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“April imports to Saudi Arabia decrease by 16.1% to $15.4bn”

RIYADH: Saudi Arabia’s merchandise imports decreased 16.1 percent to SR57.9 billion ($15.4 billion) in April 2023 compared to SR69 billion in March 2023, according to the latest data released by the General Authority for Statistics.  However, the Kingdom’s merchandise imports increased by 1 percent in April 2023 compared to SR57.3 million in April 2022. According to the report, overall merchandise exports decreased 25.2 percent to SR103 billion in April 2023 compared to SR137.7 billion in the same month last year.
Business

“World Defense Show Expands with More Participating Nations: CEO Announces”

RIYADH: Saudi Arabia’s World Defense Show is set to get bigger in its second edition with a substantial increase in the number of participating countries, according to a top executive. The General Authority for Military Industries recently announced that the second edition of WDS will be held in Riyadh from Feb. 4-8, 2024. Speaking at the Paris Air Show, WDS CEO Andrew Pearcey revealed that Bahrain, Oman, Denmark and Turkiye had joined the event, adding to its growing popularity.
Business

Encouragement for US Businesses to Invest More in Iraq

LONDON: American businesses are being encouraged to increase investment in Iraq as the country looks to move on from decades of devastation. Speaking to journalists, including Arab News, on Tuesday following a trip to Iraq, the special representative for commercial and business affairs at the US State Department said he is “very excited” at the opportunities to be part of the rebuilding of the country.
Business

Al-Falih: Saudi Arabia Plans More Airlines to Meet Demand

RIYADH: Within months of launching Riyadh Air, Saudi Arabia is exploring the possibility of adding more airlines to its growing aviation sector, revealed a top minister.  In an interview with Al-Arabiya on the sidelines of the ongoing Paris Airshow, Saudi Minister of Investment Khalid Al-Falih said that the Kingdom’s aviation sector is witnessing significant growth, necessitating the country to look at the possibility of introducing more airlines to meet the rising demand.  
Business

King Abdullah Port and Tabadul Partner to Enhance Logistics Efficiency

RIYADH: Delivery times for goods passing through King Abdullah Port are set to be reduced after the facility signed a strategic partnership with the Saudi Company for Electronic Information Exchange, known as Tabadul, to develop a digital system to boost the Kingdom’s logistics sector. The two entities signed a contract on Tuesday which will see the port’s Smart Gate System merge with Tabadul’s Truck Management System in a move that will increase efficiency.
Business

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
Business

“French Treasury Official Urges Saudi Arabia to Increase Collaboration for 2030 Goals”

RIYADH: Saudi Arabia and France need to intensify joint work and develop new projects as both countries have a lot of scope for synergy and collaboration under their 2030 investment goals, said a top official of the French Treasury.  Speaking at the France-Saudi Investment Forum, Denis Le Fers, head of bilateral trade relations at the French Treasury, explained that partnership has a central role to play in France 2030. 
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