Saudi: Non-oil exports surge 24.6% to $7.57bln in April 2025
There has been an increase of 18.3 percent in imports, reaching SR76.1 billion in April. However, the trade surplus declined sharply by 61.7 percent, dropping to SR14.2 billion compared to April 2024, the GASTAT report pointed out.
The bulletin indicated that there was a rise in the ratio of non-oil exports, including re-exports to imports, reaching 37.2 percent in April 2025, up from 35.4 percent in April 2024. Meanwhile, the share of oil exports in total exports decreased from 77.5 percent in April 2024 to 68.6 percent in April 2025.
Chemical industry products were the top non-oil export goods, amounting to SR6 billion and accounting for 26.4 percent of total non-oil exports. The largest category of imported goods was "machinery, electrical equipment, and their parts," which totaled SR21.1 billion, representing 26 percent of total imports.
The bulletin also showed that China remained the Kingdom's top trading partner. Exports to China totaled SR11.4 billion, accounting for 12.6 percent of total exports in April 2025, while imports from China reached SR19 billion, representing 25 percent of total imports for the same month.
The International Trade Statistics are based on administrative records from the Zakat, Tax and Customs Authority for non-oil data and the Ministry of Energy for oil data, where the Kingdom's exports and imports are classified according to the 2022 Harmonized Commodity Description and Coding System.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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Chart 1 Over AED20 billion in equity support to finance acquisitions on growing platforms Acquisitions help enhance portfolio quality and provide diversification benefits Masdar's strategy of acting as a platform investor and aggregator has significantly expanded its scale and diversity. From 2021 to March 2025, Masdar's gross capacity (considering operational, under construction, and committed projects) increased to 33 gigawatt (GW) from 15 GW. This trajectory was backed by a dual business model that combines greenfield development with strategic acquisitions--each supported by appropriate funding sources. The company has a portfolio of geographically diverse assets in strategic locations across the globe and exposed to well-proven renewable technologies, notably utility-scale solar photovoltaic (PV) and onshore wind capacity, which together account for more than 80% of Masdar's generation base. 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We are unlikely to raise our assessment of Masdar's SACP over the next 12-24 months, as we do not expect the company would be able to meaningfully reduce its leverage, given the company's capital spending plans over the coming years. Company Description Masdar is a registered public joint stock company headquartered in the Emirate of Abu Dhabi. The principal activities of Masdar are to invest or acquire participations in entities in the renewable energy, energy efficiency, carbon reduction, carbon capture and storage, and other forms of sustainability-related technologies and provision of services for reducing carbon emissions. Since its establishment in 2007, Masdar has developed and partnered in projects in over 25 countries globally. Its gross installed capacity as of March 2025 stands close to 17.5 GW, with a mix of solar PV and wind, with a mandate to increase its renewable energy portfolio capacity to 100 GW by 2030. The company is majority-owned (approximately 96% indirectly) by the government of Abu Dhabi, through shareholdings by Abu Dhabi's leading state-owned entities: Mubadala Investment Company, Abu Dhabi National Energy Co., and Abu Dhabi National Oil Co. Our Base-Case Scenario Assumptions Distributions from invested projects of AED2.0 billion-AED2.5 billion in 2025 and 2026, increasing to more than AED3 billion in 2027 following the completion of major constructions. We do not consolidate nonrecourse project-level debt, and our adjusted EBITDA includes our forecast cash distributions, proportionate to the equity ownership of the assets. Our EBITDA also includes annual development, prefinancing, and general and administrative corporate costs. Masdar-level capex of $20 million-$50 million over the forecast period. This excludes the development capex funded by nonrecourse financing. Committed equity contributions from sponsors in 2025 to support capital spending requirements. The company not making distributions to its shareholder but making minority ownership distributions. Approximately $1.5 billion in amortizing operating project-level debt in the forecast period. We note that the debt is in proportion with consolidated projects equity ownership. Key metrics Liquidity We assess Masdar's liquidity as adequate, because we expect the company's ratio of liquidity sources to uses to be about 1.6x over the 12 months ending March 31, 2026. Given Masdar's status as a GRE, it has strong banking relationships and satisfactory standing in credit markets onshore and offshore, which is supported by its low coupon rate. Masdar also has a degree of flexibility to lower capex and acquisition spending, if needed. Principal liquidity sources AED2,800 million of unrestricted cash and cash equivalents for the next 12 months; and Cash funds from operations of about AED1,000 million for the next 12 months. Principal liquidity uses No debt maturities for the next 12 months; Expected capex of AED10,000 million for the next 12 months (operating and mergers and acquisitions); and No expected dividend payments of AED944 million for the next 12 months Covenants The group's nonrecourse project financing indebtedness typically contains covenants, including debt-service coverage ratio covenants, which can restrict distributions to Masdar unless the terms are met. We acknowledge that in 2023 and 2024, the solar PV projects under construction in Uzbekistan experienced technical breaches with no financial impact for Masdar. Environmental, Social, And Governance Environmental factors are a positive consideration in our credit analysis of Masdar. The company specializes within the renewables sector, promoting clean energy solutions and abates 14 million tons of carbon dioxide emissions annually. Masdar aims to spearhead the UAE's net zero by 2050 target and actively engages in exploring innovative technologies and partnerships that advance sustainability. Masdar's commitment to sustainability and innovation is evidenced through its involvement in the exploration of hydrogen production since 2008. Socially, Masdar remains cognizant of its responsibilities and engages local communities through education initiatives and job creation. Governance-wise, environmental, social, and governance activities are spearheaded at the board level through its Sustainability, Strategy and Investment Committee ensuring the company remains on track to develop a global clean energy portfolio with gross capacity of 100 GW by 2030. 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