海角直播

海角直播 announces $5bn in Syria investments

Update Investment Minister Khalid Al-Falih arriving in Damascus. SANA
Investment Minister Khalid Al-Falih arriving in Damascus. SANA
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Updated 23 July 2025

海角直播 announces $5bn in Syria investments

海角直播 announces $5bn in Syria investments

RIYADH: A Saudi delegation visiting Damascus on Wednesday announced聽investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The delegation of some 150 investors and representatives of the Saudi public and private sectors, led by Investment Minister Khalid Al-Falih, attended a forum in Damascus.

鈥淭he announced investments, valued at SR19 billion (about $5 billion), span vital and strategic sectors, including real estate, infrastructure, communications and IT, transportation and logistics, industry, tourism, energy, trade鈥 and more, AFP reported citing a statement from the Investment Ministry.




Investment Minister Khalid Al-Falih alongside聽Syrian Economy Minister聽Mohammad Nidal Al-Shaar

On Tuesday, the ministry had said the Damascus forum aimed to 鈥渆xplore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples鈥.

The Saudi delegation鈥檚 visit underscores the Kingdom鈥檚 growing support for Syria鈥檚 economic recovery and reconstruction efforts.

As part of the visit, Al-Falih and Syrian Economy Minister Mohammed Nidal Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria.

Cementing relations




海角直播鈥檚 Al-Falih and Syria鈥檚 Al-Shaar at the launch of the Fayhaa White Cement Factory. SANA

Backed by a $20 million investment from 海角直播鈥檚 Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities.

鈥淭he launch of this project reflects our commitment to Syria鈥檚 reconstruction and to opening new avenues for regional investment,鈥 said Obaid Al-Sobiei, CEO of Northern Region Cement.

The Kingdom will also fund the construction of Al-Jawhara Tower, a 32-storey skyscraper in the center of the Syrian capital, Damascus.

Spanning 25,000 sq. meters with an estimated cost exceeding $100 million, the project marks one of the most significant Saudi investments in Syria.




Obaid Al-Sobiei, CEO of the Kingdom鈥檚 Northern Region Cement Co, speaking at the launch. SANA

In April, 海角直播 and Qatar announced a joint initiative to settle Syria鈥檚 $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation.

Last month, Al-Falih conducted a virtual meeting with Syrian Economy Minister Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors.

The Syrian government this month also amended the country鈥檚 investment law, in a move that is expected to support more domestic and foreign investment.

During a visit by a Saudi delegation last week, Al-Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, SANA reported.

The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added.聽

Surge in Saudi-Syrian trade figures signals renewed ties

According to official data from 海角直播鈥檚 General Authority for Statistics, Syria was the Kingdom鈥檚 53rd largest export destination in April, with non-oil exports rising by 153.3鈥 percent year on year to reach SR81.9鈥痬illion.

These exports are composed primarily of plastics and rubber products, making up 33 percent, 26 percent plant products, and 14 percent prepared foodstuffs, beverages, and tobacco.

The remaining exports comprise a variety of chemical products, articles made from stone, cement, ceramics, and glass, reflecting the expanding diversity of trade flows.

On the import side, Syria ranked 60th among countries supplying goods to 海角直播, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.

The bulk of these shipments consists of animal and plant products, edible oils and fats, and processed food and beverages, indicating Syria鈥檚 agricultural and agri-food sector鈥檚 growing relevance聽to the Saudi market.

This recent growth in trade volumes follows the rapid evolution of political dynamics between Riyadh and Damascus. In May 2024, the Kingdom formally reopened its embassy in Syria after a 12-year rupture following the outbreak of the Syrian conflict in 2011.

海角直播 does not export oil to the country primarily because of the comprehensive sanctions regime imposed on the Syrian government following the outbreak of the civil war in 2011.

While Syria once produced and exported substantial quantities of oil, the war and sanctions effectively eliminated its export capacity after late 2011.

Today, production remains constrained, and Syria relies heavily on imports, particularly from Iran, to meet its domestic demand.

The trade figures reported by GASTAT, while still modest in comparison to the Kingdom鈥檚 broader trade profile, are significant in light of where bilateral relations stood just two years ago.

The tripling of trade volumes year on year, both in exports to and imports from Syria, illustrates how quickly economic engagement can rebound when backed by political will.

Before the Syrian conflict erupted in 2011, the country enjoyed strong business ties with聽海角直播, with bilateral trade peaking at approximately $1.3 billion in 2010, marking the Kingdom as one of Syria鈥檚 most significant trading partners before the war began, according to a 2023 article by the Christian Science Monitor.

World Bank data from the World Integrated Trade Solution confirms that Syria exported goods worth $543 million to 海角直播 in 2010, underscoring the depth of their commercial ties at that time.

Saudi exports to Syria primarily included oil derivatives, petrochemicals, plant oils, and dates, while Syria exported fruits, vegetables, livestock, textiles, and furniture to the Kingdom.

The two countries were founding members of the Greater Arab Free Trade Area, facilitating reduced tariffs and cross-border trade.

Saudi investors also held over $700 million in joint projects within Syria by the late 1990s. These ties collapsed following the war, sanctions, and diplomatic breaks. With recent normalization and high-level visits, both nations are now reviving their economic relationship on the foundation of this previously robust partnership.


海角直播 pitches mining opportunities to French firms

海角直播 pitches mining opportunities to French firms
Updated 42 sec ago

海角直播 pitches mining opportunities to French firms

海角直播 pitches mining opportunities to French firms

JEDDAH: French companies were pitched investment opportunites in 海角直播鈥檚 mining sector as the Kingdom prepares to launch a competitive tender on Sept. 28 for 162 new mining exploration sites. 

Some 15 firms took part in a virtual seminar, where they heard about projects located in the Al-Naqrah and Sukhaybarah Al-Safra belts in the Madinah region, according to a press release from the Ministry of Industry and Mineral Resources. 

The plan is part of a broader effort to open more than 50,000 sq. km of mineralized belts to investors by 2025. 

The initiative reflects 海角直播鈥檚 drive to accelerate mineral exploration and attract diverse investment, leveraging the Kingdom鈥檚 mineral wealth 鈥 estimated at SR9.4 trillion ($2.5 trillion) 鈥 to boost non鈥憃il revenue alongside the oil and petrochemical sectors. It also aligns with Vision 2030 goals to develop the mining sector, maximize economic benefits, and establish mining as a third pillar of industry. 

In the press release, the ministry stated: 鈥淭he seminar highlighted the advanced infrastructure supporting mining projects, including transportation, communications, and logistics networks. This reduces the timeframe for implementing and operating mining projects and enhances the competitiveness and attractiveness of the mining investment environment in the Kingdom. 

The seminar also served as preparation for the Saudi-French Mining Day on Oct. 8 in Riyadh, organized in partnership with the French Embassy, as the Kingdom seeks to establish mining as a third industrial pillar under Vision 2030. 

It will underscore both nations鈥 commitment to advancing collaboration in critical minerals, technology transfer, and sustainable mining practices. 

The meeting follows Minister of Industry and Mineral Resources Bandar Alkhorayef鈥檚 visit to France in early May, where he held discussions with senior officials from several French companies, including the CEO of Orano Mining. 

The Paris visit focused on securing a stable supply of critical minerals, such as lithium and cobalt, essential to 海角直播鈥檚 green energy initiatives and the growing electric vehicle sector. 

Alkhorayef also met with France鈥檚 Interministerial Delegate for Strategic Minerals and Metals Supplies, Benjamin Gallezot, to explore ways to strengthen global supply chain resilience and promote sustainability in the mining sector. 


Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch
Updated 25 September 2025

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

RIYADH: 海角直播鈥檚 banking sector is leading a shift in Gulf financing, driving a surge in US dollar-denominated subordinated debt to fund rapid credit growth and ambitious national projects, a new analysis showed. 

Fitch Ratings said Saudi banks are at the forefront of this regional trend, which is expected to continue into 2026 amid rising capital needs and tighter regulatory requirements. 

As the Saudi government pushes ahead with multi-trillion-dollar Vision 2030 initiatives, banks are turning to global US dollar markets to raise crucial capital, boosting issuance of complex, high-yield subordinated bonds. 

So far in 2025, Gulf Cooperation Council banks have issued over $55 billion in US dollar debt, already surpassing 2024鈥檚 total of $36 billion. 鈥淥ver half ($29.3 billion) is from Saudi banks, including $11.7 billion in additional Tier 1 (AT1) and Tier 2 capital,鈥 the agency said. 

Subordinated debt now accounts for over 70 percent of Saudi banks鈥 dollar issuance, up from about 50 percent in 2024, reflecting a move toward riskier instruments that strengthen banks鈥 capital bases. 

Fitch cited several drivers behind the surge. Saudi banks are experiencing the strongest credit growth in the GCC, projected at 12 percent in 2025. This lending boom, which finances large-scale Vision 2030 projects, is outpacing deposit growth and gradually eroding capital buffers. 

鈥淪trong financing growth is outpacing deposit growth and has eroded capital buffers in recent years. The sector common equity Tier 1 (CET1) ratio decreased by 213bp over 2020-2024,鈥 the report noted. 

Upcoming regulatory changes 鈥 including a 1 percent countercyclical buffer from May 2026 and tighter interest-rate risk rules 鈥 are expected to add further pressure on capital ratios.

Additionally, financing major Vision 2030 projects carries higher risk weightings under Basel III rules, further straining core capital. 

While AT1 instruments continue to dominate non-core capital markets, Saudi banks are also diversifying. They have issued nearly $6 billion in Tier 2 debt in 2025, helping balance their capital structure and attract a broader base of international investors. 

Fitch expects issuance momentum to continue into 2026, supported by over $10 billion of maturing debt that needs refinancing, ongoing financing demand, and anticipated lower interest rates.

About $1.8 billion of AT1 instruments reaching their first call date next year are also expected to be redeemed under favorable market conditions. 

Fitch Ratings had predicted that GCC banks are set to exceed $60 billion of US dollar debt issuance in 2025, and $40 billion excluding certificates of deposit, surpassing the record levels of 2024. 

In a report released earlier this month, the agency said the surge is driven by heightened maturities, strong credit growth and favorable financing conditions. 


Kuwait鈥檚 economy set to grow 2.6% in 2025: IMF

Kuwait鈥檚 economy set to grow 2.6% in 2025: IMF
Updated 25 September 2025

Kuwait鈥檚 economy set to grow 2.6% in 2025: IMF

Kuwait鈥檚 economy set to grow 2.6% in 2025: IMF

RIYADH: Kuwait鈥檚 economy is on a steady recovery in 2025, driven by rising oil output and resilient non-oil growth after contracting 2.6 percent last year, the International Monetary Fund has said. 

Following its staff visit to the country, the IMF said higher oil production, after the recent unwinding of OPEC+ cuts, is expected to lift the oil sector by 2.4 percent, while non-oil growth is projected at 2.7 percent.

The forecast aligns closely with the World Bank鈥檚 April projection of 2.2 percent growth this year, with expansion accelerating to 2.7 percent in 2026 and 2027. 

IMF Mission Chief for Kuwait Francisco Parodi said: 鈥淭he economy is recovering amid higher oil production and robust non-oil growth. An incipient recovery is underway, with real GDP expanding by 1 percent in the first quarter of 2025.鈥 

He added: 鈥淔or 2025, real GDP is projected to expand by 2.6 percent.鈥 

In July, the National Bank of Kuwait reported that the economy returned to positive territory in the first quarter of 2025, recording a 1 percent year-on-year increase, following seven consecutive quarters of contraction. 

The bank noted that the non-oil economy continued to expand, supported by momentum in manufacturing, real estate, and transportation, while the impact of previous oil production cuts has begun to fade. 

Kuwait also increased its oil production in April by 135,000 barrels per day, which is expected to bolster overall economic activity. 

The IMF report added that inflation continues to moderate, though lower oil prices are weighing on fiscal and external balances. Headline consumer price index inflation is projected to ease to 2.2 percent in 2025, down from 2.9 percent in 2024. 

鈥淭he fiscal deficit of the budgetary central government is projected to rise to 7.8 percent of GDP in FY2025/26, up from 2.2 percent of GDP in FY2024/25, primarily reflecting lower oil revenue,鈥 said Parodi. 

He added: 鈥淚n parallel, the current account surplus is projected to moderate to 26.5 percent of GDP in 2025, down from 29.1 percent of GDP in 2024, mainly due to lower oil exports.鈥 

Affirming the growth of the non-oil sector, the report noted that credit to the non-financial private sector is projected to rise to 6.1 percent in 2025, up from 5.2 percent in 2024. 

The IMF also said that Kuwaiti banks have maintained strong capital and liquidity buffers, while non-performing loans remain low. 

鈥淭he risks to the economic outlook are broadly balanced. The economy is heavily exposed in the short run to upside and downside risks from shifts in oil prices and OPEC+ production quotas, which could arise from fluctuations in global growth, geopolitical tensions or non-OPEC+ supply,鈥 said Parodi. 

He also lauded recent government initiatives, including the Public Debt Law enacted in March, which could further support the country鈥檚 economic recovery. 

The law, approved by Kuwait鈥檚 Ministry of Finance, aims to address fiscal pressures and finance infrastructure projects, marking the country鈥檚 return to international debt markets after an eight-year hiatus. 

At the time, the ministry said the law allows the government to issue up to 30 billion Kuwaiti dinars ($98 billion) in debt instruments, in either local or major foreign currencies, with maturities of up to 50 years. 

鈥淎 new Public Debt Law was enacted in March 2025, enabling the government to issue debt for the first time in almost a decade. Accelerating reform implementation is needed to promote economic diversification, enhance competitiveness, and boost non-oil growth,鈥 said Parodi.


Saudi POS transactions hit $3.3bn on surge in home supplies spending 聽

Saudi POS transactions hit $3.3bn on surge in home supplies spending 聽
Updated 25 September 2025

Saudi POS transactions hit $3.3bn on surge in home supplies spending 聽

Saudi POS transactions hit $3.3bn on surge in home supplies spending 聽

RIYADH: Spending on furniture and home supplies in 海角直播 saw a 22.5 percent surge during the week ending Sept. 20, keeping total point-of-sale transactions above the $3 billion mark. 

Transactions in the category reached SR609.46 million ($162 million), helping overall POS payments hit SR12.40 billion despite a 5.4 percent weekly decline, the Saudi Central Bank, also known as SAMA, said in its latest bulletin. 

The surge reflects rising demand in the housing market, which saw nearly 93,700 deals in the first half of 2025 鈥 a 7 percent increase from a year earlier, according to Knight Frank.

The broader real estate sector also maintained steady growth in the second quarter, with residential property prices edging up 0.4 percent, data from the General Authority for Statistics showed. 

SAMA鈥檚 weekly bulletin showed spending on electronics and electrical devices came second overall, rising 6.8 percent to SR201.34 million. Jewelry sales climbed 10.8 percent to SR352.10 million, though the number of transactions dropped 3.5 percent to 271,000. 

The fourth positive change was seen in expenditure on construction materials. The category saw a 4.3 percent increase in spending to SR410.41 million, although this was alongsude a 5.5 percent decrease in terms of volume to 2.12 million. 

The education sector saw the largest decrease, dropping by 39.5 percent to SR172.63 million. Laundry services followed, dropping by 12.1 percent to SR43.49 million. 

In third place, the subcategory of books and stationery saw a 10.7 percent decrease to reach SR122.38million. 

Food and beverages 鈥 the sector with the biggest share of total POS value 鈥 recorded a 7.9 percent decrease to SR1.81 billion, while the restaurants and cafes sector saw a 7.8 percent decrease, totaling SR1.44 billion and claiming the second-biggest share of this week鈥檚 POS. 

Spending in gas stations claimed the third biggest share at SR955.70 million despite a 6.6 percent decline in transaction numbers. 

The top three categories accounted for approximately 33.98 percent of the week鈥檚 total POS payments, amounting to SR4.21 billion. 

Transportation and health saw a 3.6 percent and a 5.3 percent drop in expenses to SR931.91 million and SR829.53 million, respectively. A small decrease was seen in spending on public utilities and services at 1.3 percent to SR47.66 million. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.49 billion, a 3.5 percent decrease from the previous week.  

Jeddah followed closely despite a 4.3 percent dip to SR1.77 billion, while Dammam ranked third, down 4.2 percent to SR635.82 million. 


海角直播鈥檚 non-oil exports rise 30.4% to $9bn: GASTAT

海角直播鈥檚 non-oil exports rise 30.4% to $9bn: GASTAT
Updated 25 September 2025

海角直播鈥檚 non-oil exports rise 30.4% to $9bn: GASTAT

海角直播鈥檚 non-oil exports rise 30.4% to $9bn: GASTAT

RIYADH: 海角直播鈥檚 non-oil exports, including re-exports, reached SR33.71 billion ($8.99 billion) in July, marking a 30.4 percent increase compared to the same month last year, official data showed. 

According to preliminary figures released by the General Authority for Statistics, the UAE was the top destination for Saudi non-oil products, with shipments totaling SR10 billion. 

India ranked second, receiving goods worth SR3.48 billion, followed by China at SR1.99 billion, Turkiye at SR1.95 billion, the UK at SR1.25 billion, and Egypt at SR992.4 million. 

The robust growth highlights progress under 海角直播鈥檚 Vision 2030 program, which seeks to diversify the economy and reduce reliance on oil revenues. 

鈥淣on-oil exports, including re-exports, recorded an increase of 30.4 percent compared to July 2024, while national non-oil exports, excluding re-exports, grew by 0.6 percent. Moreover, the value of re-exported goods increased by 111.3 percent during the same period,鈥 said GASTAT. 

Other key destinations in July included Belgium at SR929.1 million, Qatar at SR778.6 million, and Switzerland at SR776.1 million. Exports to Kuwait stood at SR711.6 million, while Jordan and Bahrain received SR678.2 million and SR656 million, respectively. 

Machinery, electrical equipment, and parts led the export basket, accounting for 29.7 percent of non-oil shipments and registering a sharp 191.1 percent year-on-year increase.

Chemical products followed with a 19.6 percent share, edging up 0.9 percent from July 2024. 

In May, GASTAT noted that 海角直播鈥檚 gross domestic product grew 2.7 percent year on year in the first quarter, driven by robust non-oil activity. 

Economy and Planning Minister Faisal Al-Ibrahim, who also chairs GASTAT鈥檚 board, said non-oil activities contributed 53.2 percent to GDP 鈥 a 5.7 percent rise over previous estimates. 

He added that the Kingdom鈥檚 economic outlook remains strong, supported by structural reforms and large-scale state-led projects. 

Further reflecting this momentum, S&P Global reported that 海角直播鈥檚 Purchasing Managers鈥 Index rose to 56.4 in August from 56.3 in July, staying well above the 50-mark that separates growth from contraction. The Kingdom outpaced regional peers, with the UAE and Kuwait posting PMIs of 53.3 and 53, respectively. 
 
Export gateways 

According to GASTAT, ports played a key role in the July surge.

Jeddah Islamic Sea Port handled the largest volume of non-oil exports at SR3.63 billion, followed by King Fahad Industrial Sea Port at SR3.37 billion and King Abdulaziz Sea Port in Dammam at SR2.44 billion.

Jubail and Ras Al Khair sea ports processed SR2.10 billion and SR1.97 billion, respectively. 

On land, Al-Batha Port processed SR2.18 billion in non-oil exports, while Al-Hadithah and Al-Wadiah ports recorded SR915.4 million and SR553.8 million, respectively. 

Among airports, King Abdulaziz International Airport processed non-oil outbound goods valued at SR6.63 billion, followed by King Khalid International Airport at SR4.78 billion, and King Fahad International Airport at SR404.4 million. 

Overall merchandise exports 

海角直播鈥檚 overall merchandise exports stood at SR102.38 billion in July, representing a rise of 7.8 percent compared to the same month in 2024. 

Oil exports decreased by 0.7 percent year on year in July. 鈥淐onsequently, the percentage of oil exports out of total exports decreased from 72.8 percent in July 2024 to 67.1 percent in July 2025,鈥 said the report. 

Asia remained the largest market for Saudi exports in July, accounting for SR72.44 billion. 

Europe followed at SR16.54 billion, with Africa and the Americas receiving Saudi exports valued at SR7.50 billion and SR5.72 billion, respectively. 

China was the top destination for 海角直播鈥檚 merchandise exports in July, as the Asian nation received shipments valued at SR14.33 billion. 

The UAE received goods worth SR10.85 billion, followed by India at SR9.66 billion, South Korea at SR8.72 billion and Japan at SR7.14 billion. 

In July, exports to the US stood at SR4.22 billion, while Egypt and Malta received inbound shipments valued at SR3.68 billion and SR3.43 billion, respectively. 

Imports in July 

海角直播鈥檚 imports decreased by 2.5 percent year on year in July to reach SR75.52 billion, while the merchandise trade balance surplus rose by 53.4 percent over the same period. 

Machinery, mechanical and electrical equipment led imports, totaling SR22.59 billion in July, followed by transport parts at SR9.97 billion and base metals at SR7.11 billion. 

In July, the Kingdom imported chemical products valued at SR6.91 billion, while mineral goods accounted for SR4.04 billion. 

By region, Asia remained the Kingdom鈥檚 largest trade partner, contributing SR41.96 billion in imports. 

Imports from Europe and the Americas amounted to SR20.24 billion and SR9.13 billion, respectively. Africa supplied SR3.52 billion worth of goods, while imports from Oceania totaled SR648.5 million. 

China led all countries as the top source of imports, with SR19.47 billion worth of inbound shipments in July, followed by the US at SR6.04 billion, and the UAE at SR4.82 billion. 

In July, 海角直播 received goods worth SR3.39 billion from Germany, while imports from India stood at SR3.37 billion. 

Sea routes were the dominant entry channel for imports, accounting for SR42.87 billion, while air and land routes handled inbound goods worth SR24.13 billion, and SR8.52 billion, respectively. 

King Abdulaziz Sea Port in Dammam was the leading sea entry point with SR19.67 billion in imports. 

Jeddah Islamic Sea Port handled inbound shipments valued at SR15.75 billion, followed by Ras Tanura Sea Port at SR1.50 billion and King Abdullah Sea Port at SR934.8 million. 

Among land entry points, Al-Batha Port processed SR3.59 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.26 billion and SR800.1 million, respectively. 

By air, King Khalid International Airport received SR10.86 billion in imports in July. 

King Abdulaziz International Airport and King Fahad International Airport handled SR8.44 billion and SR4.31 billion, respectively.