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Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Saudi-Spanish business forum kicks off in Riyadh
Saudi Gazette report RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh. Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors. Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history. He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment. Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years. He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said. Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors. He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services. Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides. It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.
Saudi Gazette
21-05-2025
- Business
- Saudi Gazette
Saudi Arabia, Spain sign MoU to enhance economic relations
Saudi Gazette report RIYADH — The Saudi Ministry of Economy and Planning and the Ministry of Economy, Trade, and Business of Spain signed on Wednesday a memorandum of understanding (MoU) to exchange expertise and enhance economic relations between the two countries. The MoU was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and the visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero. The deal outlines areas of cooperation including the coordination of efforts in economic modeling and policymaking, supporting small and medium-sized enterprises (SMEs) through joint partnerships and programs, and facilitating joint projects and bilateral participation in economic events. It also covers the exchange of information and statistics in areas such as industry, technology, and innovation, in alignment with the goals of sustainable development and Saudi Vision 2030. During their meeting, Alibrahim and Caballero discussed the agenda of the fourth session of the Saudi-Spanish Joint Commission, as well as recent regional and global economic developments of mutual interest.
Muscat Daily
17-05-2025
- Business
- Muscat Daily
Oman, Saudi Arabia discuss closer industrial, trade ties
Muscat – Oman and Saudi Arabia reaffirmed their commitment to deepening economic cooperation, with a focus on industrial and trade integration, during high-level talks held in Muscat. H E Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, received a Saudi delegation on Thursday led by Al Badr Adel Fouda, Deputy Minister for Industrial Development in Ministry of Industry and Mineral Resources, and Albara Alaskandarani, Deputy Minister of International Economic Affairs in Ministry of Economy and Planning. Discussions centred on priori-ty initiatives aimed at enhancing industrial, commercial and investment ties in line with the national visions of both countries. The ministers highlighted the importance of continued institutional coordination to foster a robust, shared investment environment. On the sidelines of the meeting, H E Dr Saleh Said Masan, Undersecretary for Commerce and Industry in Ministry of Commerce, Industry and Investment Promotion, held talks with the Saudi delegation to explore ways to strengthen industrial cooperation and expand strategic partnerships between the public and private sectors in both countries. Key areas of collaboration include supply chain development, manufacturing and value-added industries. Both sides also discussed challenges related to the flow of goods and services and stressed the need for joint innovation to boost regional competitiveness and support sustainable development. The meeting was part of ongoing efforts to build a more integrated regional economy that responds to global economic shifts and promotes shared prosperity for both nations.
Saudi Gazette
17-05-2025
- Business
- Saudi Gazette
Trump: Non-oil sources will generate 50% of Saudi Arabia's future revenues
Saudi Gazette report RIYADH — US President Donald Trump said that within a few years 50 percent of Saudi Arabia's income will come from non-oil sources. He made the remarks while commenting on his recent visit to Saudi Arabia and two other Gulf states in a television interview with Fox News. Trump's statement validates the performance results of the annual Vision 2030 report. According to the report, non-oil activities in Saudi Arabia have contributed 51 percent of real GDP in 2024, driven by Vision 2030, marking an all-time high. The report is based on analysis by the Ministry of Economy and Planning of data from the Saudi General Authority for Statistics (GASTAT). In the interview, Trump stated that former President Joe Biden has not handled the Middle East well. 'The Middle East is a wonderful region and Biden has not handled it well," he said. President Trump on Friday wrapped up a momentous week in the Middle East and is headed home having finished the final leg of his three-nation trip to the UAE. This visit coincided with Saudi Arabia's unveiling of its new AI venture, Humain, part of broader efforts to diversify its economy away from oil. The trip was largely economically focused with massive investment deals secured with Riyadh, Doha and Abu Dhabi. The president also made geopolitical shockwaves by lifting decades-long sanctions on Syria, issuing another warning to Iran, and downplaying hard fought peace talks between Ukraine and Russia. Ahead of his trip to the Gulf, the president said he intended to return home with at least $1 trillion in trade and investment deals – though he far outstripped this apparent goal. While in Saudi Arabia, Trump signed a Strategic Economic Partnership agreement with Crown Prince Mohammed bin Salman, which will see Riyadh invest in U.S. AI data centers and energy infrastructure, and investment in cutting-edge transformative technologies in both countries. These include several agreements on energy, investments, defense and mining. The investments amounted to a total of $600 billion. The agreement also included a commitment by Google, Uber, Salesforce, AMD and Saudi Arabia's DataVolt to invest $80 billion toward the development of revolutionary technologies in both countries. American companies will also take on major projects in Saudi Arabia, including the King Salman International Airport, King Salman Park, The Vault and Qiddiya City, according to the White House. The administration predicts the projects will generate a total of $2 billion in U.S. service exports. Trump was also able to secure an agreement that would allow the U.S. to carry cargo between Saudi Arabia and third-party countries without stopping in the U.S., which the White House said is "an important right for cargo hub operations."
Observer
15-05-2025
- Business
- Observer
Oman, Saudi to strengthen commercial cooperation
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, received an official delegation from the Kingdom of Saudi Arabia led by Eng Al Badr Adel Fouda, Deputy Minister for Industrial Development at the Ministry of Industry and Mineral Resources and Albara Alaskandarani, Deputy Minister of International Economic Affairs at the Ministry of Economy and Planning. The meeting emphasised the depth of economic relations between the two countries and the importance of enhancing joint cooperation in industrial, commercial and investment fields, in line with the national visions of both Oman and Saudi Arabia. Priority initiatives were reviewed, with a focus on continued institutional coordination to achieve industrial and commercial integration and strengthen the shared investment environment. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, also held an official meeting with the Saudi side. Discussions centred on enhancing industrial cooperation and economic integration, exploring strategic areas to expand collaboration, and developing partnerships between the public and private sectors in both countries. The meeting highlighted promising opportunities in supply chains and manufacturing, initiatives to integrate Omani and Saudi industrial systems, and cooperation in value-added industries. Challenges related to the flow of goods and services were addressed, with emphasis on joint efforts to innovate new initiatives that enhance regional competitiveness and support sustainable development. This meeting builds on ongoing efforts to strengthen economic partnership between Oman and Saudi Arabia, aiming to build an integrated regional economy that aligns with global transformations and fosters shared prosperity. A number of officials from both sides attended the meeting. - ONA
