Saudi-GCC trade grows by 13pc in Q4
The General Authority for Statistics has published a preliminary report on international trade for Q4 2023, revealing a 13 percent increase in the volume of trade exchange between the Kingdom and Gulf Cooperation Council (GCC) countries compared to the same period the previous year.
The trade value escalated by about SR6.36 trillion, reaching SR55.58 trillion in Q4 2023, up from SR49.22 trillion in Q4 2022.
Saudi Arabia’s trade balance with the GCC nations recorded a surplus of approximately SR13.03 trillion. The total exports to the GCC countries stood at roughly SR34.31 trillion in Q4 2023, constituting about 11.5 percent of the Kingdom’s total exports to all countries, which amounted to approximately SR297.90 trillion.
Non-oil business activity in Saudi Arabia and UAE rose sharply in Feb
Business activity in the non-oil private sector economies of Saudi Arabia and the UAE expanded at a brisk pace in February, with the pace of growth hitting an almost five-year high in the Emirates, the Arab world’s second-largest economy.
The seasonally adjusted Riyad Bank purchasing managers’ index – a benchmark gauge of the kingdom’s non-oil economy – rose to 57.2 in February, from 55.4 in January, staying well above the neutral 50 mark that separates growth from contraction.
The rise signals a marked improvement in operating conditions across the kingdom’s non-oil private sector economy, as the rate of growth hit its highest level since September 2023.
New acceleration program for women-led startups launched in UAE
The UAE Ministry of Economy and the European Women Association (EWA) have launched the ‘Investment Readiness Acceleration’ program. This initiative aims to empower startups led by women by equipping them with the necessary skills to navigate new sectors, secure funding, and effectively communicate their vision to investors.
The program was officially launched at a ceremony held at the Dubai Multi Commodities Centre, and it was attended by Abdullah Ahmed Al Saleh, undersecretary of the UAE Ministry of Economy, as well as representatives and leaders from both the government and private sectors who support the UAE’s entrepreneurship ecosystem.
Qatar pledges €10 billion for key sectors of French economy on state visit
The investments “to the mutual benefit of both countries”will target key sectors ranging from energy transition, semiconductor, aerospace, artificial intelligence, digital, health, hospitality and culture, it added.
The investment was announced as Sheikh Tamim bin Hamad Al-Thani, Qatar’s ruling emir, started a two-day visit to France on Tuesday, his first state visit to the country since his accession to the throne in 2013.
Saudi Arabia mulls investment office in Brazil
The Saudi government announced on Tuesday that it is considering opening an office of its Investment Ministry in Sao Paulo, with the aim of boosting trade and business with Brazil.
The announcement was made during the Brazil Saudi Arabia Conference, which gathered a delegation of around 70 Brazilian businesspeople and officials, Saudi Deputy Investment Minister Ibrahim Al-Mubarak and the executive director of the ministry, Waleed Al-Rubaie. The event program included a visit to the Saudi Public Investment Fund.
Joao Doria Neto, president of the business group LIDE, which is overseeing the Brazilian delegation, told Arab News that the two countries “have a solid commercial relationship” with opportunities for “successful partnerships.” Bilateral trade last year reached $6.7 billion.
At the conference, “we were able to understand the countless possibilities for bilateral business,” he said.
At the end of last year, Brazil’s President Luiz Inacio Lula da Silva visited Riyadh and was welcomed by Saudi Crown Prince Mohammed bin Salman.
On Monday, Embraer Vice President Caetano Spuldaro, who is part of the delegation, said he wants the Kingdom to be a hub for his aviation company in the Middle East.
He added that he is negotiating the sale of 30-50 C-390 defense aircraft to the Saudi Royal Air Force.
Diez’s economic zones record 64.6pc profit surge
The operating profits of the Dubai Integrated Economic Zones Authority surged year-on-year by 64.6 percent in 2023, underscoring DIEZ’s pivotal impact on the Dubai economy.
DIEZ, which oversees the operations of three economic zones, including the Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity, has seen the market value of its net assets exceeding Dh20.8 billion in 2023.
DIEZ said it succeeded in reinforcing growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues. “These figures underscore the role of DIEZ as a key contributor to Dubai’s economy. Economic zones overseen by DIEZ have seen an increase of 15.3 percent in companies registered under their umbrella. The total number of personnel working in DIEZ economic zones saw a marked rise of 30.5 percent to reach 70,000,” the economic zones authority said in a statement.
Kuwait government spent over $4bln on economic projects in 9 months
Ministry of Finance data revealed that the government spent about 1.5 billion dinars on projects and economic affairs during the first 9 months of the 2023-2024 fiscal year, representing 52.5 percent of the total 2023-2024 budget allocations for those projects, which amounted to 2.9 billion dinars, leaving about 1.1 billion dinars of the approved amount remaining.
The data showed that expenditures made on various development projects amounted to 1.9 million dinars, representing 32.2 percent of the estimated expenditures, while the government spent about 10.1 million dinars in economic aid to foreign parties, representing 9.2 percent of the appropriations estimated at approximately 110.2 million dinars.