Day: October 20, 2022

Manama, The Information & eGovernment Authority (iGA) issued its foreign trade report of Third quarter 2022, encompassing data on the balance of trade, imports, exports (national origin), and re-exports.

The value of imports increased by 9%, reaching BD1.471 billion during third quarter 2022 compared to BD1.349 billion for the same quarter the previous year.

The top 10 countries accounted for 71% of the value of imports, with the remaining countries accounting for 29%.

According to the report, China ranked first when it came to imports to Bahrain, with a total of BD213 million, Brazil was second with BD188 million, and Australia was third with BD123 million.

Non-agglomerated iron ores and concentrates emerged as the top product imported into Bahrain with a total value of BD201 million, while aluminum oxide was second with BD113 million, and parts for aircraft engines third with BD78 million.

The value of exports of national origin increased by 6% to BD1.240 billion during third quarter 2022, compared to BD1.174 billion for the same quarter of the previous year.

The top 10 countries in terms of the value of exports of national origin purchased from Bahrain accounted for 77% of the total value, with the remaining countries accounting for 23%.

Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD260 million from Bahrain.

The US was second with BD171 million and the United Arab Emirates third with BD139 million.

Unwrought aluminum alloys emerged as the top products exported during third quarter 2022 with BD455 million, agglomerated iron ores and concentrates was second with a value of BD231 million, and aluminum wire (not alloyed) third with BD53 million.

The total value of re-exports increased by 1% to reach BD177 million third quarter 2022, compared to BD175 million for the same quarter of the previous year.

The top 10 countries accounted for 80% of the re-exported value, while the remaining countries accounted for the 20%.

Saudi Arabia ranked first with BD38 million, the United Arab Emirates second with BD37 million, and United Kingdom third with BD14 million.

Parts for aircraft engines emerged as the top product re-exported from Bahrain with BD31 million, other mountings fittings and the like for vehicles came in second place with BD10 million, and vaccine for human medicine came third with BD9 million.

The trade balance, the difference between exports and imports, recorded a deficit totaling BD54 million during third quarter 2022 compared to BD1 million for the same quarter of the previous year, an improvement of the trade balance by 8739%.

Source: Bahrain News Agency

Dahran, The Saudi Arabian Oil Company (Aramco) today announced the launch of a new program, “Taleed”, which aims to accelerate the growth of Small and Medium Enterprises (SMEs) in Saudi Arabia — helping boost their contribution to economic development and support job creation.

The program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services and business planning.

It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SAR 3 billion (USD800 million). The funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial and social innovation domains.

Aramco is partnering with a wide range of entities to deliver Taleed initiatives, and the Company has signed 30 Memoranda of Understanding (MoUs) with leading public and private partners to enable development of the SME ecosystem.

Aramco President and CEO Amin H. Nasser said: “Aramco has long been committed to supporting the expansion of the Kingdom of Saudi Arabia’s SME ecosystem, which has a critical role to play in Saudi Arabia’s economic development. Through Taleed, we are working with the public sector, as well as private companies and institutions, to further develop the SME ecosystem and promote entrepreneurship. Our aim is to achieve high levels of excellence among SMEs, which in turn supports our own business and the national economy.”

Aramco Senior Vice President of Technical Services Ahmad A. Al-Sa’adi said: “Our Taleed program is a catalyst for change that aims to elevate the contribution of both existing and new SMEs across multiple sectors, in turn promoting job creation and further enhancing the commercial operating environment.”

Taleed will provide SMEs with targeted initiatives, complementing Aramco’s other major programs designed to enhance the Company’s resilient supply chain and the domestic business landscape. These include the Company’s flagship localization program “iktva”, as well as its industrial investments program “Namaat”, advanced product development center LAB7, and entrepreneurship center Wa’ed. These interlinked programs aim to create a supportive environment in which businesses of all sizes can flourish.

The 20 initiatives being offered through Taleed are categorized into three groups:

The first focuses on job-matching upskilled local talent, including a National Vocational Apprenticeship Program and a National Freelancing Program, to provide manpower with relevant skills to companies across Saudi Arabia. The initiative aims to enable thousands of jobs across multiple new or growing industries, including steel plate manufacturing, casting and forging, offshore and subsea diving.

The second focuses on creating business opportunities for SMEs, including the establishment of world-class integrated parks in nine cities across Saudi Arabia targeting untapped fields such as agriculture, artisans and cloud kitchens. Other components include the establishment of a National Artisans Company to address challenges faced by artisans; a Smart Shared Services initiative; a Carbon Utilization National SME Program; Sustainable City Development initiative; Value Chain Services in Agriculture, Livestock and Fisheries initiative; Home Construction Inspection initiative; and Industrial E-Marketplace initiative.

The third focuses on supporting SMEs and enabling the ecosystem. This includes an SME Excellence Program to help SMEs sustain and grow their business, and 150 SMEs have already been enrolled to mark the launch of Taleed. Ultimately, Taleed’s sustainable growth program is expected to benefit as many as 15,000 SMEs annually. Other components include an SME Mentorship program; SME Leadership Development Program; SME Net-Zero Carbon Program; National E-Commerce SME Support Platform; SME Digital Enterprise Solutions initiative; Customized Logistics Solutions for SMEs initiative; Regional SME Association; SME of the Year Awards; and SME Business Hackathon.

Coinciding with Taleed’s launch, a ceremony was held to recognize companies that have demonstrated a commitment to hiring trained Saudi employees and supporting SMEs, academies and institutions working to upskill Saudi talent, as well as outstanding graduates from these institutions.

For more information on Taleed and its initiatives, email Taleed@aramco.com.

Source: Saudi Press Agency

Riyadh, The Saudi Export-Import Bank (Saudi EXIM) revealed that it had approved credit facilities worth SR9.4 billion from the beginning of 2022 until the end of the third quarter, where the share of requests for export credit insurance amounted to approximately SR5.9 billion, in addition to requests for export financing worth SR3.5 billion, which supports export activities in vital sectors including fertilizers, petrochemicals, glass, plastics, iron, and steel.

According to the bank’s recently issued third-quarter performance bulletin, until the end of last September, 37 credit applications had been approved, including 24 for financing and 13 for export credit insurance since the beginning of the year. These credits contribute to supporting export deals to international markets in more than 60 countries around the world including the US, the UK, China, Sweden, India, France, and Pakistan, as well as many Asian, African, European, and South American countries.

These credits came as part of the bank’s efforts to provide more financing and insurance solutions to develop the export of national products and increase export opportunities for non-oil goods and services, increasing their competitiveness in regional and global markets, and enhancing trade exchange between the Kingdom of Saudi Arabia and its partners.

Source: Saudi Press Agency

Rabat, The Arab Industrial Development, Standardization and Mining Organization held here today the works of the 27th session of its general assembly, with the participation of a number of ministers and representatives of the ministries of industry in Arab countries, and representatives of a number of international and regional organizations.

The Kingdom of Saudi Arabia was represented in this session by Vice Minister of Industry and Mineral Resources Eng. Khalid bin Saleh Al-Mudaifer, Director General of the Organizations and International Cooperation Department at the Ministry of Industry and Mineral Resources Eng. Ahmad bin Abdulrahman Al-Suhaili and Member of the Advisory Committee for the Mineral Resources Sector at the Arab Industrial Development, Standardization and Mining Organization Ahmed Fakih.

Source: Saudi Press Agency