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Saudi economy receives $8bn financing from National Development Fund in Q1

RIYADH: Saudi Arabia’s industrial sector and small and medium enterprises were among the key beneficiaries of the Kingdom’s National Development Fund which provided over SR30 billion ($8 billion) funding support in the first quarter of 2023.    The funding was allocated through a number of cooperation agreements and financing support for various economic sectors with an aim to achieve the social, economic and cultural goals envisioned in the Kingdom’s Vision 2030.  
Business

UAE’s Local Value Projects Boosting Billions for Domestic Companies

ABU DHABI: More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries. Speaking at the Make in the Emirates Forum, Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.
Business

Qatar’s April Trade Surplus Reaches $6 Billion

RIYADH: Qatar recorded a trade surplus of 22 billion Qatari riyals ($6 billion) in April 2023, according to a report released by the country’s Planning and Statistics Authority.   The data reflects a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.   The value of merchandise imports during April 2023 also fell 6.3 percent from the previous year and 9.3 percent from the last month to reach an estimated 8.7 billion riyals.  
Business

Saudi-Iraq to Create Economic Zone to Increase Trade

JEDDAH: Saudi Arabia and Iraq on Thursday signed a raft of agreements to boost economic cooperation and develop a special economic zone. The deals were signed during the fifth session of the Saudi-Iraqi Coordination Council in Jeddah. The two sides agreed to identify economic opportunities to boost bilateral trade and investments in various sectors. Following the session, Saudi Commerce Minister Dr. Majid Al-Qasabi said the meeting was an affirmation of the brotherly relations between the two countries and aimed to strengthen the strategic partnership.
Business

Saudi Arabia’s Merchandise Exports Increase to $28 Billion, Up 4.4%

RIYADH: Saudi Arabia's total merchandise exports rise by 4.4 percent in March to SR106.1 billion ($28.29 billion), compared to SR101.1 billion in the previous month, according to the latest report released by the General Authority for Statistics.  The report, however, noted that the Kingdom's overall merchandise exports fell 25.3 percent year-on-year in March, as the value of exports amounted to SR142 million in the same month of 2022. 
Business

Saudi Industrial Sector Attracts $144 Billion in Foreign Joint Investments

RIYADH: Saudi Arabia is rapidly expanding its industrial sector with foreign and joint investments totaling more than SR542 billion ($144 billion), as the Kingdom continues to diversify its economy.   This value represents 37 percent of the total investment seen in the industrial sector, the Saudi Press Agency reported.   The number of factories with foreign investment in the Kingdom has reached 930, accounting for 9 percent of the total number of factories, the report added.  
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NNPC and Golar sign MoU for floating gas plant in Nigeria

Africa's biggest oil producer holds some of the world's biggest gas reserves and is seeking investment in the sector.
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