Egypt, India reaffirm $12bn trade target during ministerial meeting

Egypt, India reaffirm $12bn trade target during ministerial meeting
Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib met with India’s Commerce and Industry Minister Piyush Goyal. Egyptian Cabinet/Facebook
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Updated 19 March 2025
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Egypt, India reaffirm $12bn trade target during ministerial meeting

Egypt, India reaffirm $12bn trade target during ministerial meeting
  • Minister of Investment and Foreign Trade Hassan El-Khatib emphasized Egypt’s commitment to attracting more Indian investments
  • Push positions India as Egypt’s sixth-largest trading partner

RIYADH: Egypt and India have reaffirmed their commitment to tripling bilateral trade from $4.2 billion in 2024 to $12 billion within five years, reinforcing a target set last year during a joint meeting. 

The pledge came during a trip to India by Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib, when he met with the Asian country’s Commerce and Industry Minister Piyush Goyal.

The push builds on a record $7.26 billion in bilateral trade during the 2021-22 financial year — a 75 percent rise from the previous year — positioning India as Egypt’s sixth-largest trading partner, according to the North African country’s Central Agency for Public Mobilization and Statistics. 

Trade fell to $4.6 billion between April 2023 and February 2024, largely due to the Israel-Hamas conflict and Houthi disruptions to Suez Canal traffic. 




Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib met with India’s Commerce and Industry Minister Piyush Goyal. Egyptian Cabinet/Facebook

El-Khatib emphasized Egypt’s commitment to attracting more Indian investments in key sectors such as renewable energy, chemicals, and automotive manufacturing, as well as pharmaceuticals, textiles, and information and communication technology. 

“Al-Khatib also highlighted the expected surge in Indian investments in Egypt in the coming period, especially in light of the major investment agreements concluded by Indian companies in the energy sector, including the signing of two agreements for the production of green hydrogen and green ammonia in Egypt with an investment cost of up to $12 billion, in addition to other Indian investments in various sectors,” an official release stated. 

The minister added that his country is ready to provide all necessary support and facilitation for Indian investors, highlighting Egypt’s efforts to create a favorable business climate by improving infrastructure, developing new ports, and enhancing existing facilities, including the Suez Canal Economic Zone.  

El-Khatib also underscored India’s growing presence in other industries within the Egyptian market.  

During the discussions, the minister extended an official invitation to Goyal to visit Egypt in 2025 to further strengthen bilateral economic ties and explore additional collaboration opportunities.  

“Goyal confirmed the ministry’s commitment to taking the necessary measures to facilitate the entry of Egyptian products into the Indian market, particularly agricultural exports,” the release added. 

The meeting also covered preparations for an upcoming visit by an Indian business delegation, led by the Asian country’s Ministry of Commerce and Industry and the Confederation of Indian Industry, to discuss the nation’s proposed industrial area in the Suez Canal Economic Zone.


Saudi Arabia posts 66.7% rise in industrial licenses in Feb.

Saudi Arabia posts 66.7% rise in industrial licenses in Feb.
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Saudi Arabia posts 66.7% rise in industrial licenses in Feb.

Saudi Arabia posts 66.7% rise in industrial licenses in Feb.

JEDDAH: Saudi Arabia issued 105 new industrial licenses in February, marking a 66.7 percent increase compared to January, supporting the Kingdom’s drive for economic growth and diversification. 

A total of 113 factories also commenced production during the second month of the year, representing a 9.7 percent increase in comparison with the previous month, according to a statement issued by the Ministry of Industry and Mineral Resources.

According to a report from the ministry’s National Industrial and Mining Information Center, the new licenses represent investments exceeding SR1.02 billion ($272 million) and are expected to create 1,504 jobs.

These developments are part of a broader trend in the sector. An official study revealed that 1,346 new industrial permits were issued in the first quarter of 2024, paving the way for over 44,000 new job opportunities and attracting investments surpassing SR50 billion ($13.3 billion). 

They also align with Saudi Arabia’s National Industrial Strategy, unveiled by Crown Prince Mohammed bin Salman in October 2022, which seeks to accelerate sector growth and raise the number of factories across the Kingdom to approximately 36,000 by 2035.

The strategy targets 12 sub-sectors and outlines over 800 investment opportunities, valued at SR1 trillion, with the goal of tripling the nation’s industrial gross domestic product. 

The issuance of permits also correlates with the Kingdom’s National Industrial Development and Logistics Program, launched in 2019, to support the industrial sector and drive sustainable development. 

The ministry added in its statement that factories entering the production phase attracted investments totaling SR900 million and generated 4,114 new jobs, underscoring the continued growth and expansion of the country’s industrial base as these establishments reach full operational capacity. 

Saudi Arabia’s Industrial Production Index recorded a 1.3 percent year-on-year increase in January, driven by sustained growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained steady at 103.9, unchanged from December. 

The manufacturing sub-index posted a 4 percent annual rise, supported by a 4.3 percent increase in the production of coke and refined petroleum products, as well as a 4.2 percent uptick in chemicals and chemical products. 

The report, which monitors key industrial indicators, also revealed that investments linked to newly issued industrial licenses reached SR1.197 billion, with the associated projects expected to create more than 2,500 job opportunities across the Kingdom.


IMF projects 3% growth for Saudi economy in 2025

IMF projects 3% growth for Saudi economy in 2025
Updated 8 min 20 sec ago
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IMF projects 3% growth for Saudi economy in 2025

IMF projects 3% growth for Saudi economy in 2025

RIYADH: Saudi Arabia’s real gross domestic product is expected to grow by 3 percent in 2025, with further acceleration to 3.7 percent in 2026, according to the latest World Economic Outlook released by the International Monetary Fund.

The forecast marks a downward revision of 0.3 percentage points for 2025 and 0.4 percentage points for 2026 compared to the IMF’s projections issued in January. Despite the slight adjustment, the Kingdom’s anticipated economic performance continues to outpace the global average, which the IMF estimates at 2.8 percent for 2025 and 3 percent for 2026.

“The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity,” the IMF noted in its report.

Regionally, Saudi Arabia is expected to outperform several of its Gulf neighbors. The IMF projects Bahrain’s GDP to grow by 2.8 percent in 2025, followed by Qatar at 2.4 percent, Oman at 2.3 percent, and Kuwait at 1.9 percent.

The UAE is forecast to lead the Gulf Cooperation Council with a 4 percent growth rate in 2025 and 5 percent in 2026.

The IMF also predicts that inflation in Saudi Arabia will remain contained, with the average annual rate holding steady at 2.1 percent in 2025 and easing slightly to 2 percent the following year.

In a separate analysis released in December, Mastercard Economics estimated a 3.7 percent expansion for the Saudi economy in 2024, driven largely by growth in non-oil sectors.

Underscoring the Kingdom’s economic momentum, ratings agency S&P Global upgraded Saudi Arabia’s sovereign credit rating to “A+” from “A” in March, citing the country’s ongoing social and economic transformation as a key factor for the stable outlook.

Across the broader Middle East and North Africa region, the IMF anticipates economic growth to average 2.6 percent in 2025, before climbing to 3.4 percent in 2026.

Globally, the US is forecast to record GDP growth of 1.8 percent in 2025 and 1.7 percent in 2026.

Among emerging markets, India is expected to lead with projected growth of 6.2 percent in 2025 and 6.3 percent the following year. China’s economy, meanwhile, is expected to expand by 4 percent annually during the same period.


Closing Bell: Saudi main index rebounds to close at 11,586

Closing Bell: Saudi main index rebounds to close at 11,586
Updated 22 April 2025
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Closing Bell: Saudi main index rebounds to close at 11,586

Closing Bell: Saudi main index rebounds to close at 11,586

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Tuesday, as it gained 37.74 points or 0.33 percent to close at 11,586.40. 

The total trading turnover of the main index was SR5.41 billion ($1.44 billion), with 101 stocks advancing and 136 declining. 

The Kingdom’s parallel market, Nomu, edged down by 1.24 percent to close at 28,281.76. 

The MSCI Tadawul Index gained 8.09 points to 1,474.60. 

The best-performing stock on the benchmark index was Saudi Fisheries Co. The firm’s share price increased by 10 percent to SR112.20. 

The share price of AlJazira REIT also rose by 9.91 percent to SR15.52. 

Alistithmar AREIC Diversified REIT Fund also saw its stock price increase by 9.90 percent to SR8.77. 

Conversely, the share price of Jahez International Co. for Information System Technology declined by 3.33 percent to SR27.55. 

On the announcements front, Aldrees Petroleum and Transport Services Co. revealed that its net profit for the first quarter of this year reached SR100.1 million, representing a rise of 29.32 percent compared to the same period in 2024. 

Compared to the fourth quarter of 2024, Aldrees’ net profit increased by 6.94 percent. 

In a press statement, Aldrees attributed the rise in profit to higher sales from the company’s petrol and transport division. 

The share price of Aldrees edged up by 1.81 percent to SR135. 

In a Tadawul statement, the Saudi National Bank said that its net profit for the first three months of this year witnessed a year-on-year rise of 19.48 percent to reach SR6.02 billion. 

The financial institution said that the rise in profit was driven by a 7.56 percent rise in operating revenue during the first quarter compared to the same period of the previous year. 

The stock price of SNB increased by 3.98 percent to SR35.25.

Al Rajhi Bank said that its net profit for the first quarter of this year reached SR5.9 billion, representing a rise of 34.07 percent compared to the same period in 2024. 

In a Tadawul statement, the bank added that its total operating revenue for the first three months of this year stood at SR9.2 billion, marking a 27.26 percent year on year rise. 

Al Rajhi Bank’s share price increased by 0.41 percent on Tuesday to reach SR98. 


ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

ACWA Power secures $119m loan facility from Alinma Bank for new headquarters
Updated 22 April 2025
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ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

ACWA Power secures $119m loan facility from Alinma Bank for new headquarters

RIYADH: Saudi utility giant ACWA Power has secured an SR750 million ($119 million) Shariah-compliant term loan facility from Alinma Bank to fund its new headquarters in Riyadh.

The seven-year agreement reflects the bank’s confidence in the world’s largest private water desalination company, recognizing its strong financial position and strategic role in supporting the Kingdom’s Vision 2030 and energy transition goals, according to a statement.

This also aligns with the Ministry of Environment, Water, and Agriculture’s goal to meet 90 percent of Saudi Arabia’s water needs through desalination and the remaining 10 percent from ground and surface water by 2030.

In the statement, Abdulhameed Al-Muhaidib, chief financial officer of ACWA Power, said: “This financing from ALINMA Bank highlights our strong financial position and the confidence the market has in our vision.”

He added: “Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom’s ambitious goals for a cleaner, more prosperous future.”

Chief Corporate Banking Officer of Alinma Bank Jameel Al-Hamdan said his firm was proud to announce its role as the sole financier of the new office.

Al-Hamdan added: “This landmark project aligns with both organizations’ commitment to driving sustainability and innovation in the corporate sector and with the Kingdom’s net-zero strategy.” 

The statement added that ACWA Power’s new headquarters in Riyadh reflects its role as a national leader in the energy transition, offering a cutting-edge space designed to centralize operations and foster teamwork and innovation.

It is also set to offer an eco-conscious workspace that supports employees in fulfilling their roles while fostering sustainability.

ACWA Power reported a net profit of SR1.75 billion in 2024, representing an annual increase of 5.74 percent, according to a Tadawul statement released in February.

This growth in profit was driven by increased revenue from operations and maintenance, as well as higher earnings from electricity sales. 

The company revealed the rise was attributed to a higher share in net results of equity-accounted investees, gains from capital recycling, and increased net finance income.

The firm’s overall revenue for 2024 was SR6.29 billion, marking a 3.32 percent increase compared to the previous year, according to the statement at the time.

During the same month, ACWA Power signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.


Saudi crude output hits 8.95m bpd: JODI data 

Saudi crude output hits 8.95m bpd: JODI data 
Updated 22 April 2025
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Saudi crude output hits 8.95m bpd: JODI data 

Saudi crude output hits 8.95m bpd: JODI data 

RIYADH: Saudi Arabia’s crude oil production rose to 8.95 million barrels per day in February, marking a 0.34 percent monthly increase, according to the latest release from the Joint Organizations Data Initiative. 

Crude exports also climbed during the same period, rising 7.81 percent to reach 6.55 million bpd, the report showed.  

Refinery crude exports rose by 5.39 percent month on month in February to 1.41 million bpd, reflecting a 1.29 percent increase compared to the same period last year. The uptick was driven primarily by diesel shipments, which jumped 24.4 percent from the previous month to 668,000 bpd. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel accounted for the largest share of refined product exports at 47 percent, followed by motor and aviation gasoline at 18 percent, and fuel oil at 14 percent. 

Total refinery output reached 2.62 million bpd in February, a 6.6 percent monthly increase, with diesel comprising 40 percent of refined products, motor and aviation gasoline 24 percent, and fuel oil 14 percent. 

Domestic demand for refined petroleum products fell by 69,000 bpd in February compared to the previous month, reaching 1.71 million bpd. On an annual basis, demand dropped by 22.09 percent, equivalent to a decline of 485,000 bpd.  

On April 3, eight OPEC+ countries — including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their commitment to supporting oil market stability amid a positive demand outlook. 

In a virtual meeting, the group agreed to implement a production increase of 411,000 bpd in May 2025, representing a front-loaded adjustment equivalent to three months of scheduled increments. The move marks the beginning of a phased and flexible reversal of the 2.2 million bpd in voluntary cuts introduced in 2023, in line with the decision reaffirmed in March. 

OPEC+ emphasized that the pace of future increases may be paused or reversed depending on market conditions, with monthly meetings scheduled to assess conformity and decide on subsequent production levels. According to the latest schedule, Saudi Arabia’s required production for May is set at 9.2 million bpd. 

Direct crude usage 

Saudi Arabia’s direct crude oil burn rose to 283,000 bpd in February, reflecting a 2.9 percent increase from January, but showing a 21 percent decline compared to the same month last year. 

The reduction in direct crude oil use for power generation is influenced by multiple strategic and economic factors. 

According to the US Energy Information Administration’s 2024 report, 62 percent of Saudi Arabia’s electricity was generated from natural gas in 2023, up from previous years — a shift that has significantly reduced the country’s reliance on crude oil for power generation. The expansion of gas-fired capacity has played a central role in this transition. 

The International Energy Agency’s 2024 Oil Market Report also highlighted that Saudi Arabia is actively expanding its electricity generation capacity through both natural gas and renewable energy sources, in alignment with Vision 2030. 

Supporting this trend, the Saudi Power Procurement Co. awarded bids in 2023 for four gas-fired power plants, each with a capacity of 1.8 gigawatts, and began accepting bids for four additional projects in early 2024. As of mid-2024, the Kingdom has more than 21 GW of planned renewable energy projects, the majority of which are focused on solar power.