Day: August 24, 2022

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GASTAT: Non-oil merchandise exports in Saudi Arabia increase by 26.8% in June 2022

Riyadh– The General Authority for Statistics (GASTAT) issued today the International Trade Publication in Saudi Arabia for the month of June 2022, on its official website www.stats.gov.sa

Accordioning to the data contained in this publication, the value of merchandise exports in Saudi Arabia during June 2022 reached (SAR 148 billion) one hundred and forty-eight billion riyals, compared to (SAR 84 billion) eighty-four billion riyals during June 2021, with an increase of (SAR 64 billion) sixty-four billion riyals, a percentage of 75.2%.

The publication results indicated that the value of oil exports during June 2022 reached (SAR 118 billion) one hundred and eighteen billion riyals, compared to (SAR 61 billion) sixty-one billion riyals during June 2021, with an increase of (SAR 57 billion) fifty-seven billion riyals, a percentage of 94.1%.

According to the publication results, the value of non-oil exports (including re-exports) during June 2022 reached (SAR 30 billion) thirty billion riyals, compared to (SAR 24 billion) twenty-four billion riyals during June 2021, with an increase of (SAR 6 billion) six billion riyals, a percentage of 26.8%.

The value of merchandise imports in Saudi Arabia during June 2022 reached (SAR 60 billion) sixty billion riyals, compared to (SAR 47 billion) forty-seven billion riyals during June 2021, with an increase of (SAR 13 billion) thirteen billion riyals, a percentage of 28.9%.

On the other hand, the merchandise exports in Saudi Arabia during the second quarter of 2022 reached (SAR 430 billion) four hundred and thirty billion riyals, compared to (SAR 232 billion) two hundred and thirty-two billion riyals during the second quarter of 2021, with an increase of (SAR 198 billion) one hundred and ninety-eight billion riyals, a percentage of 85.1%. The value of oil exports during the second quarter of 2022 reached (SAR 344 billion) three hundred and forty-four billion riyals, compared to (SAR 166 billion riyals) one hundred and sixty-six billion riyals during the second quarter of 2021, with an increase of (SAR 178 billion) one hundred and seventy-eight billion riyals, a percentage of 106.5%. The non-oil exports (including re-exports) during the second quarter of 2022 reached (SAR 86 billion) eighty-six billion riyals, compared to (SAR 66 billion) sixty-six billion riyals during the second quarter of 2021, with an increase of (SAR 20 billion) twenty billion riyals, a percentage of 31.0%.

The value of imports during the second quarter of 2022 reached (SAR 171 billion) one hundred and seventy-one billion riyals, compared to (SAR 140 billion) one hundred and forty billion riyals during the second quarter of 2021, with an increase of (SAR 31 billion) thirty-one billion riyals, a percentage of 21.7%

GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It carries out all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, in addition to documenting and archiving all works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. Data are written, classified, and analyzed; their indicators are extracted as well.

Source: Saudi Press Agency

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Saudi Industrial Development Fund Joins European Foundation for Quality Management

Riyadh– The Saudi Industrial Development Fund (SIDF) has joined the European Foundation for Quality Management (EFQM), where this membership is considered part of the fund’s efforts to apply quality and excellence programs and the journey to achieve institutional and digital transformation that commenced in 2018, in addition to applying the best international standards and practices in the corporate work to enable clients to benefit from SIDF’s products and services easily.

SIDF’s benefits from this membership include applying corporate work systems, developing operations and their governance and applying the best practices that would positively reflect on employees, which, consequently, would improve performance levels and boost the fund’s benefits through attending EFQM’s conferences and symposiums and facilitating the exchange of information and expertise among members.

The membership will also contribute to highlighting the fund’s efforts and endeavors towards realizing excellence and benefiting from the tools necessary to realize the highest performance levels and preserve them, in a bid to meet or exceed the expectations of all partners and beneficiaries and compete for global excellence awards.

EFQM is a not-for-profit membership foundation of public and private sectors, which was established in 1989 and comprises more than 500 members from various institutions representing more than 55 countries from over 50 sectors.

Source: Saudi Press Agency

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Jeddah Islamic Port Enhances Trade Movement with Morocco through 6 Navigation Lines, Services

Riyadh– The Jeddah Islamic Port has effectively contributed to enhancing the trade movement with Morocco and supporting Saudi exports through 6 main navigation lines and basic services that played a role in increasing the trade exchange volume by 117%.

This is part of strategic goals adopted by Saudi Ports Authority (Mawani) to contribute to increasing the competitiveness of Saudi ports at the investment and logistical services levels and providing necessary support for importers and exporters, in line with the National Transport and Logistics Strategy to connect the Kingdom of Saudi Arabia’s ports with the world and instilling its location as a global hub connecting three continents.

The Jeddah Islamic Port is considered a launch point to Moroccan ports due to its location within the scope of the global marine network on the Red Sea and enjoying huge operational characteristics, especially that it owns 4 stations, 62 multi-purpose berths with depths ranging between 7.5 meters and 18 meters, with a total area of 12.5 square kilometers and a total capacity of around 130 million tons.

The Jeddah Islamic Port is considered the first port on the Red Sea in terms of transit marine trade and container transshipment and goods, as it succeeded in 2021 to handle 60,589,238 tons of goods and 4,883,627 containers, while the number of transshipped containers totaled 2,758,491 in the same year.

Source: Saudi Press Agency

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Saudi Stock Exchange Main Index Ends Trading Higher at 12443.77 Points

Riyadh– Saudi Stock Exchange’s main index ended trading higher here today, gaining 23 points to close at 12443.77 points.

The total value of the trading reported was SAR 5.7 billion, while the toll of shares traded was 153 million, divided into over 347,000 deals.

The Saudi Parallel Market Index (NOMU) ended the day gaining 71.41 points, to close at 21633.99 points, with a valuation of SAR 74 million and an overall tally of more than 1,000,000 stocks traded and divided into as many as 4698 deals.

Source: Saudi Press Agency

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Tunisian Stock Exchange Closes Higher

Tunis– The main index of the Tunisian Stock Exchange “Tonandex” closed today’s trading with an increase, 0.06% higher, to reach 7,917.25 points.

The total amount of trading reached 1.994 million Tunisian dinars. The shares of 18 companies advanced, while 22 companies declined, and 20 companies remained steady.

Source: Saudi Press Agency

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Communication and Financial Knowledge Center Holds Webinar on Readings from IMF Staff Statement

Riyadh– The Communication and Financial Knowledge Center (Mutamam) has held a webinar titled “Readings from the International Monetary Fund (IMF) Staff Statement”.

The webinar was attended by Assistant Undersecretary of the Ministry of Finance for the Development of Financial Policies Abdulwahab Al-Babtain; Assistant Undersecretary of the Ministry of Finance for Macroeconomic Policy Analysis Dr. Abdulelah Al-Rashidi; Economist in the IMF’s Middle East and Central Asia Department Dr. Sidra Rehman; and Economic Analyst Dr. Mohamed Makni.

It is worth mentioning that this webinar comes as part of a series of meetings held by the Communication and Financial Knowledge Center (Mutamam) to spread financial and economic knowledge

Source: Saudi Press Agency

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Ministry of Industry and Mineral Resources Announces Three Finalists for License to Explore Mining Opportunities at the Country’s Largest Site to Date

Riyadh– The Saudi Ministry of Industry and Mineral Resources (MIM) today announced the final three competitors for a mining exploration license for the Kingdom’s largest site made available to date, Khnaiguiyah, which is approximately 175 kilometers west of Riyadh. The three companies that will now enter the final stage of the license application are: a consortium between Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC, a consortium between Saudi Arabian Mining Company “Maaden” and Ivanhoe Electric Inc. , and a consortium between Moxico Resources Plc, and Ajlan & Bros Mining Company.

MIM received numerous inquiries and 6 world-class proposals from companies around the world seeking to explore the site, and the Ministry is look forward to the third and final stage of the license application process, which will be kicked off on September 4thThe Khnaiguiyah licensing process is an example of how the Ministry has transformed Saudi Arabia’s mining sector by pursuing investment to understand the potential of its geological assets, and creating an overall mining ecosystem that operates efficiently, transparently and fairly. To illustrate, the multi-round auction on a signing bonus will be available for viewing online at:

https://www.youtube.com/channel/UCBdMEHyIRS2VXBLjZrGDoqw/featured

In addition to the elements directly related to exploration and mining experience– and another important demonstration of the Ministry’s transformation efforts and focus on ESG – Bidders competed in their social programs in support of their proposals. This included improvements to the local community healthcare and education facilities, and commitments to create jobs and develop training programs for local residents. The finalists for the Khnaigiuyah licensing round are benefiting from Saudi Arabia’s position as one of the most competitive mining jurisdictions in the world. In addition to the fair and transparent application and review process, the Kingdom offers unrivalled incentives to attract investors across the entire integrated mining value chain. This includes co-funding of up to 75 percent of CAPEX through the Saudi Industrial Development Fund (SIDF), a five-year royalty holiday for miners, and a 30 percent reduction on royalty payments for further downstream processing of production.

It is worth mentioning that the Khnaigiuyah site covers more than 350 kilometers with an estimated resource of around 25 million tonnes of Zinc & Copper Ores, at 4.11% Zn, and 0.56% Cu.

Developing the site will mark an important milestone in transforming the sector into the third pillar of the national economy under the National Industrial Development and Logistics Program and Saudi Arabia’s Vision 2030.

Source: Saudi Press Agency

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Qatar Stock Exchange Closes Higher

Doha– The general index of the Qatar Stock Exchange ended trading higher, gaining 56.66 points, or 0.42%, to reach 13,650.32 points.

The volume of trading during today’s session amounted to 135,281,319 shares, with a value of QAR 504,035,963.570, through 15,233 deals in all sectors.

The shares of 29 companies advanced, while the prices of 13 other companies declined, and two companies maintained their previous closing price.

Source: Saudi Press Agency

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Real Estate Development Fund: SAR 868 million were deposited in Sakani beneficiaries’ accounts for August 2022

Riyadh– The Real Estate Development Fund (REDF) has announced the deposit of SAR 868 million in the accounts of Sakani beneficiaries from the Ministry of Municipal and Rural Affairs and Housing and the REDF for August 2022.

The Real Estate Development Fund CEO, Mansour bin Madi, explained that the total support for this month amounted to SAR 868 million, allocated to support the profits of subsidized real estate financing contracts, noting that the total amount that has been deposited in Sakani beneficiaries’ accounts since the announcement of the Transformation Program in June 2017 until August 2022 amounted to about SAR 40 billion.

Bin Madi added that the diversification of housing support programs confirms that the fund’s keenness to keep pace with the objectives of the Housing Program, one of the programs of the Kingdom’s Vision 2030, aiming at increasing the percentage of Saudi families owning houses to 70% and providing housing and financing solutions, by developing and improving the legislative and regulatory environment for the housing sector in order to enable beneficiaries to own and benefit from suitable houses based on their personal needs and financial capabilities.

Source: Saudi Press Agency

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HRH Crown Prince Launches Infrastructure Works and Master Plan for Rua Al Madinah Project

Madinah– HRH Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF), has inaugurated the infrastructure works and unveiled the master plan for the Rua Al Madinah Project in the area east of the Prophet’s Mosque. The project is being developed and implemented by Rua Al Madinah Holding Company, a PIF company that specializes in development, operation, and real estate investment in Madinah. A part of PIF’s efforts to develop and enable promising sectors, the project is in line with Saudi Arabia’s Vision 2030.

HRH Crown Prince stated that the Rua Al Madinah Project will raise the capacity to facilitate hosting 30 million Umrah pilgrims by 2030. The project will be implemented to the highest international standards in an indication of the continuous support from the Kingdom’s leadership to Madinah to consolidate its position as a modern Islamic and cultural destination. After rehabilitating 1.5 million m2, the project is set to add over 47,000 hotel rooms by 2030, in addition to open spaces and green areas that will enhance the location’s serene ambiance. As much as 83,000 m2 of the project’s master plan will consist of green areas, with open and green spaces comprising 63% of the project’s total land area.

The project has been designed according to the highest international standards and offers many integrated transportation solutions, including nine bus stops for visitors, a metro station, tracks for self-driving vehicles, and underground parking. These are being introduced to facilitate visitor access to the Prophet’s Mosque and will support both residential and commercial activity while helping to create many job opportunities.

The project aims to elevate the city’s status as a modern Islamic and cultural destination for pilgrims. It features modern urban planning and large-scale development projects that will contribute to an increased quality of life by enhancing the comfort and enriching the experience of Madinah’s residents and visitors. The project also seeks to enrich the quality of services provided and boost the hotel inventory of the area on the east side of the Prophet’s Mosque, including in the luxury segment.

Rua Al Madinah Holding Company aims to contribute to achieving the goals of the Hajj, Umrah, and travel sectors outlined in Vision 2030 by enriching the experience of visitors to the city. It also seeks to revive the city’s cultural and architectural heritage, which has been carefully considered throughout the development process. The project showcases many historical monuments that are of huge significance to the legacy of the Prophet and his companions, while the holy city’s unique heritage is reflected in the design of all buildings and facilities.

Rua Al Madinah Holding Company’s strategy is closely aligned with the PIF’s drive to stimulate growth in the Kingdom’s promising vital sectors, in line with the goals of Vision 2030.

Source: Saudi Press Agency

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China Launches Beijing-3B Earth Observation Satellite Into Orbit

Beijing– China successfully launched the Beijing-3B Earth remote sensing satellite using the Long March 2D carrier rocket on Wednesday, Sputnik quoted the China Aerospace Science and Technology Corporation (CASC) as said.

The launch took place at 11:01 local time (03:01 GMT) from the Taiyuan space field located in China’s northern province of Shanxi. The satellite successfully entered the planned orbit, the space agency said.

Beijing-3B will be mainly used to provide telemetry data for such services as land management, agricultural resources research and environmental monitoring.

The flight marked the 434th launch using Long March rocket series.

In 2021, China set a new national record of 55 space launches per year. The previous record of 39 launches was first registered in 2018 and then repeated in 2020. Meanwhile, the record holder for the number of space launches per year is the Soviet Union, with 108 flights registered in 1982. It is followed by the United States with 77 launches in 1966.

Source: Saudi Press Agency

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Flooding Devastates Rural Areas South of Sudan’s Capital

Al Managil, Sudan– After annual rains that have left dozens dead in Sudan, thousands of people in the farming town of Al Managil and surrounding villages have lost homes and property in what they say is the worst flooding in a decade, according to Reuters.

Nationwide, more than 150,000 people have been affected by flooding so far this year, double the number at the same stage of last year’s rainy season, the United Nations says. Almost 34,000 homes have been damaged or destroyed, and authorities say 89 people have died.

By the end of the rainy season, which typically continues in September, the United Nations expects at least 460,000 people to be affected, a higher number than most previous years, due to heavier rains as well as lack of mitigation.

In Al Managil, a farming area about 150 km (90 miles) south of the capital Khartoum lined with overflowing irrigation ditches, Sudanese Red Crescent official Jamal Mustafa said more than 100 villages had been cut off and 10,000 homes had been damaged or collapsed. At least 3,000 people had sought shelter in makeshift camps.

Source: Saudi Press Agency