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Saudi Arabia to Implement Project that Improves Procedures for Customs Exemptions

The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
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Saudi Arabia to Implement Project that Improves Procedures for Customs Exemptions

The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)

The Saudi government is currently working on a project to improve procedures for customs exemptions and empower the industrial sector by raising the level of competitiveness of national products.

According to information obtained by Asharq Al-Awsat, the Ministry of Industry and Mineral Resources informed all private sector establishments that it is preparing a project to improve customs exemption procedures.

In an effort to survey and collect the companies’ views, the ministry launched a service via the Senaei Platform to receive proposals on the list of customs items that have been restricted and exempted from duties related to industry inputs.

The ministry asked all establishments to submit their views regarding the lifting of restriction on the existing items, by filling out the survey via the Senaei platform, in order to be able to complete work on the project, with the aim to empower the private sector by raising the level of competitiveness of national products.

The Saudi government is working to achieve an industrial economy that attracts investment that contributes to promoting economic diversification and developing domestic product and non-oil exports, in line with the goals of Vision 2030.

In October 2022, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs Prince Mohammed bin Salman launched the National Strategy for Industry, which focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom.

The strategy identified more than 800 investment opportunities worth one trillion riyals ($266.6 billion), constituting a new chapter of sustainable growth for the sector, which is expected to achieve ambitious economic returns by 2030.

The strategy includes increasing the industrial domestic product by about threefold, and the value of exports to reach SAR 557 billion ($148.5 billion).

The National Industrial Strategy also works to bring the total value of additional investments in the sector to SAR 1.3 trillion ($346.6 billion), and to increase exports of advanced technical products by about six times, in addition to creating tens of thousands of high-value, specific jobs.

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Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
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Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)

The Turkish Central Bank's total reserves fell by another $1.5 billion last week, according to bankers' calculations, after having dropped by double-digits in the week of October 24.

According to the calculations, which were based on the central bank's leading indicators, gross reserves fell to $184 billion, while net reserves rose by $1.5-2 billion to stand at $69.5 billion.

The decline in global gold prices caused a drop of $1 billion last week, after having caused a decrease of more than $5 billion the previous week.

Bankers calculated that the central bank, which sold $5.5 billion in foreign currency the previous week, bought $1.5 billion in foreign currency last week. Official data is expected to be announced on Thursday.

Business

Libya Considers Raising Oil Output to 1.6 Mln bpd Next Year, Oil Minister Says

Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Libya Considers Raising Oil Output to 1.6 Mln bpd Next Year, Oil Minister Says

Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Libya is considering raising its oil output to 1.6 million barrels per day next year, and 1.8 million bpd in 2027, the country's Oil Minister Khalifa Abdulsadek said on Tuesday.

"We have a mission to increase oil output to 2 million bpd in the next 5 years", the minister said at the ADIPEC energy conference in Abu Dhabi, adding that production is currently around 1.4 million bpd, reported Reuters.

Business

Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)
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Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)

Asharq Al-Awsat has learned that Saudi Arabia has extended the authority of its Minister of Finance to grant exemptions from certain provisions of the Government Tenders and Procurement Law in cases where applying those provisions is not feasible under revenue-sharing arrangements.

The three-year extension is intended to encourage innovative financing mechanisms and expand public-private partnerships (PPPs) as part of the Kingdom’s economic transformation.

The revenue-sharing model is a modern contractual approach that enables government entities to collaborate with the private sector in delivering goods or services. Under this model, projects are funded entirely through revenues generated by their operations, rather than through direct allocations from the state budget.

The approach seeks to harness private-sector expertise and achieve maximum value for public funds.

Because some contracts under this model may require adjustments or exemptions from certain procurement rules, the extension authorizes the finance minister to review and approve such exemptions on a case-by-case basis after assessing their necessity and justification.

According to Asharq Al-Awsat sources, the government has also instructed the minister, in coordination with relevant agencies, to explore alternative mechanisms for processing exemption requests before the end of the extension period.

The decision was based on a recommendation from the Council of Economic and Development Affairs, which also tasked the finance ministry with continuing to coordinate with related government entities to ensure that exemptions align with national policy and regulatory frameworks.

Under the law, the Minister of Finance has the authority to approve new contracting and procurement mechanisms, standardized tender documents, and evaluation criteria. The minister may also extend the implementation period of the law by one year if government entities require more time to achieve full readiness for compliance.

The law further authorizes the minister to decide on maintaining exemptions related to Vision 2030 programs, provided that such recommendations are submitted jointly with the Strategic Management Office to the government at least six months before the end of the extension, along with proposals for future oversight.

The Government Tenders and Procurement Law aims to regulate contracting procedures, prevent conflicts of interest, protect public funds, and ensure fair competition and value for money in public projects. It reinforces transparency, integrity, and equal opportunity among bidders, while supporting economic growth and good governance.

To boost these efforts, the government established the Local Content and Government Procurement Authority (LCGPA) to strengthen local industries, increase the national economic impact of public procurement, and promote sustainable development.