logo
Saudi National Products Expo Strengthens Saudi-Kuwaiti Economic Relations

Saudi National Products Expo Strengthens Saudi-Kuwaiti Economic Relations

Leaders30-01-2025
Saudi Deputy Ambassador to Kuwait Yahya Al-Qahtani has inaugurated the second edition of the Saudi National Products Expo (SNP Expo), the Saudi Press Agency reported.
Set to take place from Jan 29 to Feb 1, the SNP Expo marks a remarkable step aimed at fostering national economy and strengthening Saudi identity.
During the event, the Saudi Deputy Ambassador noted that the event aligns with the Saudi Vision 2030 and represents a crucial step towards enhancing the Kingdom's national economy.
Furthermore, Al-Qahtani stressed that Saudi products boast high quality and exceptional success, a fact that stands as a testament to the Kingdom's vast potential across various sectors.
In the same context, he expressed his hope that the SNP Expo would unleash more opportunities to cooperate and forge partnerships between Saudi and Kuwaiti companies.
Meanwhile, Undersecretary of the Kuwaiti Ministry of Commerce and Industry Ziad Al-Najem has commended the strong presence of Saudi products in the Kuwaiti market.
Al-Najem also underscored that such products are not only economic goods; they serve as symbols of cooperation and trust between both nations. In addition, they have become an essential part of daily life for Kuwaiti consumers.
Related Topics:
Textiles and Agriculture Key Exports to Saudi Arabia: Pakistan Envoy
Saudi Arabia Hosts 'Handling Expo 2025' Event for First TimeTurathna Expo: Saudi Heritage Commission Showcases Handicrafts in Cairo
Short link :
Post Views: 11 Related Stories
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Yemen appeals for urgent global aid as hunger crisis deepens
Yemen appeals for urgent global aid as hunger crisis deepens

Arab News

time34 minutes ago

  • Arab News

Yemen appeals for urgent global aid as hunger crisis deepens

DUBAI: Following the UN warning that food insecurity in Yemen has reached 'disastrous' levels, the country's government told the Security Council it is on the brink of economic collapse and urgently needs international support to avert further humanitarian catastrophe. Yemen's UN envoy Abdullah Al-Saadi said the loss of oil revenues, which once made up 70 percent of public income, has crippled state services and worsened living conditions for millions already struggling with hunger and displacement, state news agency SABA reported on Tuesday. Nearly half of Yemen's children under five suffer acute malnutrition, with many already dying in displacement camps, the UN said. The government warned that the economic crisis, compounded by conflict, climate shocks, and declining aid, is pushing more people toward famine and eroding any prospects for recovery. Al-Saadi urged donor nations and organizations to step up funding ahead of a planned international food security conference in October, saying Yemen 'stands on the threshold of a difficult phase' and cannot stabilize without sustained external assistance.

GO's subsidiary wins SAR 12.8M project from Weqaa Center
GO's subsidiary wins SAR 12.8M project from Weqaa Center

Argaam

time2 hours ago

  • Argaam

GO's subsidiary wins SAR 12.8M project from Weqaa Center

Etihad Atheeb Telecommunication Co.'s (GO) subsidiary, Ejad Tech Co., was awarded on Aug. 12 a project by the National Center for the Prevention and Control of Plant Pests and Animal Diseases (Weqaa Center) worth SAR 12.82 million, including VAT. In a statement to Tadawul, the company said that the 24-month project covers providing advisory support for the website, beneficiary and business platforms, and artificial intelligence platforms. The relevant financial impact will be determined after fulfilling the requirements and procedures for signing the contract, the statement added. Any relevant material developments will be announced in due course, the statement added.

Saudi Arabia's money supply hits $832bn as time deposits reach 16-year high
Saudi Arabia's money supply hits $832bn as time deposits reach 16-year high

Arab News

timea day ago

  • Arab News

Saudi Arabia's money supply hits $832bn as time deposits reach 16-year high

RIYADH: Saudi Arabia's money supply rose to a record SR3.12 trillion ($832 billion) in June, marking a 7.63 percent annual increase, driven predominantly by a sharp rise in time and savings deposits. According to data from the Saudi Central Bank, also known as SAMA, these income-generating accounts, now totaling around SR1.1 trillion, represent the highest share of the money supply in 16 years. While demand deposits — non-interest-bearing checking accounts — remain the largest component at 47.93 percent, or SR1.49 trillion, their growth at 5.2 percent year on year has lagged that of savings accounts, which grew 21.71 percent over the same period. Other quasi-monetary instruments, including residents' foreign currency deposits, marginal deposits related to letters of credit, outstanding remittances, and repo placements, account for roughly 9 percent of the money supply. However, this category declined 18.54 percent, dropping to SR280.54 billion. Meanwhile, currency outside banks, although the smallest component at 7.83 percent, increased 6.6 percent to SR244.31 billion. Why are time deposits surging? Global monetary tightening and attractive yields are key factors. After previously peaking at 6 percent, SAMA reduced its repo rate in stages, mirroring that of the US Federal Reserve — first to 5.5 percent in September 2024, then further to 5 percent in December 2024. Despite these cuts, the current rate remains relatively elevated compared to the prolonged low-rate environment of previous years, making fixed-term, interest-bearing accounts more attractive than demand balances. Strong lending growth, particularly in sectors tied to Vision 2030, mortgage financing, and corporate borrowing, has outstripped deposit inflows. As a result, banks face increased funding needs and have ramped up offerings on time deposits to attract liquidity. The 2025 International Monetary Fund Article IV Mission noted that while banks maintain strong solvency at 19.6 percent and a healthy return on assets, liquidity pressures are building, and liquid assets relative to short-term liabilities have declined. In response, banks are expanding liabilities through bonds, syndicated loans, and certificates of deposit. Notably, net foreign assets turned negative in 2024 for the first time since 1993, highlighting rising external borrowing. To address risks, SAMA introduced a 100-basis-point countercyclical capital buffer in May 2025, and the IMF welcomed this step, along with tighter loan-to-value and debt burden measures, plus potential foreign-currency liquidity ratios to bolster financial stability. Market analysts foresee continued strength in time and savings deposits. Alvarez & Marsal's first quarter Banking Pulse reported that deposits rebounded 4 percent quarter on quarter, led by an 8.1 percent increase in time deposits, following a seasonal dip at the end of 2024. Likewise, Fitch Ratings, in its March 2025 forecast, projected lending growth of 12–14 percent, led by corporate demand, to continue outpacing deposit growth. Fitch expects Saudi banks to issue more than $20 billion in debt this year as they shift toward non-deposit funding. This, coupled with the continued dilution of CASA 'current and savings accounts' and competition for funding, may blunt the benefits of lower policy rates on banks' net interest margins.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store