GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
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GCC and Ukraine Sign Political, Economic, Security MoU

President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)
President Petro Poroshenko of the Republic of Ukraine and GCC Secretary-General Abdullatif bin Rashid al-Zayani (SPA)

Gulf Cooperation Council (GCC) and Ukraine signed a memorandum of understanding (MoU) in the fields of politics, economy, security, culture, as well as education and tourism in the presence of Ukrainian President Petro Poroshenko, the General Secretariat of GCC and the Ukrainian Ministry of Foreign Affairs.

The MoU was co-signed by GCC Secretary-General Abdullatif al-Zayani and Ukrainian Minister of Foreign Affairs Pavlo Klimkin.

The MoU aims to hold consultations between the two sides in order to explore fields of cooperation and dialogue.

Assistant Secretary General of GCC for Political Affairs and Negotiations Abdulaziz al-Owaisheq reiterated that the memorandum deals with political negotiation and countering terrorism and its funding. He stated that the MoU has three main fields; security and political cooperation, economic cooperation, and exchange between Gulf and Ukrainian people through tourism, education and culture.

Speaking to Asharq Al-Awsat, Owaisheq stated that the MoU will be the beginning of a series of negotiations dealing with politics, security, and countering terrorism, then it will deal with trade, investment, energy, education, health and tourism.

The Assistant Secretary-General stated that terrorism is an important issue for both the Gulf and Ukraine and there are three fields of cooperation between the two: security cooperation between security forces: Gulf police in UAE, security forces of GCC and their counterparts in Ukraine. Second, GCC and Ukraine want to counter terrorism funding through a committee of the GCC, according to Owaisheq. He also stated that GCC wants to fight terrorist rhetoric and ideologies and that GCC has specialized centers in Saudi Arabia and UAE which will cooperate with their peers in Ukraine for that purpose.

Owaisheq also explained that the MoU stipulates that both sides should hold meetings and negotiations to further explore means of cooperation and dialogue and suggest a suitable mechanism to achieve that. In addition, GCC and Ukraine agreed to hold an annual meeting, or whenever needed on the sidelines of UN’s General Assembly, and to task a group of experts with discussing any issues both parties agree on.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.