Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
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Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)

Saudi Arabia’s non-oil exports have reached their highest levels since the second quarter of 2022, continuing to grow at a steady pace. By the end of the third quarter of this year, non-oil exports, including re-exports, totaled SAR 80 billion (USD 21 billion), reflecting a 16.8% increase compared to the same period in 2023.

This growth aligns with the goals of Vision 2030, which aims to diversify Saudi Arabia’s economy and reduce reliance on oil revenues. Credit rating agency Moody’s recently upgraded Saudi Arabia’s credit rating to AA3 from A1 with a stable outlook, citing the Kingdom’s ongoing economic diversification and the strength of its non-oil private sector. Moody’s projects the non-oil private sector’s GDP to grow by 4–5% annually in the coming years.

According to data from Saudi Arabia’s General Authority for Statistics, non-oil national exports (excluding re-exports) grew by 7.6% in the third quarter of 2024, reaching SAR 57 billion (USD 15.1 billion). Re-exports saw a remarkable surge of 48.4%, amounting to SAR 23 billion (USD 6.1 billion).

In contrast, total merchandise exports dropped by 7.7% to SAR 276 billion (USD 73.5 billion) due to a 14.9% decline in oil exports. As a result, the share of oil exports in total exports decreased from 77.3% in the third quarter of 2023 to 71.3% this year.

Chemical industry products accounted for 25.5% of non-oil exports, growing by 5.3% compared to the same period last year. Plastics, rubber, and their derivatives followed closely, representing 24.9% of non-oil exports, with an 8.9% increase from the third quarter of 2023.

China remained Saudi Arabia’s top export destination, accounting for 15.2% of total exports in the third quarter of 2024. Japan and South Korea followed, at 9.3% and 9.2%, respectively. Other major destinations included India, the UAE, the US, Poland, Egypt, Bahrain, and Taiwan. Together, these ten countries accounted for 66.4% of Saudi exports.

Experts emphasize that the growth in non-oil exports strengthens Saudi Arabia’s economy and reflects the success of its diversification strategy under Vision 2030.

Shura Council member Fadhel Al-Buainain highlighted the importance of considering the scale of Saudi non-oil exports during the third quarter of 2024. He emphasized two key aspects of Saudi non-oil exports.

First, the 16.8% growth achieved is a significant leap that boosts the Saudi economy’s ability to continue strengthening non-oil exports, which are a focal point of Vision 2030 and its economic diversification goals.

Second, he said the 48.4% increase in the value of re-exported goods represents substantial growth, reflecting the Kingdom’s potential to play a pivotal role in regional re-export activities. This, in turn, can stimulate exports and position Saudi Arabia as a global logistics hub.

He further noted that the increase in export value compared to the second quarter of this year, amounting to SAR 37.2 billion (USD 9.92 billion) or 15.6%, indicates sustained and accelerating export growth.

Al-Buainain believes that Saudi Arabia’s ports on the Red Sea and the Arabian Gulf are well-equipped to play a central role in re-exporting, supported by free economic zones, robust infrastructure, and a well-established transportation and logistics network.

He also stated that the improvement in global demand, particularly in the petrochemical sector, which accounted for the largest share of exports, contributed to this growth.

However, the global economic conditions may face certain challenges that will reflect negatively on global demand, he remarked, stressing the importance of diversifying exports.

Dr. Osama Al-Obaidi, an international commercial law consultant and professor, told Asharq Al-Awsat that the significant increase in non-oil exports in the third quarter of this year compared to the same period in 2023 is linked to the growth in petrochemical exports, particularly plastics, rubber, and their derivatives.

He explained that this rise reflects the effectiveness of Saudi Arabia’s economic diversification efforts and its reduced reliance on oil as a sole income source, in line with Vision 2030.

It also highlights the success of the substantial investments made by the government to develop ports and logistics services, such as King Abdulaziz Port in Dammam and Jeddah Islamic Port.

Moreover, improvements in domestic, regional, and international airports, along with initiatives to promote local industries—particularly chemicals, food products, pharmaceuticals, and other high-demand goods in foreign markets—have also played a pivotal role.



Oil Prices Rise 3% as US and Iran Extend Talks into Next Week

FILE PHOTO: A flame burning natural gas is seen at an heavy-crude treatment plant operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
FILE PHOTO: A flame burning natural gas is seen at an heavy-crude treatment plant operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
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Oil Prices Rise 3% as US and Iran Extend Talks into Next Week

FILE PHOTO: A flame burning natural gas is seen at an heavy-crude treatment plant operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
FILE PHOTO: A flame burning natural gas is seen at an heavy-crude treatment plant operated by Venezuela's state oil company PDVSA, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo

Oil prices rose around 3% on Friday as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks.

Brent crude futures advanced by $2.01, or 2.8%, to $72.76 a barrel by 1310 GMT while US West Texas Intermediate crude was up $2.11, or 3.2%, at $67.32.

"Uncertainty prevails, fear is pushing prices higher today," said Tamas Varga, an oil analyst at brokerage PVM. "It is completely driven by the outcome of the Iranian nuclear talks and possible military action the US might take against Iran."

For the week, Brent and WTI were both set to finish with a gain of 1.4%, Reuters reported.

The United States and Iran held indirect talks in Geneva on Thursday after US President Donald Trump ordered a military buildup in the region.

Oil prices gained more than a dollar a barrel during the talks on media reports indicating that discussions had stalled over US insistence on zero enrichment of uranium by Iran. However, prices eased after the Omani mediator said the two sides had made progress in the talks.

They plan to resume negotiations with technical-level discussions scheduled next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said on X.

"We think the latest round of talks offers some hope on chances of a peaceful resolution, but military strikes are in no way out of the equation," said DBS analyst Suvro Sarkar.

Trump said on February 19 that Iran must make a deal over its nuclear programme within 10 to 15 days or "really bad things" will happen.

Geopolitical risk premiums of $8 to $10 a barrel have built in oil prices on fears that a conflict will disrupt Middle East supply through the Strait of Hormuz, where about 20% of global oil supply passes, Sarkar said.

Producer group OPEC+ is also likely to consider raising oil output by 137,000 barrels per day for April at its March 1 meeting, sources said, after suspending production increases in the first quarter.


IMF Approves $8.1 Billion Loan for Ukraine, with $1.5 Billion to Go Immediately

FILE - Kristalina Georgieva, Managing Director of the International Monetary Fund, attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2026. (AP Photo/Markus Schreiber, File)
FILE - Kristalina Georgieva, Managing Director of the International Monetary Fund, attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2026. (AP Photo/Markus Schreiber, File)
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IMF Approves $8.1 Billion Loan for Ukraine, with $1.5 Billion to Go Immediately

FILE - Kristalina Georgieva, Managing Director of the International Monetary Fund, attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2026. (AP Photo/Markus Schreiber, File)
FILE - Kristalina Georgieva, Managing Director of the International Monetary Fund, attends the Annual Meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2026. (AP Photo/Markus Schreiber, File)

The International Monetary Fund's executive board on Thursday approved an $8.1 billion, four-year loan for Ukraine, with $1.5 billion to be disbursed immediately to help keep the government running as its war against Russia's invasion drags into a fifth year.

The IMF said the new Extended Fund Facility arrangement for Ukraine would help anchor a $136.5 billion international support package for the war-torn country, which this week marked the fourth anniversary of Russia's full-scale invasion.

The new loan, which replaces a $15.5 billion program that was approved in 2023, will help Kyiv to maintain economic stability and keep public spending flowing, Reuters quoted the IMF as saying.

Ukrainian Prime Minister Yulia Svyrydenko hailed the IMF loan as part of a broader financial framework that would cover an estimated budget shortfall of $136.5 billion over four years, including a 90-billion-euro loan from the European Union.

"It is very important for us that in the fifth year of the full-scale war, against the backdrop of systematic attacks on the energy sector, Ukraine ‌has guaranteed international financial ‌support from partners and the resources for the stable functioning of the state," she ‌wrote ⁠on Telegram.

The World ⁠Bank, European Union, United Nations and the Ukrainian government this week issued a new report that put the cost of rebuilding Ukraine at $588 billion over the next decade.

According to Reuters, IMF Managing Director Kristalina Georgieva said the IMF loan would resolve Ukraine’s balance of payments problem and restore medium-term external viability, while boosting prospects for reconstruction and growth after the war ended and help to facilitate Ukraine's steps to join the European Union.

“Ukraine and its people have weathered a long and devastating war for over four years with remarkable resilience," she said in a statement, lauding work by Ukrainian authorities to maintain overall macroeconomic and financial stability, boost domestic revenues and advance some critical reforms.

She ⁠said officials were committed to "tackling longstanding bottlenecks to growth," including through continued efforts to combat ‌corruption, address tax avoidance and evasion, reform energy markets, and strengthen financial market ‌infrastructure.

The program would be "promptly recalibrated" in the case of successful peace negotiations, she said in a statement.

Georgieva, who ‌paid a surprise visit to Ukraine last month, said the war had taken a toll on economic and social ‌conditions, despite efforts by authorities to stabilize the economy, contain inflation and restructure private sector debt. The new loan aimed to deepen structural reforms, she said.

That meant growth was slowing and the economic outlook remained "subject to exceptionally high uncertainty," she said.

The IMF now projects that Ukraine's economy will grow by 1.8% to 2.5% in 2026, after growth of an estimated 1.8% to 2.2% in 2025. Inflation was expected to be ‌around 6.1% this year, half the 12.7% rate recorded in 2025, the IMF said.

Ukraine's estimated financing gap of $52 billion in 2026 would be filled through disbursements under the newly ⁠approved IMF program, European Union arrangements, ⁠funds from the Group of Seven advanced economies and bilateral support, the IMF said.

Georgieva said a large number of IMF members, including the US, Germany, Canada, Britain and Japan, had reaffirmed their recognition of the IMF's preferred creditor status in respect to the money it owed the Fund, and agreed to "adequate financial support" to ensure Ukraine could repay its debts to the IMF.

Other countries backing Ukraine were Austria, Belgium, Denmark, Estonia, Finland, France, Greece, Iceland, Ireland, Italy, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain and Sweden, she said.

The Group of Creditors of Ukraine, which holds the majority of Ukraine’s official bilateral debt, also agreed to extend the current debt standstill and complete a definitive debt treatment after the resolution of the current state of "exceptionally high uncertainty," the IMF said in its statement.

Georgieva said the risks to the loan were exceptionally high and the program's success would depend on continued international support, as well as the authorities' "steadfast determination" to implement ambitious structural reforms.

A staff report noted that progress on reforms had been mixed under the previous program, with Kyiv completing some important milestones, but missing two end-December benchmarks related to public investment management and valuation standards.

Ukraine's progress on the program will be reviewed quarterly, with nine reviews planned over the next four years.


Saudi Arabia’s AviLease Reports $664 Million in Revenues in 2025

An AviLease plane. Asharq Al-Awsat
An AviLease plane. Asharq Al-Awsat
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Saudi Arabia’s AviLease Reports $664 Million in Revenues in 2025

An AviLease plane. Asharq Al-Awsat
An AviLease plane. Asharq Al-Awsat

AviLease, the global aircraft leasing company headquartered in Riyadh, has reported a strong performance, saying it recorded in 2025 total revenues of $664 million, an increase of 19% year-on-year.

It said in a statement on Thursday that the revenues were “driven by disciplined portfolio growth, strong aircraft remarketing and sustained global demand for new technology, fuel-efficient aircraft.”

“Pre-Tax earnings doubled versus the previous year to $122 million,” said the statement.

Last year, AviLease expanded its portfolio to 202 owned and managed aircraft, leased to 50+ airline customers across 30+ countries, with a total asset value of $9.3 billion.

“The company maintained 100% fleet utilization, underscoring the resilience of its platform and the strength of its airline relationships,” said the statement.

AviLease also placed aircraft orders with Airbus (A320neo Family & A350F) and Boeing 737-8) to support future growth and help meet sustained customer demand for modern aircraft.

The company also said that it “established its investment-grade credit profile, with ratings from Moody’s (Baa2) and Fitch (BBB), reflecting its disciplined financial framework, strong liquidity position, and prudent leverage management.”

The company’s CEO, Edward O’Byrne, said: “2025 was a defining year for AviLease. We delivered strong financial results, expanded our global footprint, and reinforced our position as a disciplined, investment-grade aircraft leasing platform.”

“Our performance reflects the quality of our portfolio, the strength of our airline partnerships, and our focus on deploying capital responsibly in high-demand, new technology assets," he added.

Throughout the year, AviLease continued to play a central role in Saudi Arabia’s growing aviation ecosystem. The company supported the launch and scale-up of the Kingdom’s new national carrier Riyadh Air, through a sale-and leaseback of a Boeing 787-9, marking the airline’s first aircraft.

AviLease also established a strategic partnership with Hassana Investment Company to provide access to the aviation financing asset class for both international and local investors, while leveraging AviLease’s technical expertise and operational capabilities to support the partnerships growth and performance. Hassana has agreed to acquire an initial portfolio of 10 new-technology aircraft from AviLease.