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Saudi Arabia, Tunisia Sign 7 MoUs in Various Fields

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
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Saudi Arabia, Tunisia Sign 7 MoUs in Various Fields

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday at the Tunisian Union of Industry, Commerce, and Crafts (UTICA) headquarters in Tunis.

Over 100 Saudi businessmen and government officials from both countries were present.

The event is designed to scale up partnerships between businesses.

This forum is being held along with the 11th session of the Tunisian-Saudi Joint Committee meeting.

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef signed seven memoranda of understanding with Tunisian Interim Minister of Economy and Planning Sihem Boughdiri Nemsia on the sidelines of the 11th session of the Committee meeting.

The MoUs, which aim at enhancing Saudi-Tunisian cooperation in various fields, were signed in the presence of the Kingdom’s Ambassador to Tunisia, Dr. Abdulaziz bin Ali Al-Saqr.

Two of the MoUs were about agricultural scientific research and environment protection between the Saudi Ministry of Environment, Water, and Agriculture and the Tunisian Ministry of Agriculture, Water Resources and Fisheries, as well as the Ministry of Environment.

Another MoU was on industrial cooperation between the Saudi Ministry of Industry and Mineral Resources and the Tunisian Ministry of Industry and Energy. Alkhorayef and Nemsia also signed an MoU in tourism between their two countries.

In labor, another MoU was also signed between the Saudi Ministry of Human Resources and Social Development and Ministry of Vocational Training and Employment of Tunisia, along with another one in climate and meteorology between the Saudi National Center for Meteorology and its counterpart of Tunisia.

The Saudi non-oil exports to Tunisia during the third quarter of 2023 amounted to SAR513.42 million, with chemicals, polymers, packaging, and building materials being the most products the Kingdom has exported to Tunisia, while the volume of Saudi non-oil imports from Tunisia reached SAR206.59 million, topped by food products and textiles, heavy machinery and electronics.

The Saudi Industrial Development Fund’s contribution to financing joint projects in Tunisia amounted to SAR3.8 million, the value of the contribution to financing one project.

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Business

SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.