Latest news with #Saudi-IndianBusinessCouncil
Arab News
22-04-2025
- Business
- Arab News
Over 40 Indian firms have established regional HQs in Saudi Arabia, official reveals
RIYADH: More than 40 Indian companies have established headquarters in Saudi Arabia, with additional facilities in the defense sector expected in the near future, according to a top official. Abdulaziz Al-Qahtani, chairman of the Saudi-Indian Business Council, made the comments as Indian Prime Minister Narendra Modi arrived in Jeddah on Tuesday for a two-day visit. He is expected to meet with Crown Prince and Prime Minister Mohammed bin Salman during the trip. Al-Qahtani said the visit aligns with Saudi Arabia's broader push to localize defense spending, boost technology transfer, and expand domestic investment across sectors that contribute to national gross domestic product. In an interview with Al-Eqtisadiah, Al-Qahtani said Saudi investments in India are valued at around $10 billion, including stakes by the Public Investment Fund in major companies such as Reliance Jio Platforms, Reliance Retail, OYO Hotels, and the Health Technology Co. 'Al-Qahtani pointed out that the Saudi-Indian Business Council is working to encourage Indian investment in Saudi Arabia, identify investment opportunities in India, and transfer and localize technology in various sectors, such as space and defense,' Al-Eqtisadiah reported. 'It also aims to exchange expertise in education and training, benefit from mutual expertise in tourism and entertainment, and cooperate in the healthcare sector, pharmaceutical and medical supplies industries, and enhance integration in logistics services,' the report added. Al-Qahtani added that India has invited Saudi Arabia to invest in its growing defense sector, which has opened up to private investors in recent years. Indian firms that have already established regional bases in Saudi Arabia include those working in automobile and bus manufacturing. The move by the more than 40 Indian firms comes amid a wave of multinational companies establishing regional bases in the Kingdom. Almost 600 international companies have set up bases in Saudi Arabia since 2021, including Northern Trust, IHG Hotels & Resorts, and Deloitte, the Saudi Press Agency reported in March. The growth was fueled by the government-backed Riyadh regional headquarters program, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. India remains a key energy partner for the Kingdom, as it imported 14 percent of Saudi Arabia's crude oil production and 18 percent of its liquefied natural gas exports in the past year. Bilateral trade has also expanded in sectors such as chemicals, construction, and contracting, as well as healthcare training, and information technology. Total trade between the two countries reached around $42 billion in the financial year 2023-24. Of this, Indian exports to Saudi Arabia accounted for approximately $11 billion, consisting of engineering products, rice, and petroleum derivatives, as well as chemicals, food and medical supplies, and textiles. Saudi exports to India totaled SR31 billion ($8.2 billion), including crude oil, liquefied natural gas, fertilizers, chemicals, and plastics.
Asharq Al-Awsat
22-04-2025
- Business
- Asharq Al-Awsat
Saudi-Indian Business Council: Modi's Visit to Launch Strategic Private Sector Partnership
Indian Prime Minister Narendra Modi is expected to arrive in Saudi Arabia on Tuesday for an official visit during which he will meet with Crown Prince Mohammed bin Salman to discuss trade, investment, and energy cooperation. In anticipation of the visit, the Saudi-Indian business community has expressed optimism about strengthening bilateral ties and advancing toward deeper economic integration through the launch of new joint projects that aim to establish a strategic partnership between the two countries' private sectors. Abdulaziz Al-Qahtani, Chairman of the Saudi-Indian Business Council, told Asharq Al-Awsat that India is Saudi Arabia's third-largest trading partner in terms of exports and fourth in terms of imports, underscoring the importance of their economic relationship. Al-Qahtani noted that trade between the two countries has grown significantly in recent years, with total bilateral trade reaching approximately $157 billion in 2023—a 20% year-on-year increase. India's major exports to the Kingdom include chemical products, organic and inorganic materials, pearls, precious stones, metals, copper, and aluminum. In return, Saudi imports from India consist of plant-based and mineral products, pharmaceuticals, apparel, iron goods, machinery, electrical equipment, and vehicles. Regarding new initiatives and agreements, Al-Qahtani highlighted two private sector agreements signed in February, signaling both nations' serious commitment to expanding cooperation in trade, investment, and economic development. He added that the council is currently working on several initiatives, including activating the bilateral investment promotion and protection agreement, implementing the double taxation avoidance treaty, and proposing frameworks for preferential treatment. These steps aim to enable unconventional projects to benefit from advantages available in both countries. Al-Qahtani also noted the rising presence of Indian companies in the Saudi market, with more than 50 firms currently operating in the Kingdom. Several of these companies have recently opened regional headquarters in Saudi Arabia. The sectors with the highest Indian activity include construction—with 20 companies in this field—along with health, training, and technology. 'We are now set to begin cooperation in the manufacturing sector as well,' Al-Qahtani said.
Zawya
10-02-2025
- Automotive
- Zawya
Saudi eyes strategic partnership with India in industry, mining
Saudi Arabia's Vision 2030 opens promising horizons for expanding the strategic partnership between the kingdom and India in the industrial and mining sectors, thus paving the way for a bright future filled with promising joint opportunities, said the kingdom's industry and mineral resources ministry. Bandar Alkhorayef was speaking at a roundtable meeting held in Mumbai, in cooperation with the Confederation of Indian Industry (CII), and with the participation of major Indian industrial and mining companies. He said this comes amid strong bilateral relations and full support from the leadership of both countries. Alkhorayef emphasized the significant efforts of the Saudi-Indian Business Council to enhance bilateral economic relations and foster successful investment partnerships. "When I review our ambitions in the mining and industrial sectors and see the capabilities present here in India, I see a great synergy that makes co-operation between us very feasible," he stated. "For example, in the automotive sector, we focus on localizing this industry, as the kingdom is the largest importer, with our imports reaching nearly 700,000 cars last year, and we expect this number to exceed 1 million cars soon," said the minister. According to him, the kingdom had licensed three car manufacturing companies, aiming to produce 300,000 vehicles annually by 2030. This requires a robust supply chain and the development of a competitive automotive industry. In the field of pharmaceuticals and biotechnology, Alkhorayef said the kingdom was keen to boost co-operation with Indian companies to benefit from the opportunities available in this vital sector. "Our aim is to encourage companies to produce high-value petrochemicals, creating significant opportunities for Saudi-Indian cooperation in this sector," he noted. "Previously, we focused on energy security," said the minister, "But now mineral security is paramount. Early collaboration will allow us to understand India's mineral needs," he added. Alkhorayef pointed out that the kingdom was offering various capabilities and incentives to the investors in bid to woo them. These include developed industrial lands, ready-made factories, and easy financing loans that reach up to 75% of the cost of an industrial project, he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
08-02-2025
- Automotive
- Trade Arabia
Saudi eyes strategic partnership with India in industry, mining
Saudi Arabia's Vision 2030 opens promising horizons for expanding the strategic partnership between the kingdom and India in the industrial and mining sectors, thus paving the way for a bright future filled with promising joint opportunities, said the kingdom's industry and mineral resources ministry. Bandar Alkhorayef was speaking at a roundtable meeting held in Mumbai, in cooperation with the Confederation of Indian Industry (CII), and with the participation of major Indian industrial and mining companies. He said this comes amid strong bilateral relations and full support from the leadership of both countries. Alkhorayef emphasized the significant efforts of the Saudi-Indian Business Council to enhance bilateral economic relations and foster successful investment partnerships. "When I review our ambitions in the mining and industrial sectors and see the capabilities present here in India, I see a great synergy that makes co-operation between us very feasible," he stated. "For example, in the automotive sector, we focus on localizing this industry, as the kingdom is the largest importer, with our imports reaching nearly 700,000 cars last year, and we expect this number to exceed 1 million cars soon," said the minister. According to him, the kingdom had licensed three car manufacturing companies, aiming to produce 300,000 vehicles annually by 2030. This requires a robust supply chain and the development of a competitive automotive industry. In the field of pharmaceuticals and biotechnology, Alkhorayef said the kingdom was keen to boost co-operation with Indian companies to benefit from the opportunities available in this vital sector. "Our aim is to encourage companies to produce high-value petrochemicals, creating significant opportunities for Saudi-Indian cooperation in this sector," he noted. "Previously, we focused on energy security," said the minister, "But now mineral security is paramount. Early collaboration will allow us to understand India's mineral needs," he added. Alkhorayef pointed out that the kingdom was offering various capabilities and incentives to the investors in bid to woo them.
