UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT

Increasing non-oil exports is a key ambition of Saudi Arabia’s Vision 2030 economic diversification strategy. Shutterstock
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Updated 23 August 2024
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UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT

RIYADH: Saudi Arabia’s non-oil exports surged by 10.5 percent year-on-year in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed.

According to the General Authority for Statistics, of the SR51.16 billion ($13.63 billion) registered by the sector in the three months to the end of June, non-oil goods worth SR15.07 billion were sent to the Kingdom’s Gulf neighbor, with SR7.08 billion going to the Asian powerhouse.

The UAE imported machinery and mechanical appliances worth SR5.83 billion, followed by shipments of transport equipment and chemical products valued at SR3.68 billion, and SR1.48 billion, respectively. 

China also held the first position for the Kingdom’s imports, constituting 23.1 percent of the total incoming shipments valued at SR45.38 billion. 

Saudi Arabia’s Vision 2030 economic diversification strategy has placed increasing non-oil exports at its heart, with the ambition of having the sector contribute to 50 percent of non-oil GDP by the end of the decade.

Other countries to import Saudi goods in the second quarter of 2024 included Bahrain with a value of  SR5.79 billion and India with SR5.48 billion worth of merchandise.

Singapore imported SR3.13 in non-oil goods, while Turkiye and Belgium received SR2.93 billion and SR2.40 billion worth of products, respectively. 

GASTAT noted that national non-oil exports excluding re-exports also witnessed a rise of 1.4 percent in the second quarter of this year, compared to the same period in 2023. 

The authority revealed that chemical and non-allied products led the Kingdom’s non-oil exports during the second quarter, constituting 25.6 percent of the total outgoing shipments. 

Plastic products from Saudi Arabia accounted for 24.3 percent of the total non-oil exports from the Kingdom in the second quarter. 

King Fahad Industrial Sea Port in Jubail sent the majority of the non-oil exports from the Kingdom, with outgoing shipments worth SR11.20 billion. 

Ras Tanura Sea Port sent exports worth SR9.96 billion, followed by King Abdulaziz Sea Port in Dammam at SR7.84 billion and Jeddah Islamic Sea Port at SR8.09 billion. 

King Khalid International Airport in Riyadh handled exports valued at SR5.86 billion, while goods worth SR5.86 billion and SR3.25 billion went through the King Abdulaziz International Airport and King Fahad International Airport. 

Saudi Arabia’s merchandise exports steady in Q2

According to the GASTAT report, Saudi Arabia’s overall merchandise exports witnessed a marginal decline of 0.2 percent in the first quarter of this year to SR294.51 billion, compared to the same period of the previous year. 

The authority attributed this marginal decline to a decrease in oil exports which fell by 3.3 percent, due to Saudi Arabia’s decision to reduce crude output, aligned with an agreement made by OPEC+.

To maintain market stability, the Kingdom had reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.

In the second quarter of 2024, exports to China amounted to 16.2 percent or SR47.58 billion of total outgoing shipments, making the Asian giant the favorite destination for the Kingdom’s outbound goods. 

China was followed by South Korea, with the East Asian nation importing products worth SR26.40 billion from the Kingdom. 

Saudi Arabia sent goods worth SR25.95 to Japan, while products valued at SR23.45 billion and SR19.35 billion were sent to India and the UAE during the second quarter of this year. 

The US received inbound shipments worth SR15.66 billion from Saudi Arabia during the second three months of 2024, followed by Bahrain and Poland at SR8.80 billion and SR5.65 billion, respectively. 

Saudi imports up

According to GASTAT, Saudi Arabia’s imports rose by 3 percent in the second quarter to SR196.14 billion, compared to the same period in 2023, while the merchandise trade balance witnessed a dip of 6 percent during the same period. 

The report further noted that the ratio of non-oil exports, including re-exports, to imports increased in the second quarter, reaching 37.6 percent compared to 35.1 percent in the same period of the previous year. 

“This increase is attributed to the increase in imports, which rose by 3 percent compared to the significant increase in non-oil exports, which rose by 10.5 percent during this period,” said GASTAT. 

According to the authority, the most imported products during the second quarter were machinery and electrical equipment, which constituted 25.7 percent of the total inbound shipments to the Kingdom – a rise of 27.4 percent compared to the same period in previous year. 

In the second quarter, transportation equipment and parts constituted 12.4 percent of the total imports, representing a decrease of 14.9 percent compared to the year-ago period. 

Over the three-month period, Saudi Arabia imported machinery and mechanical appliances worth SR20.45 billion from China, followed by base metal goods at SR4.98 billion and transport equipment at SR6.62 billion. 

Saudi Arabia received inbound shipments worth SR16.52 billion in the second quarter, while imports from the UAE and India amounted to SR11.80 billion and 11.49 billion, respectively. 

In the three months to the end of June, imports worth SR116.81 billion reached the Kingdom through the sea, while products worth SR55.76 billion and SR23.56 billion, reached via the air and the land. 

According to the GASTAT report, King Abdulaziz Sea Port in Dammam was one of the most important ports through which goods crossed into the Kingdom, accounting for 28 percent of total incoming shipments in the second quarter valued at SR54.95 billion. 

The other major ports of entry for imports were Jeddah Islamic Sea Port which handled imports worth SR38.86 billion, followed by Ras Tanura Sea Port and Deba Sea Port, which welcomed inbound shipments valued at SR5.17 billion and SR2.31 billion, respectively. 

King Abdullah Sea Port and Baish Sea Port also handled incoming goods worth SR3.38 billion and SR1.82 billion, respectively. 

Among the airports, King Khalid International Airport in Riyadh welcomed imports worth SR28.36 billion, while King Abdulaziz International Airport and King Fahad International Airport in Dammam received inbound cargoes valued at SR15.48 billion, and SR11.57 billion, respectively.

Saudi trade with China

With China being in the top position for Saudi imports and exports, there is a clear drive in the Kingdom to further develop and consolidate this important relationship.

Earlier this week, airfreight company Saudia Cargo announced a new “Landing in China in 24” campaign, designed to highlight its links to the Asian country.

According to a press release, the campaign is in close collaboration with the Made in Saudi initiative, championed by the Saudi Export Development Authority, which focuses on enhancing the global recognition and quality of Saudi products.

Marwan Niazi, vice president of commercial at Saudia Cargo, said: “Through this campaign, we aim to enhance our shipping capabilities and broaden our export scope to the Chinese markets by optimizing export operations and providing advanced logistic services that align with the growing global market demands and commercial connections.

“We have focused on facilitating the access of Saudi products to the Chinese markets and showcasing our logistical capabilities and operational efficiency.”


Saudi Arabia launches global platform to shape future of tourism 

Updated 22 May 2025
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Saudi Arabia launches global platform to shape future of tourism 

RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation. 

The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.  

The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product. 

Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”  

He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”  

TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors. 

According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations. 

The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.  

An Innovation Zone will spotlight emerging technologies from both public and private sector firms. 

An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.  

Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day. 

“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.  


Egypt central bank cuts key interest rates by 100 basis points, statement says

Updated 22 May 2025
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Egypt central bank cuts key interest rates by 100 basis points, statement says

CAIRO: Egypt’s central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.


Closing Bell: Saudi main index ends lower at 11,188

Updated 22 May 2025
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Closing Bell: Saudi main index ends lower at 11,188

  • MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
  • Parallel market Nomu declined by 156.89 points to end at 27,260.73

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.

The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.

The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.

The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.

The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.

Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.

The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.

Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.

The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.

Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.

Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Updated 22 May 2025
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Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

  • Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
  • Dairy producer Almarai is recognized as the Kingdom’s third strongest brand

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions. 

stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added. 


Saudi Arabia doubles funding to Union of Arab Chambers

Updated 22 May 2025
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Saudi Arabia doubles funding to Union of Arab Chambers

  • Expanded support will significantly enhance UAC’s capacity to deliver programs and initiatives empowering the Arab private sector
  • FSC and UAC are working to boost intra-Arab trade and expand access to third markets

JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.

The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC’s capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.

The decision underscores the Kingdom’s growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.

Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region’s total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as “modest” in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.

The FSC noted that Saudi Arabia’s enhanced contribution reflects its “strategic responsibility” as the UAC’s largest financial backer and soon-to-be president. “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels,” it said.

The Kingdom’s leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.

With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.

As the only Arab country in the G20 and the region’s largest economy, Saudi Arabia’s growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.