UAE, India, and China among top destinations for KSA’s non-oil goods

UAE, India, and China among top destinations for KSA’s non-oil goods
Saudi Arabia exported chemical products worth SR1.34 billion, while outbound shipments of plastic and rubber products were valued at SR449.6 million, the General Authority for Statistics said. (SPA)
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Updated 25 January 2025
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UAE, India, and China among top destinations for KSA’s non-oil goods

UAE, India, and China among top destinations for KSA’s non-oil goods
  • Strengthening the sector is one of the crucial goals outlined in Vision 2030 initiative

RIYADH: The UAE was the leading destination for Saudi Arabia’s non-oil exports in November, with outbound shipments to the Emirates reaching SR7.17 billion ($1.87 billion) in what was a 22.35 percent month-on-month rise.

According to the General Authority for Statistics, the Kingdom exported machinery and mechanical appliances valued at SR3.15 billion to the UAE in November, followed by transport parts and precious metals at SR2.03 billion and SR404.7 million, respectively. 

In October, Saudi Arabia’s non-oil shipments to the UAE amounted to SR5.86 billion, while it was SR6.54 billion and SR6.78 billion in September and August, respectively. 

Saudi Arabia also exported plastic and rubber products worth SR330 million in November, while outbound shipments of chemical products totaled SR319 million. 

Strengthening the non-oil sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom is steadily diversifying its economy by reducing its dependence on crude revenues. 

Affirming the growth of Saudi Arabia’s non-oil private sector, the Kingdom’s Purchasing Managers’ Index reached 58.4 in December, marking a slight decline from a 17-month high of 59 in the previous month, according to the Riyad Bank Saudi Arabia PMI survey compiled by S&P Global. 

Any PMI readings above 50 indicate growth of the non-oil private sector, while readings below the number signal contraction. 

Underscoring the progress of Saudi Arabia’s non-energy sector, the Kingdom’s PMI has remained above the 50 growth mark continuously since September 2020. 




China held the third spot for Saudi Arabia’s non-oil exports. (SPA)

Saudi Arabia’s PMI in December is also the highest among its Middle East neighbors. 

The Kingdom’s Arab neighbors UAE posted a PMI of 55.4 in December, with Kuwait registering 54.1, and Qatar on 52.9. 

Speaking at the World Economic Forum in Davos earlier this month, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said that the Kingdom’s commitment to economic diversification under Vision 2030 was driving steady growth, with the growth of non-oil gross domestic product being prioritized over traditional oil revenues. India was another major destination for Saudi Arabia’s non-energy goods in November, with exports amounting to SR2.52 billion, representing a 19.43 percent increase compared to the previous month. GASTAT revealed that Saudi Arabia exported chemical products worth SR1.34 billion, while outbound shipments of plastic and rubber products were valued at SR449.6 million, and base metals amounted to SR324.5 million.

The Kingdom also exported precious stones and metals amounting to SR324.5 million in November to India. 

China held the third spot for Saudi Arabia’s non-oil exports, with the Asian giant receiving inbound shipments from the Kingdom valued at SR2.17 billion in November, marking a month-on-month decline of 7.65 percent.  Other top destinations for Saudi Arabia’s non-hydrocarbon goods were Singapore, with a value of SR1.23 billion; Turkiye at SR960.4 million, and Bahrain at SR929.7 million.

Egypt received non-energy products amounting to SR868.4 million in November, while exports to the US and Jordan totaled SR772.8 million and SR642.6 million, respectively. 

Overall, Saudi Arabia’s non-oil exports witnessed an annual rise of 19.7 percent in November, reaching SR26.92 billion. 

Speaking at the World Investment Conference in November, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim said that non-oil activities account for 52 percent of the Kingdom’s gross domestic product. 




Saudi Minister of Economy and Planning Faisal Al-Ibrahim said non-oil activities account for 52% of KSA’s GDP. (AFP)

The minister added that the Kingdom’s non-oil economy has been growing at 20 percent since the launch of the Vision 2030. In November, Saudi Arabia exported non-energy goods worth SR16.76 billion via sea, while outbound shipments via land and air totaled SR4.99 billion and SR5.17 billion, respectively.

King Fahad Industrial Sea Port in Jubail was the main exit point for Saudi Arabia’s non-hydrocarbon products with goods valued at SR3.39 billion.

Jeddah Islamic Sea Port and Jubail Sea Port also handled outbound shipments worth SR3.35 billion and SR1.91 billion, respectively. 

In terms of exit points via land, Al Bat’ha Port handled goods valued at SR1.85 billion, while products worth SR696.4 million passed through Al Hadithah Port.

Among airports, King Khalid International Airport in Riyadh handled outbound shipments worth SR2.79 billion, while King Abdulaziz International airport processed non-energy goods amounting to SR1.99 billion. 

In December, a report released by Mastercard Economics also underscored the robust expansion of Saudi Arabia’s non-oil activities.

The analysis said that the Kingdom’s GDP is expected to witness an expansion of 3.7 percent year on year in 2025, driven by a rise in the Kingdom’s non-oil activities.

The Mastercard report added that economic diversification efforts in the Kingdom will continue in 2025 as the government leverages strong balance sheets to finance investment in infrastructure.

Overall merchandise exports

GASTAT revealed that Saudi Arabia’s overall merchandise exports witnessed a decline of 4.69 percent in November 2024 compared to the same month in 2023, reaching SR90.54 billion. 

The authority said this fall in overall exports was due to a 12.3 percent decrease in oil exports. 

“Consequently, the percentage of oil exports out of total exports decreased from 76.3 percent in November 2023 to 70.3 percent in November 2024,” said GASTAT. 

In November, Saudi Arabia’s overall merchandise exports to China stood at SR13.53 billion, followed by Japan at SR8.93 billion, the UAE at 8.75 billion and India at SR8.74 billion. 

The flow of Saudi exports to China signifies strong bilateral relations between both nations, with the Kingdom being the largest trading partner of China in the Middle East since 2001. 

The Kingdom and Saudi Arabia are also strategic partners in various other sectors like energy and finance, as well as the Belt and Road Initiative. 

South Korea received goods worth SR8.34 billion in November, while the Kingdom’s exports to the US stood at SR3.72 billion, to Singapore at SR3.34 billion, and SR2.85 billion going to Malaysia.

Imports in November

According to GASTAT, Saudi Arabia’s overall imports in November were valued at SR73.65 billion, marking a rise of 13.9 percent compared to the same month in the previous year. 

Saudi Arabia imported goods worth SR20.11 billion from China, led by mechanical appliances and electrical equipment valued at SR9.99 billion.

The Kingdom also imported transport equipment and base metal products amounted to SR2.56 billion and SR1.89 billion, respectively.

China was closely followed by the US and UAE with the Kingdom welcoming goods from these nations valued at SR7.52 billion and SR3.90 billion, respectively in November. 

The Kingdom also imported goods worth SR3.22 billion from Germany and SR3.14 billion from India. 

Japanese imports to Saudi Arabia amounted to SR2.83 billion, while inbound shipments from Italy and Switzerland stood at SR2.58 billion and SR2.40 billion, respectively.

According to GASTAT, imports worth SR44.25 billion entered Saudi Arabia via sea, while inbound shipments valued at SR20.47 billion and SR8.65 billion came via air and land, respectively. 

King Abdulaziz Sea Port in Dammam was the primary entry point for goods in September through sea in November, with imports valued at SR18.19 billion, representing 24.7 percent of the total inbound shipments. 

The authority added that Jeddah Islamic Sea Port handled incoming shipments valued at SR17.58 billion, followed by Ras Tanura Sea Port at SR3.24 billion. 

Through land, Al Bat’ha Port and Riyadh Dry Port processed incoming goods valued at SR3.89 billion and SR2.66 billion, respectively.

Through air, King Khalid International Airport in Riyadh welcomed inbound shipments worth SR10.94 billion in November. 

King Abdulaziz International Airport and King Fahad International Airport also handled imports valued at SR5.11 billion and SR4.27 billion, respectively.


PIF’s SIRC, Germany’s Concord Blue to launch first phase of sewage to renewable hydrogen station

PIF’s SIRC, Germany’s Concord Blue to launch first phase of sewage to renewable hydrogen station
Updated 06 February 2025
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PIF’s SIRC, Germany’s Concord Blue to launch first phase of sewage to renewable hydrogen station

PIF’s SIRC, Germany’s Concord Blue to launch first phase of sewage to renewable hydrogen station
  • Both parties will offer innovative solutions that contribute to environmental sustainability and promote the circular carbon economy
  • Plan will see around 100 million tonnes of waste recycled annually

RIYADH: A new agreement between the Saudi Investment Recycling Co. and the German company Concord Blue will lead to the construction of a station in the Kingdom that converts sewage into renewable hydrogen.

The Public Investment Fund firm inked the memorandum of understanding with the engineering company for the first phase of the development, whereby the plant will use Concord Blue Reformer technology to develop sludge treatment projects resulting from sewage and other organic waste, according to a statement.

Concord Blue Reformer’s non-combustion reforming process uses the principles of staged reforming to efficiently and cleanly recycle waste into energy.

This falls in line with SIRC’s goal of actively leading the charge in implementing impactful waste reduction strategies, accelerating the widespread adoption of renewable energy solutions, and championing the principles of environmental justice.

It also aligns with the comprehensive plan announced by the Kingdom’s Ministry of Environment in January 2024, which targets recycling a significant portion — up to 95 percent — of the country’s waste.

“Under this memorandum, SIRC will provide sewage and agricultural waste as raw materials, while Concord Blue will convert this waste into renewable hydrogen, in addition to transferring knowledge in this field and training national cadres to build, operate and maintain facilities for converting waste into hydrogen,” said Faisal Al-Solami, executive vice president of finance and strategic planning at SIRC.

When fully implemented, the plan will see around 100 million tonnes of waste recycled annually, showcasing the nation’s commitment to sustainability.

Under the terms of the newly signed MoU, both parties will offer innovative solutions that contribute to environmental sustainability and promote the circular carbon economy by producing high-quality green hydrogen and manufacturing biochar and industrial-activated coal. 

Al-Solami said signing the agreement is a key step toward achieving Vision 2030’s recycling and sustainability goals, as it promotes environmentally friendly energy solutions from waste, reduces emissions, and supports an eco-conscious economy.

This comes as the first phase of the project will achieve several goals, including reducing the volume of waste sent to landfills, enhancing hydrogen production on a large scale, and developing innovative solutions to reduce carbon emissions.

It will also support local manufacturing projects and contribute to achieving a zero-carbon future by producing clean fuel that supports the transition to a hydrogen economy in the industrial and transportation sectors.


Closing Bell: Saudi main index edges up to close at 12,433

Closing Bell: Saudi main index edges up to close at 12,433
Updated 06 February 2025
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Closing Bell: Saudi main index edges up to close at 12,433

Closing Bell: Saudi main index edges up to close at 12,433

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Thursday, gaining 19.18 points, or 0.15 percent, to close at 12,433.58. 

The total trading turnover of the benchmark index was SR6.88 billion ($1.83 billion), as 123 of the listed stocks advanced, while 96 retreated.  

The MSCI Tadawul Index increased by 2.23 points, or 0.14 percent, to close at 1,545.99. 

The Kingdom’s parallel market Nomu also rose, gaining 135.68 points, or 0.43 percent, to close at 31,386.27. This comes as 40 of the listed stocks advanced, while 39 retreated. 

The best-performing stock was Almasane Alkobra Mining Co., with its share price surging by 7.49 percent to SR68.9. 

Other top performers included the Thimar Development Holding Co., which saw its share price rise by 5.76 percent to SR56.9, and Makkah Construction and Development Co., which saw a 4.42 percent increase to SR108.60. 

Mutakamela Insurance Co. saw the largest decline of the day, with its share price dropping 2.19 percent to SR18.72. 

The Tanmiah Food Co. saw a decline of 1.99 percent, with its share price dropping to SR127.80, while the Saudi Industrial Investment Group fell by 1.69 percent to SR17.40. 

On the announcements front, Saudi Industrial Investment Group reported its annual financial results for 2024, with net profits reaching SR11 million, matching the previous year’s figure. 

Saudi Arabian Mining Co., known as Ma’aden, also announced the official launch of its US dollar-denominated trust certificates offering.

The offering is available to eligible investors both in Saudi Arabia and internationally, as part of Ma’aden’s strategic initiative to strengthen its financial position and expand investment opportunities. 

To facilitate the issuance, Ma’aden has appointed 10 companies as joint lead managers for the transaction, including Citigroup Global Markets Limited, HSBC Bank, Al Rajhi Capital Co., BNP Paribas, and GIB Capital.

The other five include J.P. Morgan Securities plc, Natixis, Saudi Fransi Capital, SNB Capital Co., and Standard Chartered Bank. 

In a statement to Tadawul, the company stated that the sukuk will be issued in two tranches, with maturities of 5 and 10 years. The minimum subscription amount is set at $200,000, with the final value and terms of the offering to be determined based on market conditions. 

Following the announcement, Ma’aden’s shares closed at SR48.15, up 4.05 percent in today’s session. 


Saudi crown prince launches ‘King Salman Automotive Cluster’ at KAEC

Saudi crown prince launches ‘King Salman Automotive Cluster’ at KAEC
Updated 06 February 2025
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Saudi crown prince launches ‘King Salman Automotive Cluster’ at KAEC

Saudi crown prince launches ‘King Salman Automotive Cluster’ at KAEC

RIYADH: Saudi Crown Prince Mohammed bin Salman has named the automotive manufacturing hub within King Abdullah Economic City the “King Salman Automotive Cluster,” the Saudi Press Agency reported on Thursday.

The King Salman Automotive Cluster will serve as a pivotal center for the automotive industry, housing the headquarters and manufacturing facilities for both local and international companies.

Notable brands, such as Ceer—the first Saudi electric vehicle brand—and Lucid Motors, which opened its first international factory in KAEC in 2023, are set to be key players in the cluster.

The site will also host multiple Public Investment Fund joint ventures with global manufacturers, including a highly automated factory with Hyundai Motor for car production in Saudi Arabia and a partnership with Pirelli to establish a tire factory.

This new cluster marks a significant milestone in Saudi Arabia’s economic diversification efforts, supporting the development of the automotive sector and advancing sustainable transportation. It will contribute to boosting the non-oil gross domestic product and increasing exports.

The King Salman Automotive Cluster will accelerate local manufacturing capacity, promote research and development, and optimize supply chains, making them more efficient for both regional and international markets.

The project is expected to create numerous investment opportunities for the private sector, fostering the growth of promising industries within the Kingdom.

By 2035, the cumulative GDP contribution from companies within the cluster is projected to reach approximately SR92 billion.

The cluster will generate thousands of direct and indirect jobs, support local manufacturing, and boost Saudi exports, positively impacting the nation’s balance of payments.

Leveraging KAEC’s robust infrastructure and its strategic location near a well-developed port, the cluster offers significant advantages for both local private sector entities and international companies. These factors will provide ample opportunities for collaboration between partners, suppliers, and investors within the automotive industry and related sectors.

The King Salman Automotive Cluster will play a key role in advancing the National Industrial Development and Logistics Program, which aims to position Saudi Arabia as a leading industrial hub and global logistics center by fostering high-growth sectors and attracting foreign investment.


Saudi Arabia takes steps to strengthen personal data protection

Saudi Arabia takes steps to strengthen personal data protection
Updated 06 February 2025
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Saudi Arabia takes steps to strengthen personal data protection

Saudi Arabia takes steps to strengthen personal data protection

RIYADH: Saudi Arabia’s financial sector is set to benefit from enhanced data protection measures following the signing of two agreements between the Saudi Data and Artificial Intelligence Authority and the Saudi Central Bank. 

The agreements, signed on Feb. 5 and 6, aim to bolster the implementation of personal data protection laws across financial institutions, enhancing regulatory oversight and ensuring compliance with national data governance standards. 

The first memorandum of understanding focuses on enforcing personal data protection laws and their executive regulations within the financial sector.  

It seeks to strengthen supervision of financial institutions’ adherence to data protection requirements, thereby supporting the Kingdom’s broader digital economy goals.   

The move comes as Saudi Arabia accelerates its financial technology transformation, with a goal to raise non-cash transactions to 80 percent of total payments by 2030, up from 62 percent today.   

The first agreement was signed by Abdulaziz Al-Anazi, director of the General Department of Risk and Compliance at SDAIA, and Marwan Al-Lahedan, executive director of Operational Sustainability Oversight at SAMA.  

According to the agreement, the initiative will also promote collaboration in monitoring mechanisms, fostering an environment of secure and efficient data management.   

The second MoU, finalized on Feb. 6, will enhance the governance framework for data within the financial sector. This agreement will help advance Saudi Arabia’s digital infrastructure, creating a regulatory environment that supports data protection across the financial landscape.  

Both agreements were signed in the presence of high-level representatives, including Khaled Al-Dhaher, deputy governor for supervision and technology at SAMA, and Rayed Al-Rayedi, head of the National Data Management Office at SDAIA.    

The effort underscores the Kingdom’s commitment to strengthening its regulatory ecosystem to protect personal data and foster innovation in the financial industry.   

The surge in technological upgrades within financial institutions and the entry of new fintech startups underscore the need for rigorous data protection protocols to secure consumer information and prevent fraud.  

According to the World Bank, fraud in the financial sector leads to substantial global losses. In 2023, online fraud resulted in approximately $485.6 billion in losses worldwide.   

The increasing sophistication of fraudulent schemes poses substantial challenges to financial institutions and their clients.    

Fraudsters use advanced techniques, including phishing, identity theft, and cyberattacks, to exploit vulnerabilities within financial systems. This not only leads to direct financial losses but also erodes consumer trust in financial services.  


Hungarian firms plan major tech investment in Saudi Arabia under Vision 2030

Hungarian firms plan major tech investment in Saudi Arabia under Vision 2030
Updated 06 February 2025
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Hungarian firms plan major tech investment in Saudi Arabia under Vision 2030

Hungarian firms plan major tech investment in Saudi Arabia under Vision 2030
  • Trade between Saudi Arabia and Hungary reached $480 million in 2023
  • Hungary has maintained diplomatic ties with Saudi Arabia for over 28 years

RIYADH: An alliance of 25 Hungarian companies is preparing to invest in Saudi Arabia’s technology and digital transformation sectors, seizing the opportunities offered by Vision 2030. 

The announcement, made at the Saudi-Hungarian Business Forum in Riyadh organized by the Federation of Saudi Chambers, underscored the growing economic ties between the two nations, the Saudi Press Agency reported. 

The forum was attended by Hungarian Parliament Deputy Speaker Istvan Jakab, Saudi-Hungarian Business Council Chairman Marwan Al-Mutlaq, Shoura Council Chairman Ibrahim bin Mohammad Al-Qannas, and Hungarian Ambassador to Saudi Arabia Balazs Selmeci.

The initiative builds on the creation of the Hungarian-Saudi Holding Co. last year, a consortium focused on digital transformation and investment partnerships across Saudi Arabia’s digital, financial, and food sectors.

Trade between Saudi Arabia and Hungary reached SR1.8 billion ($480 million) in 2023, reflecting a 27 percent increase, with the Kingdom’s exports surging 216 percent to SR584 million and imports at SR1.2 billion.

Jakab highlighted the strength of Hungary’s relationship with Saudi Arabia, saying: “The relationship with the Shoura Council and the Federation of Saudi Chambers is strong,” and emphasized the potential of the holding company to foster investment and collaboration in key sectors.

Al-Mutlaq noted Saudi Arabia’s growing influence in the tech sector, ranking fourth globally in e-government and tenth in e-commerce. 

He added that the Saudi-Hungarian Business Council, in its new term, will focus on strengthening investment partnerships and boosting bilateral trade.

Hungary has maintained diplomatic ties with Saudi Arabia for over 28 years, contributing to ongoing bilateral cooperation. The country’s advanced IT sector presents opportunities to share expertise with Saudi Arabia’s growing technology landscape.

As part of Saudi Arabia’s Vision 2030 plan, the country is making substantial investments in digital transformation, focusing on emerging technologies such as artificial intelligence, cloud computing, and the Internet of things to build a significant digital economy by 2030. 

Government spending on technology is expected to reach $24.7 billion by 2025, according to a report published by the International Trade Administration. 

Key initiatives include the Public Investment Fund backing advanced tech firms like Alat, which focuses on AI, semiconductors, and robotics, with projected investments of around $100 billion by 2030.