Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Chambers Federation is making rapid efforts to ensure that all local companies and institutions can benefit from this international customs system after Saudi Arabia issued its first ATA Carnet (Temporary Admission Document) last week.

The ATA Carnet is an international customs document issued by an authorized chamber of commerce. It simplifies customs procedures for the temporary admission of various types of goods into countries that are part of the international ATA Carnet guarantee chain, without restrictions, duties, or taxes.

According to information available to Asharq Al-Awsat, the Saudi Chambers Federation has informed all companies and institutions that the federation’s ATA Carnet unit will now be accepting service requests from interested parties.

This step follows the federation's acceptance as an issuing and guaranteeing body for the ATA Carnet, granting carnet holders exemption from customs duties and taxes in member countries’ customs checkpoints.

On Thursday, the Saudi Chambers Federation announced the issuance of the first ATA Carnet since the system was officially implemented. Saudi Arabia has now become the 80th country globally to adopt this international customs system.

In June, the Saudi Zakat, Tax, and Customs Authority announced that it would start accepting ATA Carnets across all its land, sea, and air customs points. The move is part of the Kingdom’s commitment to the Istanbul Convention, which supports the business sector and bolsters Saudi Arabia’s position as a global destination for events, exhibitions, and activities.

The authority added that accepting the ATA Carnet is a positive step toward enabling the growth of the international events, exhibitions, and conferences sector. It also supports efforts to attract global exhibitions and conferences while adhering to international best practices and boosting the country’s status as a global destination for economic, tourism, and entertainment events.

The goods eligible for temporary import under the ATA Carnet include items intended for display or use at exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial processes. It also applies to goods imported for educational, scientific, or cultural purposes.



Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
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Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)

The Saudi stock market index (TASI) closed the first trading session of the week with a 0.83% decline, ending a seven-session streak of gains that followed the interest rate cut.
Experts attributed the drop to four main reasons: geopolitical tensions, a significant resistance level, corrective technical indicators in the banking sector, and fluctuations in oil prices.
In financial market technical analysis, a resistance level refers to a price point where significant selling pressure is expected, preventing further upward movement. Corrective technical indicators help identify potential points of decline after strong upward or downward movements, allowing analysts to predict potential pullbacks or reversals in stock prices or the overall market.
Abdullah Al-Jabali, a member of the Saudi and International Union of Analysts, explained to Asharq Al-Awsat that the index reaching 12,300 points is one of the key resistance levels at the moment. He noted that the technical correction in the banking sector made it natural for the market to begin a corrective phase during Sunday’s session.
Al-Jabali further clarified that the Saudi market’s decline is due to a combination of technical indicators alongside the geopolitical developments in the Middle East, with the slight impact of the US interest rate cut on global markets also playing a role. He added that if the index continues to decline throughout the rest of the week, it is likely to touch the 11,900-point level, considered the most important support level based on recent trading activity.
For his part, Mohammed Al-Maimouni, financial consultant at Al Motadawel Al Arabi (Arab Trader), said the Saudi market's decline was mainly due to geopolitical tensions and oil price fluctuations, noting that the index had reached a profit-taking level at 12,300 points.
He added that despite this decrease, the market did not experience the maximum 10% drop, but pressure was observed primarily from the banking and basic materials sectors.
Al-Maimouni predicted that the upcoming month of October could be positive for the Saudi stock market, especially with Goldman Sachs betting on oil prices returning to the $77 level. He stressed that if geopolitical conditions stabilize, the market could witness a significant recovery.
Stock Performance
In terms of individual stocks, Saudi Aramco —the heaviest weight on the index—recorded its most significant decline since August, dropping by about 1% to SAR 27.25. Al Rajhi Bank also saw a decrease of 1.67%, closing at SAR 88.10.
On the other hand, ACWA Power, the second most influential stock on the index, continued its gains, rising by approximately 1% to SAR 490. The stock had reached an all-time high of SAR 500 during the previous week.