Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
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Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)

Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC) Dr. Majid bin Abdullah Al-Qasabi met with Korean Minister of Land, Infrastructure and Transport Dr. Sangwoo Park in Seoul on Wednesday at the conclusion of his visit to South Korea.

The meeting, attended by Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan, discussed the Kingdom's Vision 2030, economic and development reforms, cooperation and partnership opportunities, and the exchange of expertise, particularly in priority sectors.

During his visit, Dr. Al-Qasabi visited the Samsung Innovation Museum in Suwon and held a meeting with the Global President of Public Affairs, Seung-Hee Park, and senior executives of the company to explore cooperation opportunities and prospects presented by Vision 2030 and its economic and developmental reforms.

The minister met with the CEO of SK Telecom, Ryu Young-sang, to discuss potential cooperation opportunities that the company could offer to the Kingdom's ongoing projects.

The visit included meetings with several Korean officials, including the prime minister, minister of trade, industry, and energy, minister of small and medium enterprises and startups, minister of trade, and head of environmental, social and governance standards at Naver, to boost trade relations and economic partnership.

Al-Qasabi participated in the Saudi-Korean Business Forum organized by the National Competitiveness Center, the Federation of Saudi Chambers of Commerce, and the Korean Chambers of Commerce and Industry. The Saudi delegation at the event included representatives from various government entities and business leaders from major national companies.

The forum sought to strengthen trade relations in various priority economic sectors and discuss challenges faced by the private sector, as well as proposals for bolstering business opportunities.



Saudi Arabia: Real GDP Grew by 4.4% in Q4 of 2024

GDP achieved a growth rate of 4.4% compared to the same period of the previous year
GDP achieved a growth rate of 4.4% compared to the same period of the previous year
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Saudi Arabia: Real GDP Grew by 4.4% in Q4 of 2024

GDP achieved a growth rate of 4.4% compared to the same period of the previous year
GDP achieved a growth rate of 4.4% compared to the same period of the previous year

Saudi Arabia’s General Authority for Statistics (GASTAT) issued flash estimates of the real Gross Domestic Product (GDP) for the fourth quarter of 2024, saying it achieved a growth rate of 4.4% compared to the same period of the previous year.

This marked the highest growth rate in the last two years driven by the main economic activities.

The estimates also showed that non-oil activities achieved a growth rate of 4.6%, oil activities of 3.4%, and government activities of 2.2%, compared to the same period of the previous year.

Additionally, the seasonally adjusted real GDP increased by 0.3% in the fourth quarter of 2024 compared to the third quarter of the same year.