海角直播

Saudi non-oil exports climb 6% to $8.29bn: GASTAT聽

Saudi non-oil exports climb 6% to $8.29bn: GASTAT聽
The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify 海角直播鈥檚 economy and reduce its reliance on oil revenues.聽Getty
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Saudi non-oil exports climb 6% to $8.29bn: GASTAT聽

Saudi non-oil exports climb 6% to $8.29bn: GASTAT聽

RIYADH: 海角直播鈥檚 non-oil exports, including re-exports, reached SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, official data showed.聽

Preliminary figures released by the General Authority for Statistics showed that the UAE remained the top destination for the Kingdom鈥檚 non-oil products, with exports to the Emirates amounting to SR9.54 billion in May.聽

India was the second-largest non-oil trade partner, importing goods worth SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million.聽

The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify 海角直播鈥檚 economy and reduce its reliance on oil revenues.聽

In its latest report, GASTAT stated: 鈥淣on-oil exports in May, including re-exports, recorded an increase of 6 percent compared to May 2024, while national non-oil exports, excluding re-exports, decreased by 1.8 percent.鈥澛

It added: 鈥淢oreover, the value of re-exported goods increased by 20.5 percent during the same period.鈥澛

In a separate release in May, GASTAT noted that the Kingdom鈥檚 gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust non-oil activity.聽

Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim 鈥 who also chairs GASTAT鈥檚 board 鈥 highlighted that the contribution of non-oil activities to the Kingdom鈥檚 economic output reached 53.2 percent, a 5.7 percent increase over previous estimates.聽

He added that the country鈥檚 economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors.

Other major destinations for 海角直播鈥檚 non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million.聽

Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively.聽

Departure locations

Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion.

Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively.聽

On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively.聽

King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May 鈥 a 258 percent increase compared to the same month last year.聽

Machinery and chemicals lead the way

鈥淎mong the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,鈥 GASTAT noted.聽

Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year.聽

The strength of 海角直播鈥檚 non-oil private sector was further affirmed by Riyad Bank鈥檚 Purchasing Managers鈥 Index, compiled by S&P Global, which showed that the Kingdom鈥檚 headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9.聽

A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. 海角直播鈥檚 June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively.聽

Merchandise exports聽

According to GASTAT, the Kingdom鈥檚 total merchandise exports in May declined 14 percent year on year to SR90.44 billion.

The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year.聽

China was the top destination for 海角直播鈥檚 overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion 鈥 a 37.5 percent jump compared to the previous year 鈥 while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively.聽

Imports climb聽

海角直播鈥檚 imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported.

Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion.

Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion.聽

By region, Asia remained the Kingdom鈥檚 largest trade partner, contributing SR47.59 billion in imports 鈥 a 17.8 percent rise from a year ago.

Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million.聽

China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion.聽

Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion 鈥 a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively.聽

King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion.聽

Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively.聽

By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.


Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983
Updated 23 July 2025

Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983

RIYADH: 海角直播鈥檚 Tadawul All Share Index rose on Wednesday, gaining 140.73 points, or 1.30 percent, to close at 10,983.93.

The total trading turnover of the benchmark index was SR5.34 billion ($1.42 billion), as 207 of the stocks advanced and 46 retreated.  

Similarly, the Kingdom鈥檚 parallel market Nomu gained 38.14 points, or 0.14 percent, to close at 26,778.15. This comes as 43 of the listed stocks advanced while 35 retreated.  

The MSCI Tadawul Index gained 21.53 points, or 1.55 percent, to close at 1,411.73.  

The best-performing stock of the day was Sport Clubs Co., whose share price surged 18.60 percent to SR11.03. 

Other top performers included Middle East Specialized Cables Co., whose share price rose 7.56 percent to SR33.56, as well as Tourism Enterprise Co., whose share price surged 5.88 percent to SR1.08.

SICO Saudi REIT Fund recorded the most significant drop, falling 5.13 percent to SR4.07.

Obeikan Glass Co. also saw its stock price fall 3.22 percent to SR38.84.

Saudi Azm for Communication and Information Technology Co. also saw its stock prices decline 3.21 percent to SR26.50.

On the announcements front, Bank Albilad has announced its interim financial results for the period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR1.46 billion during the first six months of the year, reflecting an 11.5 percent rise compared to the same period a year earlier. This climb is primarily attributed to a 9 percent increase in net income, driven by a rise in total operating income.

Dividend income, net gain on fair value through statement of income instruments, and other operating income have decreased. Total operating expenses increased by 7 percent, primarily driven by higher general and administrative costs, salaries and employee benefits, as well as depreciation and amortization. Despite this, there was a decline in net impairment charges for expected credit losses.

Bank Albilad ended the session at SR25.78, up 3.20 percent.

The Saudi Investment Bank has also announced its interim financial results for the first half of the year.

A bourse filing revealed that the company recorded a net profit of SR 1.01 billion for the period ending June 30, up 9.3 percent year over year.

This jump is primarily linked to an increase in total operating income. The Saudi Investment Bank ended the session at SR14.05, up 1.28 percent.

Yanbu Cement Co. also announced its condensed consolidated financial results for the six-month period ending on June 30.

According to a Tadawul statement, the firm recorded a net profit of SR51.5 million during the first half of 2025, reflecting a 47.4 percent decrease compared to the same period a year earlier.

The drop in net profit for the current period compared to last year is mainly due to lower domestic sales revenues driven by a decline in average selling prices, reduced margins from export sales, higher financing costs, and increased general and administrative expenses.

Yanbu Cement Co. ended the session at SR18.32, down 0.05 percent.


海角直播 launches AI readiness index to accelerate government tech transformation

海角直播 launches AI readiness index to accelerate government tech transformation
Updated 23 July 2025

海角直播 launches AI readiness index to accelerate government tech transformation

海角直播 launches AI readiness index to accelerate government tech transformation
  • AI is projected to contribute $235.2 billion to GDP
  • More than 180 representatives participated in the first measurement cycle

RIYADH: Saudi government agencies are set to advance artificial intelligence adoption through a new index that measures readiness and supports the development of innovative, data-driven solutions across key sectors. 

The National Artificial Intelligence Index, inaugurated by the Saudi Data and Artificial Intelligence Authority, is designed to assess the maturity of AI implementation across government entities. 

More than 180 representatives participated in the first measurement cycle, which also aims to provide tailored recommendations and track progress regularly, according to the Saudi Press Agency. 

The initiative supports broader government targets, including ranking among the top 15 countries globally in AI, top 10 in the Open Data Index, and top 20 in data and AI-related publications under the National Strategy for Data and Artificial Intelligence. 

AI is projected to contribute $235.2 billion, or 12.4 percent, to 海角直播鈥檚 gross domestic product by 2030, according to estimates by PwC. 

鈥淭he index aims to unify government efforts and national priorities in the field of AI and provide the enabling capabilities to enable government agencies to adopt and develop effective and sustainable AI products and solutions that contribute to achieving the goals of Saudi Vision 2030,鈥 SPA said. 

It added: 鈥淭he index is based on three main pillars, seven main axes, and 23 sub-fields to ensure a comprehensive measurement of government agencies鈥 AI readiness.鈥 

This forms part of SDAIA鈥檚 broader mandate as the Kingdom鈥檚 national authority for data and AI development and regulation. It is intended to strengthen institutional performance and drive public-sector innovation. 

The newly launched index also provides results reflecting the maturity of AI adoption within government agencies, along with the necessary support to enhance their capabilities and further develop innovative solutions that sustain national efforts and expand their impact in priority sectors. 

As part of its continuous efforts to improve institutional excellence, SDAIA was recently awarded two international accreditation certificates by the Global Excellence Assembly, a body that specializes in developing and evaluating institutional excellence models.

The recognition highlights SDAIA鈥檚 alignment with international best practices in the design and governance of award models, as well as the transparency and impartiality of its evaluation and selection processes.

SDAIA is also engaging the public to shape the future of digital services. The authority earlier this month launched an electronic consultation to gather public opinion on the Ehsan National Platform for Charitable Work, inviting citizens and residents to share their views on which service is most in need of improvement.


DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
Updated 23 July 2025

DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
  • Growth attributed to heightened demand for hedging instruments
  • DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024

RIYADH: The Dubai Gold and Commodities Exchange witnessed 1 million contracts traded during the first half of this year, representing a 30 percent rise in average daily volumes compared to the same period in 2024.

In a press statement, DGCX attributed the growth to heightened demand for hedging instruments amid global market volatility, with gold contracts and Indian Rupee Quanto products leading the uptick in trading activity. 

According to the report, DGCX鈥檚 Shariah-compliant Gold Spot Contract led this growth, with value of trades reaching $46.8 million in the first six months, marking a significant 199.84 percent year-on-year rise. 

Established in 2005 and owned by the Dubai Multi Commodities Center, DGCX plays a pivotal role in Dubai鈥檚 status as one of the world鈥檚 largest gold trading hubs. 

With over 1,500 member companies operating in the gold and precious metals sector within DMCC, the exchange complements the international district鈥檚 broader offering in physical and financial trading infrastructure. 

鈥淒GCX has seen exceptional momentum in the first half of the year, with nearly $47 million traded through our spot gold contract alone,鈥 said Ahmed Bin Sulayem, chairman and CEO of DGCX. 

The statement further said that INR Quanto futures contract, a synthetic contract that enables global market participants to hedge Indian rupee exposure against the US dollar without requiring access to the underlying Indian markets, also continued to attract strong trading interest. 

鈥淭his performance not only places DGCX firmly on course to surpass its 2024 results but reinforces its role as a critical pillar in the region鈥檚 financial infrastructure,鈥 said Sulayem. 

He added: 鈥淎s global market conditions grow more complex, the exchange鈥檚 rising adoption by Shariah-based investors, bullion traders, and institutional participants alike highlights the growing demand and broad appeal for sophisticated, secure, and transparent hedging tools 鈥 a position we expect will get stronger.鈥 

The statement added that DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024, and the exchange is well on track to surpass that figure in 2025. 

In May, DGCX announced its acceptance to join the Arab Federation of Capital Markets鈥 Business Development Committee. 

In a statement at the time, DGCX said that the appointment reflects the exchange鈥檚 expertise in regulatory oversight, risk management, and product innovation, reinforcing its position as a leading regional player in derivatives trading and financial market infrastructure.

The AFCM, established in 1978 as the principal body for Arab stock exchanges, plays a critical role in enhancing collaboration and standardising best practices across the region. 


海角直播 announces $5bn in Syria investments

海角直播 announces $5bn in Syria investments
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 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 Syrian Economy Minister 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. 

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 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 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.


Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week
Updated 23 July 2025

Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week

RIYADH: Hotel spending in 海角直播 surged by 2.1 percent in the week ending July 19, driving total point-of-sale transactions to SR12.19 billion ($3.25 billion), even as most other sectors saw declines. 

Total POS value remained above the $3 billion mark for the fourth consecutive week despite a 7.1 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The hotel sector recorded SR287.44 million in transaction value, with the number of transactions slipping 2.1 percent to 822,000, while overall POS transactions across all sectors declined 4.8 percent to 212.73 million. 

According to SAMA鈥檚 bulletin, the clothing and footwear sector saw the largest decrease, dropping by 13 percent to SR719.45 million. Spending on communications ranked next, dropping 12.5 percent to SR102.94 million. 

Restaurants and cafes 鈥 the sector with the biggest share of total POS value 鈥 recorded a 6.9 percent decrease to SR1.79 billion, while the food and beverages sector saw a 6.6 percent decrease, totaling SR1.73 billion and claiming the second-biggest share of this week鈥檚 POS. Spending on miscellaneous goods and services ranked third despite a 9.9 percent decline to SR1.36 billion. 

The top three categories accounted for approximately 39.9 percent of the week鈥檚 total spending, amounting to SR4.88 billion. 

The smallest decline was seen in spending on building materials which decreased by 0.2 percent to SR330.02 million, followed by expenditure on transportation which saw a 0.6 percent dip to SR718.02 million. 

The health sector saw a decrease of 8.1 percent to SR740.27 million, while the furniture sector declined by 3.7 percent to SR265.57 million. 

Spending on jewelry dipped by 11.7 percent to SR269.61 million, followed by a 9.9 percent decrease in spending on recreation and culture. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.20 billion, a 6 percent decrease from the previous week.  

Jeddah followed closely with a 7.2 percent dip to SR1.76 billion, while Dammam ranked third, down 6.9 percent to SR582.99 million. 

Abha saw the smallest decrease, inching down 1.1 percent to SR207.48 million, followed by Makkah with a 4.5 percent decrease to SR507.03 million.  

Hail recorded 3.69 million deals in transaction volume, down 7.6 percent from the previous week, while Tabuk reached 4.16 million transactions, dropping 9.1 percent.