Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his official visit to China, which lasted for eight days, during which he met with Chinese ministers, officials, and investors, SPA said on Tuesday.

He visited companies and factories in four Chinese cities, chairing the Kingdom’s delegation, which participated as a guest of honor in the conference of China and Arab countries.

During his visit, Al-Khorayef met with the Minister of Industry and Information Technology of the People's Republic of China, Jin Zhuanglong, and discussed with him the ways for enhancing cooperation and partnership between the two countries in the industrial sector, exchanging expertise and technology, and expanding mutual investment opportunities between the two nations.

He also met with the Chinese Minister of Natural Resources, Wang Guanghua, and Li Jinfa, the vice president of China Geological Survey, and discussed with them the opportunities and challenges facing the mining sector and enhancing cooperation to increase growth in the mining and metals industry in the region.

The industry minister also discussed with the President of China Mining Association (CMA), Peng Qiming, and the Director of the China Nonferrous Metals Industry Association, GE Honglin, the efforts to promote economic growth and infrastructure development in the mining sector.

Khalid Al-Salem, the president of the Royal Commission for Jubail and Yanbu, Khaled Al-Mudaifer, the vice minister for mining affairs, and several leaders of the industry and mineral wealth system accompanied the minister of industry and mineral resources during his visit.

The visit aims to discuss many issues of interest to the countries, especially in the industrial and mining sectors, and to expand the horizons of strategic cooperation between the two friendly countries.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.