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Saudi Fund for Development Inaugurates Al-Fateh Street Development Project in Bahrain

The inauguration was attended by several Bahraini ministers and senior Saudi and Bahraini officials. (SPA)
The inauguration was attended by several Bahraini ministers and senior Saudi and Bahraini officials. (SPA)
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Saudi Fund for Development Inaugurates Al-Fateh Street Development Project in Bahrain

The inauguration was attended by several Bahraini ministers and senior Saudi and Bahraini officials. (SPA)
The inauguration was attended by several Bahraini ministers and senior Saudi and Bahraini officials. (SPA)

Saudi Arabia and Bahrain inaugurated on Thursday the “Al-Fateh Street” development project in Bahrain.

The inauguration was held in the presence of Bahrain’s Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa, Bahrain’s Deputy Prime Minister Sheikh Khalid bin Abdullah Al Khalifa, and Chief Executive Officer of the Saudi Fund for Development (SFD). Sultan Al-Marshad.

The SFD contributed in financing the project through a grant provided by Saudi Arabia to Bahrain.

The inauguration was attended by several Bahraini ministers and senior Saudi and Bahraini officials.

The project will play a key role in reducing traffic along the Al-Fateh Street network. Additionally, it will contribute towards promoting greater investment opportunities in Bahrain, while stimulating the economy.

SFD has collaborated closely and effectively with the Bahraini Ministry of Works to realize the project that will accommodate approximately 140,000 vehicles per day.

Al-Fateh Street is as an essential component of Bahrain’s transportation network.

The project was inaugurated as part of the ongoing development cooperation between the two kingdoms that have been ongoing since 1976.

Over the years, SFD has contributed towards 30 major development projects in Bahrain, across diverse sectors including energy, transportation, communications and social infrastructure.

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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)

The value of Saudi private sector exports financed by commercial banks through documentary credits (both settled and open) grew by 21.1% year-on-year, reaching SAR 40.4 billion ($10.8 billion) in the third quarter of 2024. This represents an increase of over SAR 7 billion ($1.9 billion) compared to SAR 33.3 billion ($8.9 billion) in the same period in 2023.

According to the Saudi Central Bank’s October statistical bulletin, the Gulf Cooperation Council (GCC) emerged as the leading importer by value, accounting for SAR 26 billion ($7 billion), which represents 64% of total exports. Arab countries followed, importing goods worth SAR 7.7 billion ($2 billion), or 19.1% of the total.

On a quarterly basis, exports financed through documentary credits grew by 35%, rising by more than SAR 10 billion ($2.7 billion) compared to SAR 30 billion ($8 billion) in the second quarter of this year.

The composition of exports showed that “other industrial products” accounted for 79% of the total value of documentary credits, amounting to SAR 31.9 billion ($8.5 billion). Exports of “chemical and plastic materials” made up 19% of the total, valued at SAR 7.6 billion ($2 billion), while “agricultural and livestock products” contributed 2.3%, exceeding SAR 911 million ($243 million).

The Saudi Central Bank’s October bulletin also highlighted a decline in total assets, which stood at SAR 1.8 trillion ($477 billion), down by SAR 80.3 billion ($21.4 billion) compared to September. However, on a year-on-year basis, total assets rose by SAR 27.5 billion ($7.3 billion) compared to October 2023.

The Central Bank’s investments in foreign securities increased by 3% in October, surpassing SAR 1 trillion ($266 billion), compared to SAR 986.8 billion ($262 billion) during the same period last year.

The total reserve assets of the Central Bank grew by 2.19% year-on-year, reaching SAR 1.63 trillion ($433.8 billion) by the end of October, compared to SAR 1.59 trillion ($423 billion) in October 2023. However, reserve assets dropped by 4.7% month-on-month, falling from SAR 1.71 trillion ($455 billion) in September.

Saudi Arabia’s reserve assets include investments in foreign securities, foreign currency deposits, reserves with the International Monetary Fund, Special Drawing Rights, and monetary gold.