Latest news with #nonOilExports
Zawya
2 days ago
- Business
- Zawya
Oman industrial edge — time to double down
The government's bet on industry as the locomotive of diversification deserves firmer backing and faster execution Oman's manufacturing engine has shifted up a gear. By end-2024, real value-added in manufacturing rose 7.45% to RO 3.62 billion, lifting the sector's share to 9.4% of real GDP. Between January and May 2025, non-oil exports increased by 7.2% to RO 2.7 billion. These are not isolated data points; they show policy is working — and that the government's bet on industry as the locomotive of diversification deserves firmer backing and faster execution. Where does Oman's advantage lie today? It is a 'value bundle'. Geography comes first: a gateway to the Indian Ocean with deep-water ports at Salalah, Suhar and Duqm, and economic zones that convert transit flows into processing and re-export. Stability matters just as much: a trusted political and regulatory environment lowers risk-adjusted costs for long-horizon capital. Energy is the third pillar: reliable gas paired with fast-emerging solar, wind and green hydrogen gives Omani exporters a credible low-carbon story in markets where carbon intensity is a tariff in disguise. Finally, Oman's hallmark is execution credibility — predictable timelines, integrated agencies and functioning infrastructure. Price matters; certainty often matters more. On this foundation sits a coherent sectoral map. Food manufacturing can ride regional demand and import substitution. Chemicals and petrochemicals seed value chains for pharmaceuticals and personal care. Metals feed equipment, electrical devices and transport components. Medical and pharmaceutical supplies, along with industrial equipment, can scale through standards and certification. The next wave is equally clear: organic and specialised foods; components for renewables; recycling of industrial, plastic and metal waste; and the localisation of electrical industries and semiconductors. This is the path from commodity exposure to higher value-added exports. Policy already points the way. Vision 2040's industrial strategy sets quantifiable milestones: lift sectoral contribution to more than RO 11.6 billion, expand exports to roughly RO 25 billion and attract RO 40 billion in industrial investment. To hit these targets, momentum must translate into bankable projects. Three priorities can lock in the gains. The government's bet on industry as the locomotive of diversification deserves firmer backing and faster execution First, move swiftly from 'opportunity lists' to signed investment contracts with clear milestones, local-content requirements and performance metrics. Speed to financial close and pilot operations is the truest test of policy effectiveness. Second, deepen domestic demand through smart local-content programmes and multi-year offtake agreements in energy, infrastructure, health and food. Certainty of demand lowers unit costs and encourages technology upgrades — provided quality benchmarks are enforced. Third, arm exporters with competitive finance and faster standards. Expanded export-credit guarantees, supply-chain finance and concessional windows for energy-efficiency and circular-economy upgrades will crowd in private capital. A unified technical accreditation window — with mutual-recognition arrangements in target markets — can convert months of testing into a market advantage. Human capital is the multiplier. Micro-credentials tied to production roles, factory-based training, and incentives for firms that meet hiring-and-training thresholds will ease skill bottlenecks, especially in pharmaceuticals, electrical equipment and electronics. Decarbonisation should be treated as a sales tool, not a compliance burden: measured reductions in emissions intensity will open doors in high-standard markets and trim medium-term operating costs. The case for supporting the government's current industrial push is therefore straightforward. The numbers show momentum; the strategy provides direction; and Oman's edge — location, stability, low-carbon energy and execution reliability — is real. Double down now, convert pipeline to contracts, and the country can build a resilient production base that earns foreign currency, creates quality jobs and climbs global value chains. That is how Oman moves from promising indicators to a durable industrial footprint well beyond 2040. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Arab News
7 days ago
- Business
- Arab News
Saudi EXIM Bank's H1 credit facilities surge 44% to $6.29bn
RIYADH: Saudi Arabia's Export-Import Bank boosted credit facilities by 44 percent in the first half of the year, reaching SR23.61 billion ($6.29 billion), as the state lender stepped up efforts to accelerate non-oil export growth. Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, the Saudi Press Agency reported. The growth supports the bank's mandate to help double the Kingdom's industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy. 'The leap achieved by the bank in the credit facilities provided during this year reflects the extent of the tireless efforts and strategic plans that seek to achieve all economic development goals,' said Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank. He added that the bank's progress since its inception underscores its role in building a diversified and sustainable national economy. With an increase exceeding 44% in the first half of 2025, #SaudiEXIM continues to achieve milestones and figures that reflect its role in empowering Saudi exporters and enhancing the competitiveness of our national non-oil products in global markets.#ExpandGlobally — بنك التصدير والاستيراد السعودي (@SaudiEXIM) August 11, 2025 The lender launched the 'Bridges Initiative' to align with the Kingdom's industrial transformation to speed up access to industrial inputs and enhance export competitiveness. The program is expected to expand opportunities for Saudi non-oil exports and introduce more flexible financing solutions. 'Among the achievements made during this period is the bank's obtaining its first credit rating from Fitch International with an A+ rating, which reflects the bank's creditworthiness and commitment to the highest standards of efficiency and transparency,' said Al-Khalb. Fitch Ratings assigns an A+ rating to entities with an exceptionally strong capacity to meet financial commitments and a low expectation of default risk. The agency cited the bank's strategic importance as a government-owned entity and its central role in export financing, guarantees, and insurance. Saudi EXIM Bank, affiliated with the National Development Fund, is working to diversify the Kingdom's economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. On the sidelines of the African Development Bank Group's annual meetings in Cote d'Ivoire in May, the bank signed four agreements to strengthen trade and investment ties across the continent. The deals were signed by Al-Khalb with Africa50, the Ghana Export-Import Bank, Blend International Ltd., and Guinea's Ministry of Planning and International Cooperation, according to SPA.
Zawya
25-06-2025
- Business
- Zawya
Saudi: Non-oil exports surge 24.6% to $7.57bln in April 2025
RIYADH — Saudi Arabia's merchandise exports amounted to SR90.3 billion in April this year, marking a 10.9 percent decrease compared to April 2024. Non-oil exports, including re-exports, recorded an increase of 24.6 percent, reaching SR28.4 billion, compared to the same period last year, according to the International Trade Statistics Bulletin for April 2025, released on Wednesday by the General Authority for Statistics (GASTAT). There has been an increase of 18.3 percent in imports, reaching SR76.1 billion in April. However, the trade surplus declined sharply by 61.7 percent, dropping to SR14.2 billion compared to April 2024, the GASTAT report pointed out. The bulletin indicated that there was a rise in the ratio of non-oil exports, including re-exports to imports, reaching 37.2 percent in April 2025, up from 35.4 percent in April 2024. Meanwhile, the share of oil exports in total exports decreased from 77.5 percent in April 2024 to 68.6 percent in April 2025. Chemical industry products were the top non-oil export goods, amounting to SR6 billion and accounting for 26.4 percent of total non-oil exports. The largest category of imported goods was "machinery, electrical equipment, and their parts," which totaled SR21.1 billion, representing 26 percent of total imports. The bulletin also showed that China remained the Kingdom's top trading partner. Exports to China totaled SR11.4 billion, accounting for 12.6 percent of total exports in April 2025, while imports from China reached SR19 billion, representing 25 percent of total imports for the same month. The International Trade Statistics are based on administrative records from the Zakat, Tax and Customs Authority for non-oil data and the Ministry of Energy for oil data, where the Kingdom's exports and imports are classified according to the 2022 Harmonized Commodity Description and Coding System. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
22-06-2025
- Business
- Arab News
Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains
RIYADH: Oman's insured non-oil exports reached 61.2 million Omani rials ($159 million) in the first quarter of 2025, marking a 6 percent increase from the same period last year, according to Credit Oman. The Sultanate's export credit agency, which provides trade insurance and guarantees to support domestic and international exchange, cited growth in construction materials, petrochemicals, mining, and agriculture as key drivers, the Oman News Agency reported. This comes as Oman's broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector. The ONA report stated: 'Khalil bin Ahmed Al Harthy, CEO of Credit Oman, explained that the volume of insured export sales in the building and construction materials sector witnessed a growth of 24 percent, with a total value of 27.16 million rials.' Exports in the petrochemicals and plastics sector climbed 45 percent to 9.2 million riyals. The mining sector experienced the largest percentage growth, jumping 150 percent to 570,000 rials. Meanwhile, agricultural exports surged 96 percent to nearly 5 million rials, driven by increased demand and favorable market conditions. Despite the overall growth, Al-Harthy noted setbacks in some sectors, including packaging, fisheries, and apparel, adding that the results still reflect the broader progress of the national economy and the government's continued push for economic development. 'He pointed out that Credit Oman is making significant efforts to support Omani manufacturers and exporters, contributing to boosting their sales both locally and internationally by offering a range of insurance services and overcoming the challenges associated with Omani products entering global and new markets,' the OMA report added. In its earlier outlook, Credit Oman projected strong growth potential for the country's non-oil exports in 2025. The agency cited an estimated untapped export capacity of 5 billion rials, according to the International Trade Centre. However, it emphasized that realizing this potential would depend on evolving global trade conditions, particularly the impact of emerging tariff and non-tariff barriers, geopolitical uncertainty, and shifts in global economic trends. This growth comes after a challenging 2024, when Oman's non-oil exports declined 16 percent due in part to a reclassification of high-value fuel-related goods into the oil and gas category. The 2025 rebound suggests improved export diversification, aided by Credit Oman's efforts and favorable conditions in sectors like agriculture and plastics.
Reuters
17-06-2025
- Business
- Reuters
Singapore's exports unexpectedly fall 3.5% y/y in May
SINGAPORE, June 17 (Reuters) - Singapore's non-oil domestic exports fell 3.5% in May from a year earlier, government data showed on Tuesday, with shipments of electronics rising slightly but petrochemicals, non-monetary gold and specialised machinery falling. The fall compared with a Reuters poll forecast of 8.0% year-on-year growth, and followed a 12.4% rise in April. Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore's statement. Exports to Taiwan, Indonesia, South Korea and Hong Kong increased in annual terms in May, while exports to the United States, Thailand and Malaysia decreased. The outlook for the financial hub remains uncertain as global trade is expected to slow because of tariffs imposed by the United States. Singapore downgraded its GDP forecast for 2025 to 0% to 2% from 1% to 3% in April, with officials saying the city-state faces a risk of recession and job losses. Trade minister Gan Kim Yong said in May that while the U.S. was not going to budge on the 10% tariff imposed on Singapore, the nation was negotiating for concessions on pharmaceutical tariffs that President Trump has threatened to implement. As one of the world's most open economies, Singapore is often seen as a bellwether for global growth as its international trade dwarfs its domestic economy.
