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Saudi Gazette
28-04-2025
- Business
- Saudi Gazette
Saudi Arabia's non-oil exports hit historic high of SR515bn in 2024
Saudi Gazette report RIYADH — Saudi Arabia's non-oil exports recorded a high performance in 2024 with a total value of SR515 billion, the highest in its history. Exports grew by 13% compared to the previous year, in addition to an increase of more than 113% since the launch of Vision 2030, reflecting the diversity of the national economy and confirming the competitiveness of Saudi products and services in global markets, the Saudi Press Agency reported. The growth included all export sectors. Merchandise exports rose to SR217 billion (+4%), driven by an increase in petrochemical and non-petrochemical exports by 2% and 9%, respectively. Re-exports reached SR90 billion, a 205% growth since the Vision's launch. Service exports reached an all-time high of SR207 billion, a 14% growth compared to the previous year and a 220% growth since the Vision's launch. "The historic performance of non-oil exports in 2024 is a culmination of Saudi Arabia's ongoing efforts to diversify the economy and increase the competitiveness of national products," said Eng. Abdulrahman Al-Dhakir, CEO of the Saudi Export Development Authority. He also emphasized that the Authority enables national companies to access new markets and enhance their export readiness through integrated programs that include training, empowerment, promotion, and advisory services, among others. It also continues to support the goals of the Kingdom's Vision 2030, to build a prosperous economy in which non-oil exports contribute effectively as one of the pillars of sustainable growth. Petrochemical exports reached SR149 billion in 2024 (68% of total commodity exports), recording a 2% increase in value year-on-year, as well as in weight. Non-petrochemical exports recorded a remarkable performance, reaching SR69 billion (representing 32% of total commodity exports), the highest value in years. Record figures were recorded for the export of more than 205 Saudi products, including food and dairy products, minerals, and building materials. Fertilizer exports recorded exceptional performance, with the weight of products reaching a historic high in 2024, increasing by 5% year-on-year and more than five times its value since the launch of the vision. Meanwhile, Saudi Arabia's re-export sector recorded historic performance in 2024, reaching a value of SR90 billion, achieving a growth of 205% compared to 2016, a 42% increase year-on-year, and a 114% increase compared to 2019. This performance was primarily supported by the re-export of mobile phones, which alone reached a record value of SR25 billion, more than double their value in 2023. This remarkable growth is attributed to the operation of the integrated logistics zone at King Khalid International Airport, which has contributed to increasing the efficiency of supply chains and facilitating re-export operations. Machinery, mechanical devices, transportation equipment, and their parts accounted for 84% of total re-exports in 2024. Re-exports of aircraft parts also witnessed significant growth, with Saudi Arabia beginning exports in 2022 at a value of SR1.6 billion, rising to more than SR2 billion in 2024. Saudi Arabia exported to more than 180 countries in 2024, with 37 countries recording record import values, including the UAE, Bahrain, Iraq, the Sultanate of Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries also achieved record import volumes, most notably Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria. Services exports also reached a record high, increasing 14% year-on-year and 220% since 2016, reaching SR207 billion in 2024. This growth was driven by the travel and tourism sector, which increased by 270% since 2016. Saudi Arabia welcomed approximately 30 million international tourists in 2024, and this contributed to a 150% increase in travel exports compared to 2019, representing 74% of total service exports. The Kingdom also recorded a 69% increase in the number of international tourists compared to pre-pandemic levels, and a 148% increase in tourism revenues compared to 2019. The Kingdom led the G20 countries in tourist arrivals, growing by 73% in the first seven months of 2024 compared to the same period in 2019. Meanwhile, the transportation sector contributed 12% of the total service exports, achieving a 5% year-on-year growth.
Saudi Gazette
26-02-2025
- Business
- Saudi Gazette
Islamic affairs minister warns against being misled by illegal fundraising campaigns during Ramadan
Saudi Gazette report RIYADH — Minister of Islamic Affairs, Call and Guidance Dr. Abdullatif Al-Sheikh warned the public against being misled by any advertisements for fundraising that are neither documented nor authorized by the competent authorities. In a statement issued on his X account on the eve of the holy month of Ramadan, the minister called on everyone to offer their donations only through official channels. The minister cited some instances of illegal fundraising. "A company was found marketing and collecting money from citizens for the purpose of building and renovating mosques, and defrauding donors by making them believe that it has approvals from the authorities. It was also monitored that an association was advertising to collect donations, amounting to SR90, to build mosques in Makkah, even though it has neither obtained any approval from the ministry nor any sites handed over to it for building mosques," he said. Meanwhile, lawyer Rami Al-Sharif noted that there are several provisions in the Saudi Fundraising Law to penalize violators. The law stipulates that collecting donations is limited to the licensed entity, and that those responsible for collecting and distributing donations at the licensed entity must be Saudis. He noted that the law stipulates that a person, who collects donations illegally, will be slapped with a fine not exceeding SR500000 or imprisonment for a period not exceeding two years, or both, with deportation of foreigners after serving the imprisonment and they would not be allowed to reenter the Kingdom except under the Hajj and Umrah regulations. The unlicensed entity that collects donations will be punished with a fine not exceeding SR500000. The fine shall be doubled in the event of a repeat of the violation. The licensed entity that calls for collecting donations in violation of the provisions of Article 9 of the law will be punished with a fine not exceeding SR200000, and the fine shall be doubled in the event of a repeat of the violation. Anyone who violates any provision of the law for which no penalty is provided in this article will be punished with a fine not exceeding SR100000. The fine shall be doubled in the event of a repeat of the violation. A media outlet that advertises for an unlicensed entity that is collecting donations will be slapped with a fine not exceeding SR500000 and the fine shall be doubled in the event of a repeat of the violation. He explained that the law stipulates that no licensed entity may collect donations except in accordance with its objectives stipulated in the law or its executive regulations, and that the collection of donations must be through its approved bank accounts, in accordance with the instructions of the Saudi Central Bank, and through financial transfers via electronic channels as specified by the regulations. The law prohibits the licensed entity from receiving cash donations except through direct deposit into its bank accounts approved by banks and their branches, and receiving donations from outside the Kingdom, except after the approval of the licensing entity.
