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Saudi January non-oil exports rise, imports shrink 11.6%

non oil

RIYADH: The value of Saudi Arabia’s imports shrank 11.6 percent from a year earlier in January while non-oil exports rose for the first time in eight months, data from the Central Department of Statistics and Information showed on Tuesday. Non-oil exports traditionally account for around 12 percent of the overall exports of Saudi Arabia. The world’s largest oil exporter does ... Read More »

Saudi Arabia takes steps to boost trade with TIR

trade

RIYADH: Saudi Arabia has announced its decision to accede to the global customs transit system for moving goods across international borders – the United Nations TIR Convention – and to make the system operational in 2017. Due to its strategic location, the kingdom is the critical link between the GCC countries and the wider Middle Eastern region, said a statement. ... Read More »

Saudi Arabia, UAE lead container trade in region

containertrade

JEDDAH: Despite global dips, the container shipping trade saw the strongest – but still contracting – growth in the Indian subcontinent and Middle East regions at 5.1%. However, the global climate with respect to container trade dictates that, notwithstanding strong growth in the region, container liners must adopt new strategies for enhancing their performance in a new normal characterized by ... Read More »

Saudi bans poultry imports from Tennessee, Malaysia over bird flu fears

ban

RIYADH: Saudi Arabia has temporarily banned the import of poultry from the US state of Tennessee and Malaysia over concerns of bird flu. The Saudi Press Agency (SPA) reported that the Ministry of Environment, Water and Agriculture had announced a “temporary ban on the import of live birds, hatching eggs and chicks from the US state of Tennessee, based on ... Read More »

Saudi Labor Ministry to set up new councils to nationalize jobs

MOL

JEDDAH: The Ministry of Labor and Social Development has announced a plan to set up national and regional councils. The aim of the councils is to activate the public-private partnership and resolve challenges that obstruct further economic growth in carrying out the ambitious plan outlined in the National Transformation Program 2020 (NTP) and in Saudi Vision 2030. The initiative will ... Read More »

Saudi exports to US to fall by 300,000 bpd in March

importexports

RIYADH: Saudi Arabia’s crude exports to the United States in March will fall by around 300,000 bpd from February, in line with OPEC’s agreement to reduce supply, a Saudi energy ministry official said on Thursday. The United States imported about 1.3 MMbpd from OPEC’s top exporter in February, according to US Energy Information Administration data. “Exports may fluctuate week on ... Read More »

2 million narcotic pills seized, smuggler arrested in Makkah

NARCOTIC PILLS

JEDDAH: Anti-narcotic teams in Makkah arrested a resident who received nearly 2 million narcotic pills. Saudi Customs announced through its account on Twitter that the Anti-Narcotic Department arrested a resident of the city who received 1,880,555 narcotic pills previously discovered by customs authorities. Sources told Arab News customs authorities discovered the narcotics and police were notified. After joint coordination, the ... Read More »

Saudi ICT market to reach record-high of SR128b in 2017

ICT

RIYADH: Al Nasser Trading and Import Company and the Saudi General Authority for Zakat and Tax (GAZT) were named among the most digitally-innovative organizations in the Middle East and North Africa. Demonstrating the strong potential for Saudi digital transformation, the Kingdom’s ICT market is set to reach a record-high of SR128 billion ($34 billion) in 2017, according to IDC. In ... Read More »

Finance Ministry confirms strong Saudi economic fundamentals

sfm

RIYADH: The Finance Ministry on Wednesday said Fitch Ratings Inc.’s outlook for the Saudi economy has moved from negative to stable, adding that the recent downgrade to the sovereign rating was based on a quantitative, number-driven analysis and was anticipated. The ministry said 2016 projected revenues are SR528 billion ($141 billion), of which SR199 billion represent the non-oil sector, or ... Read More »

Saudi Arabia’s crude exports to China fall in Feb

crude

RIYADH: Saudi Arabian crude exports to China fell in February, though the kingdom remained China’s top supplier, underscoring the oil giant’s determination to stay dominant in Asia despite global production cuts. China’s imports of crude from Saudi Arabia fell 14% from a year earlier 4.7 million metric tons, roughly equal to 1.23 million barrels a day, according China’s General Administration ... Read More »

Saudi Arabia’s deflation eases in Feb

deflation

Riyadh: Saudi Arabia’s Central Department of Statistics released the following February consumer price data on Wednesday, showing deflation easing. In January, inflation had turned negative for the first time in over a decade. NOTE. Food and beverage prices fell 3.4 percent from a year earlier in February, partly because of a strong U.S. dollar, to which the Saudi riyal is ... Read More »

Saudi fund lines up €300m Irish development

fund

RIYADH: A €300m redevelopment of Waterford city is in the pipeline after a Saudi investment group reached an agreement with the city council to develop the Michael Street shopping centre and the North Quays. Saudi-based investment group Fawaz Alhokair has entered into agreement with the council to develop both sites. The Irish Independent understands that a meeting of the council ... Read More »

Saudi Aramco to launch first public bond sale

saudi aramco

RIYADH: Saudi Aramco is set to launch its first public bond sale, of around $2bn, as soon as this month, as it begins to tap local currency debt markets as part of a $10bn fundraising programme. Sukuk are structured to provide investors with a fixed income stream while avoiding the Muslim prohibition against interest. Saudi Aramco has issued sukuk instruments ... Read More »

Saudi crude output cuts in Jan bring exports down 3.8%

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RIYADH: Saudi Arabia has cut crude oil exports by 3.8 percent in January in accordance with the deal the country negotiated between members of the Organization of Petroleum Exporting Countries, Bloomberg reported today. The reduction brought Saudi exports down to 7.7 million barrels per day in January, bringing global markets one step forward in reversing the supply glut that has ... Read More »

Saudi Arabia mulls self-employment tax option for foreigners

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RIYADH: Saudi Arabia is reportedly considering plans to allow foreign workers to become self employed in return for paying taxes. Under the plans, foreigners would would not need a sponsor after obtaining a license for professions including workshops, catering and contracting, according to Saudi daily Al-Eqtisadiah. The government is reportedly studying procedures to impose two types of tax for those ... Read More »

Saudi Custom drafts new policies to hasten release of containers

saudi customs

JEDDAH: Saudi Custom will finalize the new document that specifies new regulations to speed up the process of releasing containers from Saudi ports, Ahmad Al-Haqbani, the acting general manager of the agency, said. He told Saudi Gazette that “we have tried emoluments for the speedy release of containers both at Jeddah Islamic Port and King Abdullah City Port. We are ... Read More »

Saudi Arabia ‘ready for entrepreneurship growth’

sales growth

RIYADH: Saudi Arabia is a fertile ground for entrepreneurs, according to initial results from the 2016/17 Global Entrepreneurship Monitor report on the country. The report recommends greater coordination within the entrepreneurship ecosystem to help startup companies reach their full potential. The 2016/17 GEM Saudi Arabia Entrepreneurship Monitor, which will be released on March 23, is the most comprehensive survey of ... Read More »

Huawei plans smart city innovation hub in Saudi

huawei

RIYADH: Investment Saudi Arabia and Royal Commission for Jubail and Yanbu have signed a milestone agreement with leading information and communications technology (ICT) company Huawei to establish a training academy and a smart city innovation centre in Yanbu region of the kingdom, accelerating smart city deployment in line with the Kingdom’s Vision 2030. The agreement was signed on the sidelines ... Read More »

IDB to hold Agriculture and Development Week

idb

RIYADH: The Islamic Development Bank (IDB) plans to hold Agriculture and Development Week from March 19-23 in its headquarters in Jeddah, according to Dr. Abdulhakim Elwaer, IDB spokesman. Elwaer said the event will discuss models to promote rural economic growth, with an emphasis on enhancing productivity and resilience. A number of local, regional and international experts have been invited to ... Read More »

Customs King Khalid International Airport thwart attempt to smuggle amount of Captagon pills, narcotic

pills

RIYADH: Customs King Khaled International Airport in Riyadh succeeded in thwarting an attempt to smuggle amount of Captagon pills numbered (10,000) ten thousand bead, and the amount of narcotic substance weighing (669.5) grams. He explained that Director General of Customs, King Khalid International Airport, Mr. Sultan Al-Fuhaid said: When the Customs officer to end the passengers arriving procedures were suspected ... Read More »