, CEO of EXIM Bank, told Arab News that the main mandate of the financial institution is to support the Kingdom’s economy and flow of goods, trades, infrastructure and long-term projects. 

In January, the Saudi lender also signed an agreement with its US counterpart to boost cooperation and help strengthen economic and trade relations between the two countries.  

The total value of credit facilities implemented by the EXIM Bank in 2023 reached $4.39 billion, exceeding its annual target by 33 percent, the Saudi Press Agency reported. 

This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade.