Latest news with #SAR5
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Boosts Food Security
Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom's founding and shaped by its desert geography and limited water resources. As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability. The agricultural sector's contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report. Government support, particularly through the Agricultural Development Fund, has fueled the sector's growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion). Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey. Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture. The Kingdom's progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia's ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.
Asharq Al-Awsat
16-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Arab League Trade Exceeds SAR87 Billion in Q4 2024
Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2% of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2% annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion, SPA reported. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3% annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were destined for GCC nations, accounting for 14.2% of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1% of total exports. Saudi Arabia's imports from Arab League countries totaled SAR28,653 billion, or 12.3% of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
Zawya
16-04-2025
- Business
- Zawya
Saudi Arabia's Arab League trade exceeds $23.2bln in Q4 2024
RIYADH - Saudi Arabia, propelled by its ambitious Vision 2030, is surpassing economic projections and cementing its position as a significant global force. Its strategic geographical location, connecting three continents, enhances its role as a vital trade and investment hub, supported by progressive economic policies and infrastructure. The Kingdom's diversification efforts are yielding substantial growth, with non-oil exports and strategic partnerships contributing to record figures. Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2 percent of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2 percent annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3 percent annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were directed to GCC nations, accounting for 14.2 percent of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1 percent of total exports. Saudi Arabia's imports from Arab League countries totalled SAR28,653 billion, or 12.3 percent of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
Arabian Business
10-04-2025
- Business
- Arabian Business
Saudi-backed AI startup Lucidya secures $1.3mn grant to boost customer experience tech expansion
Lucidya, a leading AI-powered customer experience management (CXM) platform, said it secured a SAR5 million ($1.3 million) grant from Saudi Arabia's National Technology Development Programme (NTDP). The company said the grant will help it to accelerate plans for regional market expansion. It will also enable it to scale operations, enhance product offerings, and expand into new markets beyond the Kingdom, it said. The NTDP, an initiative by Saudi Arabia's Ministry of Communications and Information Technology (MCIT), is designed to empower high-potential technology companies and fast-track Saudi Arabia's Vision 2030 goals. The grant announcement comes as MCIT launches the second phase of its Source Tech initiative. The programme aims to advance Saudi Arabia's digital economy by further localising application development, outsourcing, and communication services, positioning the Kingdom as a global hub for digital innovation. Ziyad Binsulaiman, Business Development Director at Lucidya, said the company is honoured to receive the grant, which will help to expand its innovative solutions across new markets and elevate the region's CX standards. 'Lucidya is positioned to accelerate its growth trajectory and contribute to Saudi Arabia's vision of becoming a global leader in technology and innovation by transforming how organisations manage customer experiences,' he said.
Zawya
04-03-2025
- Business
- Zawya
Alandalus Property sells prime Jeddah project stake to Saudi Tourism
Saudi-based Alandalus Property Company has announced that it has signed an agreement to sell its entire stake in its key Jeddah project - Manafea Alandalus for Development and Real Estate Investment (Al Marwa Center) - to the Saudi Tourism Development Company. This is in exchange for the waiver of the sale of its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary, Manafea Alandalus for Development and Real Estate Investment. Manafea Alandalus is a major player in the management, operation and leasing of commercial centres and malls in the kingdom. With this deal, Saudi Tourism Development Company has become the full owner of Al Marwa Center, said Alandalus Property Company in its filing to Saudi bourse Tadawul. The contract stipulates that the payment will be made in three installments as follows: *First Installment: SAR5,000,000 to be paid upon signing contract. *Second Installment: Also of SAR5,000,000 to be paid upon the transfer of shares and amendment of the Articles of Association. *Third Installment of SAR5,000,00 will be paid upon the approval and submission of the financial statements on the Qawaem platform and their acceptance, as well as the completion of the handover process to the company management. The move is in line with the company's strategy to maximize returns for its shareholders and enhance financial efficiency, it stated. According to Alandalus Property, the funds obtained from this transaction will be used to finance the company's ongoing and future projects. The financial impact will appear in the company's statements starting from the first quarter of DY2025, it added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
