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Saudi Arabia’s Non-oil Exports Rise 3.3% in Q1 of 2024

The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
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Saudi Arabia’s Non-oil Exports Rise 3.3% in Q1 of 2024

The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)
The Saudi government continues to support non-oil activities to achieve economic growth (Asharq Al-Awsat)

Saudi Arabia’s non-oil exports recorded an annual increase of 3.3 percent in the first quarter of 2024 compared to the same period in 2023, the General Authority for Statistics (GASTAT) revealed on Thursday.

 

This increase was mainly attributed to a rise in the value of re-exports, which reached SR6.4 billion in March 2024, an 18 percent increase compared to SR5.4 billion in March 2023.

The International Trade Q1 2024 report by GASTAT pointed to positive trends in the Kingdom’s export sector.

The report revealed a significant 19 percent increase in exports of chemical and allied industry products in March 2024 compared to the previous month, reaching a value of SR6.5 billion in March.

Merchandise exports and non-oil exports also rose by five percent and six percent respectively in March, compared to February 2024.

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British-Saudi Sustainable Forum Focuses on Energy, Infrastructure Investments in Saudi Arabia

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
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British-Saudi Sustainable Forum Focuses on Energy, Infrastructure Investments in Saudi Arabia

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)

British investors at the British-Saudi Sustainable Infrastructure Summit in London expressed on Monday keen interest in investing in the renewable energy sector and sustainable infrastructure in the Kingdom of Saudi Arabia.

Their interests align with the Kingdom's Vision 2030 focus on leveraging renewable and green energy for major environmental and sustainability projects.

The forum was organized by the Saudi-British Business Council of the Federation of Saudi Chambers and the City of London Corporation. Taking part were representatives of the Ministry of Investment and over 250 policymakers, industry leaders, senior executives, and public and private sectors representatives from the two countries.

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. It also emphasized the importance of developing sustainable infrastructure projects, financing strategies, and the future of green technologies.

Saudi Arabia and Britain are witnessing growing economic ties, with trade volume reaching approximately SR25.7 billion, reflecting a 13.8% growth. Britain ranks 25th among the Kingdom’s export partners and 10th in terms of imports.