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.



Qatar Records Budget Surplus of $713 Mln in Q2 

15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
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Qatar Records Budget Surplus of $713 Mln in Q2 

15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)
15 December 2022, Qatar, Doha: Three men stand in front of the skylines in Doha. (dpa)

Qatar recorded a budget surplus of 2.6 billion riyals ($713.31 million) in the second quarter of 2024, the Finance Ministry said on Wednesday, adding it would use it to reduce public debt.

The Gulf state, among the world's biggest exporters of liquefied natural gas (LNG), posted a surplus of 2 billion riyals in the first quarter.

Total revenue for the second quarter was down 12.4% compared to the prior year period, at 59.9 billion riyals, the ministry said, after weaker demand curbed international gas prices.

Spending in the quarter fell almost 2% to 57.3 billion riyals, year-on-year.

The entire surplus would go towards lowering Qatar's public debt, leaving no cash surplus, the ministry said.

Like regional peers, Qatar has accelerated efforts to diversify economic sectors and revenue streams, but remains reliant on gas revenue for government income.

In December it forecast that oil and gas revenue would fall by 14.5% in 2024 while non-oil revenue is expected to rise by about 2.4%.