Saudi commerce minister leads delegation to Korea

Saudi commerce minister leads delegation to Korea
Saudi Minister of Commerce Majid Al-Qasabi meets South Korean Prime Minister Han Duck-soo. (Yonhap)
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Updated 29 July 2024
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Saudi commerce minister leads delegation to Korea

Saudi commerce minister leads delegation to Korea
  • Saudi minister of commerce held talks with Prime Minister Han Duck-soo in Seoul
  • Majid Al-Qasabi said talks focused on progress made in negotiations on a Free Trade Agreement between Korea and the GCC countries

RIYADH: Trade ties in light of the free trade agreement between the Gulf Cooperation Council and South Korea were discussed when a leading Saudi minister met the East Asian country’s prime minister.  

As part of his three-day visit to the republic, Saudi Minister of Commerce Majid Al-Qasabi held talks with Han Duck-soo in Seoul.

An FTA between South Korea and the GCC was signed in December 2023, with the East Asian nation agreeing to remove tariffs on almost 90 percent of all items, including liquefied natural gas and other petroleum products.

GCC countries agreed to abolish levies on more than 76 percent of products across 18 chapters




Commerce Minister Majid Al-Qasabi was leading a Saudi delegation on a three-day visit to Seoul to bolster trade ties with Korea. X/@malkassabi

Discussing the meeting with the Korean prime minister in a post on his X account, Al-Qasabi said: “We discussed the progress made in the negotiations of the Free Trade Agreement between Korea and the Gulf Cooperation Council countries, as well as promising partnership opportunities at both the governmental and private levels.”

The Saudi commerce minister has traveled to South Korea as part of a delegation featuring representatives from 10 government entities and 55 senior business leaders and executives from major national companies.

Taking place from July 29 to 31, the visit’s objectives include facilitating greater economic activities between the Kingdom and the East Asian country, as well exploring promising opportunities for collaboration.   

A key part of the assemblage is participating in the Saudi-Korean Business Forum, which allows both nations to discuss and expand partnerships. Enhancing trade exchange between the two countries remains a primary goal of this delegation.    




Saudi Minister of Commerce Majid Al-Qasabi meets South Korean Minister of Small and Medium-Sized Enterprises and Startups Oh Young-ju. (Yonhap)

According to the ministry’s data, cumulative trade between the two nations reached SR554 billion ($147.6 billion) between 2019 and 2023, with the annual value of commerce increasing from SR93.6 billion to SR129.8 billion over the period.   

During the visit, the Korean Minister of Small and Medium-Sized Enterprises and Startups Oh Young-ju met with Al-Qasabi and other delegation members to discuss establishing a policy consultative body.  

The Korean ministry discussed the outcomes of bilateral cooperation with the Saudi ministry, focusing on SMEs and startups, aiming to explore pathways for joint growth and collaboration, according to Yonhap News Agency.  

“We reviewed the economic reforms in Saudi Arabia, explored partnership opportunities in emerging fields, and discussed business incubator programs and innovation centers,” Al-Qasabi said.   




Saudi-Korean economic ties have been further strengthened by venture capital and startup collaborations. X/@malkassabi

“We also talked about expanding e-commerce cooperation in the Kingdom, knowledge transfer, exchanging specialized expertise and talents, and establishing training programs for Saudi students,” he added.   

The Korean government also urged the Kingdom’s ministry to support and facilitate increased participation of companies from the East Asian country in the upcoming Saudi-based startup festival, Biban 2024, scheduled for November.  

Saudi Arabia is currently ranked seventh among Korea’s trade partners, with non-oil exports to the country amounting to SR4.5 billion. 

Saudi-Korean economic ties have been further strengthened by venture capital and startup collaborations, such as the Kingdom’s Wa’ed Ventures recently investing $15 million in the South Korean chipmaker Rebellions.   




Cumulative trade between Saudi Arabia and South Korea reached $147.6 billion between 2019 and 2023. X/@malkassabi

Al-Qasabi’s visit to the country is the latest in a move to boost economic trade and strengthen partnerships with Asian nations.

In May, the minister led a delegation representing 20 government bodies and 24 private sector entities to Malaysia, where a business council was launched.

In July, the Kingdom also strengthened its economic relations with Thailand as it opened its first Board of Investment office in Riyadh.




The Saudi commerce minister has traveled to South Korea as part of a delegation featuring representatives from 10 government entities and 55 senior business leaders. X/@malkassabi

During a business forum, the Saudi Minister of Investment Khalid Al-Falih said it marked Thailand’s inaugural office in the Middle East, encouraging stronger bonds and new investment opportunities in both countries.      

Saudi and China relations have also seen a boost this year as officials from both nations held a roundtable meeting in May.    

Saudi Finance Minister Mohammed Al-Jadaan led the talk and emphasized the depth of the bilateral relationship between the two nations, highlighting the trust and ongoing collaboration across diverse sectors. 


Pakistan stock market breaches 130,000 barrier amid low inflation, surging oil prices

Pakistan stock market breaches 130,000 barrier amid low inflation, surging oil prices
Updated 02 July 2025
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Pakistan stock market breaches 130,000 barrier amid low inflation, surging oil prices

Pakistan stock market breaches 130,000 barrier amid low inflation, surging oil prices
  • Pakistan’s KSE-100 Index closes at 130,244.03 points, surging by 2,144.61 or gaining 1.67% from previous day
  • Latest milestone builds on strong showing in the previous fiscal year, when the KSE-100 Index rose by 60 percent

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index breached the 130,000 points barrier to close at an all-time high on Wednesday, as financial analysts attributed the surge to low inflation and surging crude oil prices. 

The development takes place a day after Pakistan’s KSE-100 Index closed at an impressive 128,199.42 points on the first day of the new fiscal year, with Prime Minister Shehbaz Sharif calling the stocks’ performance a sign of growing investor confidence in the economy and government policies. The latest milestone builds on a strong showing in the previous fiscal year, when the KSE-100 Index rose by 60 percent, according to Karachi-based Topline Securities.

The Pakistani stock market closed at 130,344.03 points when trading ended on Wednesday. Continuing its bullish momentum, the index surged by 2,144.61 points, recording a gain of 1.67 percent from the previous day’s close. 

“Stocks closed at new all-time high in the earning season at PSX as investors weigh drop in CPI inflation to 3.2 percent YoY and upbeat data on POL sales surging by 7pc for June 25,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities Limited, said. 

Mehanti said higher global equities and Pakistani power regulatory authority’s recent move to slash the base power tariff for industries for the current fiscal year also played a role in the bullish close. He also paid credit to surging crude oil prices, saying they had played a “catalyst role” in the surge.

Karachi-based brokerage firm Topline Securities said the surge was fueled by “aggressive institutional buying” and a wave of fresh fiscal-year optimism among investors. 

“With the index in uncharted territory, all eyes are now on earnings season and macro signals to see if the bulls have more steam left or if a breather is around the corner,” it said in a statement.

Pakistan’s stocks surge as Islamabad seeks to consolidate its financial recovery after years of economic turbulence.

In recent years, the country has undertaken difficult structural reforms under International Monetary Fund loan programs aimed at curbing fiscal deficits and restoring investor trust.


Global oil demand rose 1.5% in 2024 despite production dip: OPEC report

Global oil demand rose 1.5% in 2024 despite production dip: OPEC report
Updated 02 July 2025
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Global oil demand rose 1.5% in 2024 despite production dip: OPEC report

Global oil demand rose 1.5% in 2024 despite production dip: OPEC report

RIYADH: Global oil demand climbed by 1.49 million barrels per day, or 1.5 percent, year on year in 2024 to reach an average of 103.84 million bpd, according to newly released data from the Organization of the Petroleum Exporting Countries.

Demand rose across nearly all regions, with the strongest gains recorded in non-OECD Asia, particularly China and India, followed by the Middle East, Africa, Latin America and OECD Europe. Within OPEC member countries, oil demand rose by 0.12 million bpd, or 1.3 percent, year on year.

However, total world crude oil production declined for the first time since 2020, falling by 0.77 million bpd, or 1 percent, to average 72.58 million bpd in 2024. OPEC attributed the drop to lower output from both its members and non-OPEC producers participating in the Declaration of Cooperation.

OPEC nations cut production by 0.57 million bpd, or 2.1 percent, while non-OPEC DoC participants saw a steeper decline of 0.78 million bpd, or 5.2 percent. In contrast, crude production from countries not involved in the DoC rose by 0.58 million bpd, or 1.8 percent.

Refining capacity

Global refining capacity increased by 1.04 million bpd in 2024 to reach 103.80 million bpd. Most of this expansion came from the non-OECD region, notably China, India, and the Middle East.

For the first time since 2019, members of the Organisation for Economic Co-operation and Development also saw a modest increase in refining capacity—up by 0.16 million bpd—driven by additions in the Americas, although partially offset by closures in Europe and Asia Pacific.

Refinery throughput also saw a modest rise, growing by 0.52 million bpd, or 0.6 percent, to 85.97 million bpd. This was largely due to increased run rates in OECD Americas and non-OECD regions, including the Middle East, Africa, India, and Other Asia.

Exports down, product shipments up

OPEC’s crude oil exports declined by 0.70 million bpd, or 3.5 percent, in 2024 to average 19.01 million bpd. Asia continued to be the primary destination for OPEC crude, receiving 13.67 million bpd, or 71.9 percent of total exports.

In contrast, exports of petroleum products from OPEC members rose by 0.29 million bpd, or 6.1 percent, reaching an average of 5.07 million bpd during the year.

Global proven crude oil reserves stood at 1,567 billion barrels at the end of 2024, marking a slight increase of 2 billion barrels, or 0.1 percent, from the previous year. Proven reserves in OPEC members remained unchanged at 1,241 billion barrels.


Gulf bourses end mixed on US tariff uncertainty

Gulf bourses end mixed on US tariff uncertainty
Updated 02 July 2025
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Gulf bourses end mixed on US tariff uncertainty

Gulf bourses end mixed on US tariff uncertainty
  • Saudi Arabia’s benchmark index edged 0.1% higher
  • Dubai’s main share index dropped 0.4%

LONDON: Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the US’ potential re-imposition of sweeping tariffs on July 9. 

President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the US, and continued to express doubt that an agreement could be reached with Japan. 

Saudi Arabia’s benchmark index edged 0.1 percent higher, after two consecutive sessions of losses, helped by 1.7 percent rise in Saudi Arabian Mining Company. 

The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. 

“Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook,” he said. 

Among gainers, oil giant Saudi Aramco rose 0.8 percent. 

Oil futures edged up as Iran suspended cooperation with the UN nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the US dollar softened further. 

Dubai’s main share index dropped 0.4 percent, hit by a 1.3 percent fall in toll operator Salik Company. 

Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week — a significant step toward the city’s goal of integrating airborne transport into its mobility network as early as next year. 

In Abu Dhabi, the index eased 0.1 percent, while the Qatari index closed flat. 

A report on Tuesday suggested that the US labor market stayed resilient in May, sharpening the focus on US nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. 

Fed Chair Jerome Powell on Tuesday reiterated the US central bank’s plans to “wait and learn more” before lowering rates. 

Outside the Gulf, Egypt’s blue-chip index added 0.4 percent, with Talaat Moustafa Holding rising 0.9 percent. 


Closing Bell: Saudi main index inches up to close at 11,129

Closing Bell: Saudi main index inches up to close at 11,129
Updated 02 July 2025
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Closing Bell: Saudi main index inches up to close at 11,129

Closing Bell: Saudi main index inches up to close at 11,129
  • MSCI Tadawul 30 Index gained 0.24% to finish at 1,423.94
  • Parallel market Nomu increased 0.48% to settle at 27,375.84

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 8.04 points, or 0.07, to close at 11,129.64 on Wednesday. 

Total trading turnover reached SR5.41 billion ($1.44 billion), with 103 stocks posting gains and 140 declining. 

The Kingdom’s parallel market, Nomu, also recorded an increase, gaining 130.72 points, or 0.48 percent, to settle at 27,375.84, as 32 stocks advanced and 41 retreated.

The MSCI Tadawul 30 Index also gained 3.34 points, or 0.24 percent, to finish at 1,423.94. 

BAAN Holding Group Co. was the best-performing stock of the session, with its share price rising 9.73 percent to SR2.48. Saudi Industrial Export Co. followed with a 7.66 percent increase to SR2.39. 

Other gainers included Almunajem Foods Co., which rose to a fresh year high on Wednesday, closing at SR77 with a 5.77 percent increase. 

On the losing side, Buruj Cooperative Insurance Co. saw the steepest decline, falling 3.24 percent to SR17.92. Saudi Industrial Development Co. dropped 3.07 percent to SR30.9, and National Shipping Co. of Saudi Arabia declined 3.06 percent to SR23.75. 

On the announcements front, Saudi Arabian Mining Co., also known as Ma’aden, finalized its acquisition of all shares owned by AWA Saudi and Alcoa Saudi in two of its major subsidiaries, according to a statement on the Saudi Stock Exchange.

The move follows the approval by Ma’aden’s extraordinary general assembly on June 25 to increase the company’s capital through a share issuance as consideration for acquiring the remaining stakes in Ma’aden Bauxite and Alumina Co. and Ma’aden Aluminium Co.

According to Ma’aden, the acquisition was made effective, and share allocation procedures were completed on July 1. The newly issued shares were deposited in favor of AWA Saudi and Alcoa Saudi, with the holdings officially listed on the same day.

The acquisition involved Ma’aden purchasing AWA Saudi’s entire stake in Ma’aden Bauxite and Alumina Co., totaling 128,010,000 ordinary shares — equivalent to 25.1 percent of the company’s issued capital.

It also included Alcoa Saudi’s full shareholding in Ma’aden Aluminium Co., amounting to 165,001,125 ordinary shares, or 25.1 percent of the company’s issued capital.

To execute the transaction, Ma’aden increased its capital from SR38.03 billion to SR38.89 billion — a 2.26 percent rise. As a result, the total number of its ordinary shares grew from 3.80 billion to 3.89 billion.

Under the new share distribution, Alcoa Saudi received 67,612,162 new ordinary shares, representing 1.74 percent of Ma’aden’s post-acquisition capital, while AWA Saudi received 18,365,385, or 0.47 percent of the capital.

Additionally, Ma’aden paid AWA Saudi SR562.5 million in cash as part of the transaction. The company emphasized that the acquisition does not involve any related parties.

The financial implications of the deal will be reflected in Ma’aden’s consolidated financial statements for the fiscal year ending June 30. 

Ma’aden’s share price closed 1.72 percent higher to reach SR53.25.

Saudi National Bank announced its plan to redeem its SR2 billion tier-1 capital sukuk in full on July 15, marking the 10th anniversary of the instrument’s issuance.

The sukuk, which was launched on July 15, 2015, will be redeemed at face value — 100 percent of the issue price — in accordance with the terms and conditions set at issuance, the bank stated in a press release published on Tadawul.

The move follows Saudi National Bank’s securing of the necessary regulatory approval to proceed with the redemption. The full principal amount, along with any accrued but unpaid periodic distributions, will be paid to sukuk holders on the redemption date.

The SR2 billion sukuk issuance comprised 2,000 certificates, each with a face value of SR1 million. It represented 100 percent of the issued sukuk under this offering. Following the redemption, the total value of the sukuk issuance will be reduced to zero.

This redemption reflects the bank’s capital management strategy and its ongoing commitment to optimizing its financial structure.

The bank’s share price closed 0.34 percent higher on Wednesday’s session to SR35.84.


International visitor spending in Saudi Arabia hits $13bn in Q1 

International visitor spending in Saudi Arabia hits $13bn in Q1 
Updated 02 July 2025
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International visitor spending in Saudi Arabia hits $13bn in Q1 

International visitor spending in Saudi Arabia hits $13bn in Q1 
  • Rise pushed Kingdom’s travel account surplus to SR26.78 billion
  • Saudi Arabia welcomed 115.9 million tourists in 2024

RIYADH: International tourists spent SR49.37 billion ($13.16 billion) in Saudi Arabia during the first quarter of 2025, a 10 percent increase compared to the same period last year, recent data showed. 

According to figures released by the Saudi Central Bank, also known as SAMA, the rise pushed the Kingdom’s travel account surplus to SR26.78 billion, up 11.7 percent year on year, underlining the sector’s growing contribution to the country’s non-oil economy. 

This comes as Saudi Arabia accelerates its Vision 2030 push to position tourism as a pillar of economic diversification, raising its target to 150 million annual visitors by 2030 after surpassing the 100 million mark ahead of schedule. 

In 2024, the sector hit a milestone, with international tourism revenue soaring 148 percent from 2019 — the fastest growth among G20 nations. 

Domestic trips almost doubled, according to the annual report figures, rising from 47.8 million to 86.2 million. Shuttertsock

Saudi Tourism Minister Ahmed Al-Khateeb, commenting on the sector’s performance following the release of the Ministry of Tourism’s 2024 Annual Statistical Report in June, said the document “showcases the sector’s remarkable growth and its role in enabling Saudi Vision 2030, a record performance achieved with the support and guidance of the Kingdom’s visionary leadership.” 

The report said that Saudi Arabia welcomed 115.9 million tourists in 2024 — 29.7 million inbound and 86.2 million domestic trips — easily surpassing the Vision 2030 milestone of 100 million visits, five years ahead of schedule. 

Total visitor spending reached SR283.8 billion, of which SR168.5 billion came from international travelers and SR115.3 billion from domestic tourists. 

Since Vision 2030’s launch, Saudi tourism has expanded at breakneck speed. Inbound arrivals have climbed from 17.5 million in 2019 to 29.7 million in 2024, a 70 percent jump, while their spending ballooned by 63 percent, from SR103.4 billion to SR168.5 billion over the same period. 

Domestic trips almost doubled, according to the annual report figures, rising from 47.8 million to 86.2 million over the same period. 

The sector’s success is underpinned by multibillion-riyal investments in destination infrastructure. The first island resorts of the Red Sea Project will open later this year, while construction races ahead at NEOM’s Trojena mountain resort and Riyadh’s heritage-rich Diriyah Gate. 

The Saudi Central Bank, also known as SAMA. Wikipedia

Developers are lining up more than 320,000 hotel rooms, and Red Sea International Airport is expected to start commercial flights in 2025, sharpening long-haul connectivity for high-end travelers. 

Global recognition has followed, with UN Tourism data, cited in the Annual Statistical Report, showing Saudi Arabia ranked first among G20 nations for growth in international tourist numbers in 2024 and second globally compared to pre-pandemic levels. 

Speaking in April 2024, Ahmad Arab, founder of tourism and hospitality firm DRB Arabia and former deputy minister at the Ministry of Tourism, told GLG Insights the industry is on track to create 1 million related jobs by 2030, solidifying its place as a cornerstone of the Kingdom’s diversifying non-oil economy. 

A notable trend, according to the Ministry of Tourism’s annual report, is the shift toward leisure travel. Non-religious visits accounted for 59 percent of inbound arrivals in 2024, up from 44 percent in 2019, as streamlined e-visas, entertainment seasons, and high-profile sporting events broadened the Kingdom’s appeal. 

Egypt remained the top source market with 3.2 million visitors, followed by Pakistan with 2.8 million and Bahrain with 2.6 million. Makkah Al-Mukarramah led all destinations with 17.4 million overnight foreign visitors, while Riyadh and Jeddah also attracted millions. 

Domestic tourism is expanding in parallel: trips rose 5 percent to 86.2 million in 2024, fueling record domestic outlays of SR115.3 billion. Leisure remained the top purpose, helped by school-holiday campaigns and new regional festivals. 

With first-quarter spending at an all-time high and visitor volumes already outpacing long-term targets, Riyadh’s next challenge is to sustain capacity growth while maintaining service quality.