Saudi Arabia Mobilizes to Boost Dates Exports to China

Dates on sale in Saudi Arabia. (SPA)
Dates on sale in Saudi Arabia. (SPA)
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Saudi Arabia Mobilizes to Boost Dates Exports to China

Dates on sale in Saudi Arabia. (SPA)
Dates on sale in Saudi Arabia. (SPA)

As part of its active strategy for unlocking more markets for its exports, Saudi Arabia is eyeing the Taiwanese market for its dates and dairy trades. The Kingdom is scouting for the most prominent importers in the field while considering the particular mechanism and conditions outlined by China.

Each of the offices of the Saudi General Authority for Foreign Trade in China and the Saudi Commercial Office in Taipei received a copy of the mechanism and requirements for exporting dates and dairy products to Taipei, according to information obtained by Asharq Al-Awsat.

This will aid the Kingdom in filling in its private sector’s dates and dairy industries on major Taiwanese importers in their target market.

The export of dairy products will be carried out with approval from the Food and Drug Administration, which operates under the Chinese Ministry of Health and Welfare.

In importing dairy products that are not included among the specified taxed goods, authorities will apply Article 35 of Taiwan’s food safety and health legislation.

According to the legislation, imports will be subjected to a systematic inspection process based on procedures and the attachment of health certificate documents for products from the exporting country.

As for dates, exports to Taiwan are required to present records signed by relevant and expert authorities. Upon arrival, dates will need to undergo a laboratory examination that tests for pesticides and microorganisms.

The move to boost dairy and dates exports aligns with Saudi Arabia’s national transformation plan, Vision 2030, which chiefly aims to diversify the Kingdom’s economy.

Vision 2030 focuses on capitalizing on natural resources available to the Kingdom other than oil. This includes Saudi Arabia’s prosperous agricultural and farming industries.

The plan seeks to make the Kingdom’s dates production and distribution industries one of the most critical sectors in a new era of national investments that takes Saudi exports worldwide.

According to a report prepared by the National Center for Palms and Dates (NCPD) and the General Authority for Statistics, dates exports in the Kingdom reached 107 countries in 2020.

Compared to previous years, the 2020 results confirm remarkable growth in marketing the Kingdom’s dates and expanding their reach worldwide.



Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing
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Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Saudi Arabia's Derayah Financial became the first firm to announce plans this year to float on Riyadh's main market, after it said on Thursday it was offering investors a 20% stake via an initial public offering (IPO).
The company is planning to sell 49.94 million existing shares in the IPO, it said in an intention to float document, adding the price for the offering will be determined at the end of a book-building period, without providing further details, Reuters said.
"I am excited to welcome new shareholders to join us on this journey as we continue to drive innovation, create value, and contribute to the Kingdom's ambitious economic transformation," co-founder and chairman Taha AlKuwaiz said in the document.
Founded in 2009, Derayah provides brokerage and trading services, as well as asset and wealth management solutions, with 15.1 billion riyals ($4.03 billion) in assets under management as of the end of June.
The possible listing is part of a flurry of IPOs in the Gulf driven in part by local governments' economic diversification strategy and listings by private groups and family businesses.
Saudi Arabia's red-hot IPO market saw a number of financial services firms including Rasan Information Technology and Yaqeen Capital make their market debut last year.
Others like the investment banking arm of one of the Kingdom's biggest lenders, Riyad Bank, could follow suit this year.
Derayah posted a net profit of 228 million riyals ($60.80 million) in the first half of 2024, up 70% from the same period a year earlier, it said on Thursday.
It appointed HSBC Saudi Arabia as sole financial adviser, bookrunner, global coordinator, lead manager and underwriter for the IPO.