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Aljadaan Heads Kingdom's Delegation to Saudi-Chinese Meetings in Beijing

Saudi Minister of Finance Mohammed Aljadaan. SPA
Saudi Minister of Finance Mohammed Aljadaan. SPA
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Aljadaan Heads Kingdom's Delegation to Saudi-Chinese Meetings in Beijing

Saudi Minister of Finance Mohammed Aljadaan. SPA
Saudi Minister of Finance Mohammed Aljadaan. SPA

The Saudi Minister of Finance, Mohammed Aljadaan, heads the Kingdom's delegation participating in the two-day Saudi-Chinese meetings to be held on Monday in Beijing.

The Saudi delegation includes the Vice Minister of Finance Abdulmuhsen Alkhalaf, as well as officials from the Ministry of Finance; the National Center For Privatization (NCP); the Saudi Central Bank (SAMA); the Saudi Capital Market Authority (CMA); the Zakat, Tax and Customs Authority (ZATCA); the National Development Fund (NDF); the Saudi Fund for Development (SFD); and the National Infrastructure Fund.

Aljadaan and the Chinese Minister of Finance, Lan Fo'an, will co-chair the third meeting of the Financial Sub-Committee for the High-level Chinese-Saudi Joint Committee.

Aljadaan will also participate in a roundtable meeting organized by the Saudi National Center for Privatization in cooperation with the Industrial and Commercial Bank of China.

Alkhalaf and the Chinese Vice Minister of Finance, Liao Min, will co-chair a roundtable meeting hosted by the Chinese Ministry of Finance, and organized by China Development Bank (CDB) and China Investment Corporation (CIC).

Aljadaan will also meet with several Chinese ministers, officials, and investors to discuss the latest economic and financial developments, topics of common interest, as well as investment opportunities in Saudi Arabia in light of Saudi Vision 2030.

These meetings come as an extension of efforts to strengthen cooperation and enhance relations between Saudi Arabia and China in various fields to promote global economic growth.

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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)
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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.