عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Minister of Commerce Chairs 18th Session of Saudi-Egyptian Joint Committee

The meeting was chaired by Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and Egyptian Minister of Industry and Trade Ahmed Samir. (SPA)
The meeting was chaired by Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and Egyptian Minister of Industry and Trade Ahmed Samir. (SPA)
TT
TT

Saudi Minister of Commerce Chairs 18th Session of Saudi-Egyptian Joint Committee

The meeting was chaired by Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and Egyptian Minister of Industry and Trade Ahmed Samir. (SPA)
The meeting was chaired by Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and Egyptian Minister of Industry and Trade Ahmed Samir. (SPA)

The 18th session of the Saudi-Egyptian Joint Committee concluded in Riyadh on Monday.

The meeting was chaired by Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and Egyptian Minister of Industry and Trade Ahmed Samir.

Al-Qasabi stressed Saudi Arabia's keenness to strengthen trade relations with Egypt through the exchange of visits between the private sectors, holding trade exhibitions to promote opportunities and increase the Kingdom's exports to Egypt.

Trade volume between Riyadh and Cairo reached around $11.8 billion until November 2023, with metal products, plastics, and their derivatives being the most prominent commodities exported to Egypt. Metal products and fruits were recorded as the most notable imported commodities.

The 18th session of the Saudi-Egyptian Joint Committee aligns with the strategic approaches of the two countries that aim to address challenges through periodic meetings with concerned parties. These meetings follow up on the implementation of recommendations and oversee the committee's work.

Most Viewed

 
 
Business

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.