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Latvia prioritizes Saudi Arabia as a key market, confirms minister for economics

RIYADH: Latvia is eager to strengthen trade ties with Saudi Arabia, allowing Latvian companies to contribute to the Kingdom’s Vision 2030 social reform and economic diversification agenda, Ilze Indriksone, Latvia’s minister for economics, has told Arab News. Speaking after the conclusion of the Saudi-Latvian Business Forum in Riyadh earlier this month, Indriksone emphasized the need to expand economic cooperation, boost bilateral trade, and increase investment in research, development and technology. 

Egypt seeks to join BRICS, confirms Russian ambassador

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 

Russian-UAE Economic Cooperation Praised at SPIEF

ST. PETERSBURG: Russian firms are keen to develop further ties with the UAE, the country’s deputy prime minister has insisted in a speech lauding economic links between the two nations. Speaking at the St. Petersburg International Economic Forum, Denis Manturov — also Russia’s industry and trade minister — noted the special nature of Russian-Emirati relations, which includes strong ties of friendship and a rich history of cooperation based on the principles of mutual respect and trust.

“China’s May Industrial Output Up by 3.5%”

BEIJING: China’s economy stumbled in May with industrial output and retail sales growth missing forecasts, adding to expectations that Beijing will need to do more to shore up a shaky post-pandemic recovery. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come.

Bank of China to launch in Riyadh in 2021, confirms official

RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq. It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.

May sees 19% increase in container volume at Saudi ports

RIYADH: The number of containers handled at Saudi ports surged 18.8 percent during May. The volume of standard containers handled across the Kingdom reached 709,944 as compared to 597,617 in the same month in the previous year, the Saudi Ports Authority said in a statement on Tuesday. The authority said outbound containers rose by more than 28 percent to 224,720 in May, from 175,320 in the prior-year period. The number of inbound containers also increased 36 percent to 236,360, compared to 173,820 containers during the same month in the previous year.

Saudi-US Trade Surges by 39% in 2022: Report

RIYADH: Oil and fertilizer exports helped Saudi Arabia record a 39 percent surge in trade with the US in 2022, demonstrating strengthening ties between the two nations.   According to a report by the US-Saudi Business Council, the total trade value reached SR130 billion ($34.7 billion), fueled by both an uptick in Saudi oil exports and a record-breaking non-oil trade. Notably, non-oil exports from Saudi Arabia to the US in 2022 touched SR10.1 billion, marking a 10 percent increase from the previous year.

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