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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)

Scientists and experts in Saudi Arabia began working on the circular carbon economy, a strategy that was launched during the Saudi G2O summit in Riyadh and aims to reduce carbon emissions and convert them into active materials.

On Tuesday, King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - launched the Circular Carbon Initiative, in a step to reinforce the directions of the Vision 2030.

Speaking during the event, Saudi Energy Minister Prince Abdulaziz bin Salman stressed that KAUST was equipped with all the needs and requirements to activate the circular carbon initiative, in support of the vision of the Kingdom's leaders and the G20.

KAUST’s Circular Carbon Initiative seeks to harness and mobilize the university’s research strengths and innovations, to develop and disseminate new technical solutions that support the circular carbon economy agenda.

In a statement KAUST said that the Circular Carbon Economy (CCE) was a sustainable and cost-effective approach that recognizes the urgency to act on the climate while ensuring access to clean and affordable energy for all. It added that the university’s initiative was aimed at filling an innovation gap through multidisciplinary work and in turn supporting Saudi Arabia in leading its CCE program.

Tony Chan, KAUST President, said that the university strives to be a global leader with its contributions in providing effective solutions to national and global challenges.

Since its establishment in 2009, KAUST has dedicated strategic investments in the infrastructure for research centers and main laboratories, and a large number of talented people. The university works to enhance cooperation with academics, industries and government agencies to develop and publish new scientific and engineering solutions across several sustainability areas.

“We seek to make an impact by partnering with academics and productive and government sectors, to ensure that university research is applied in a timely manner to achieve social and political benefits,” KAUST Vice President for Research Donal Bradley said in a statement.

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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)
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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.