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.



SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
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SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

The total reserve assets of the Saudi Central Bank (SAMA) increased by 5.5 percent in June on an annual basis, to reach SAR 1.754 trillion ($467.5 billion), compared to SAR 1.66 trillion ($442 billion) in the same period of last year, recording their highest levels since November of 2022.
According to SAMA’s monthly statistical bulletin, reserve assets increased slightly on a monthly basis from SAR 1.752 trillion ($467 billion) in May, to SAR 1.754 trillion ($467.5 billion).
The value of financial investments abroad grew by approximately 7 percent, compared to the same period of 2023, to reach SAR 1.01 trillion ($269 billion) after amounting to SAR 950.87 billion ($253 billion), increasing by 1 percent on a monthly basis.
In contrast, reserve position in the International Monetary Fund (IMF) decreased by 10.7 percent compared to June 2023, recording SAR 13.3 billion ($3.5 billion).
Saudi reserve assets include investments in foreign securities, foreign exchange, deposits abroad, reserves with the International Monetary Fund, special drawing rights, and monetary gold.