عربي English Türkçe اردو فارسى
Logo
Latest News
Gulf

Saudi Arabia Signs Coordination Agreement to Boost Exports, Foreign Trade

SEDA and GAFT sign the strategic coordination agreement on Tuesday (Photo: Asharq Al-Awsat).
SEDA and GAFT sign the strategic coordination agreement on Tuesday (Photo: Asharq Al-Awsat).
TT
TT

Saudi Arabia Signs Coordination Agreement to Boost Exports, Foreign Trade

SEDA and GAFT sign the strategic coordination agreement on Tuesday (Photo: Asharq Al-Awsat).
SEDA and GAFT sign the strategic coordination agreement on Tuesday (Photo: Asharq Al-Awsat).

The Saudi Export Development Authority (SEDA) signed a memorandum of understanding with the Saudi General Authority for Foreign Trade (GAFT), with the aim of coordinating cooperation and enhancing communication between the two parties at the strategic and executive levels, and in support of achieving the strategic objectives of the Made in Saudi program.

Signed by the Secretary-General of SEDA, Faisal Al-Bedah, and GAFT Governor, Abdul Rahman bin Ahmed Al-Harbi, the MoU aims to provide multiple aspects of cooperation between the two bodies, in support of the Made in Saudi Arabia program, to achieve diversity in foreign trade, enhance the Kingdom’s commercial gains in international organizations, in addition to enabling access to the target markets for non-oil exports.

The Made in Saudi program seeks to increase domestic consumption and market share of local goods and services, support Saudi non-oil exports in priority export markets, and contribute to enhancing the attractiveness of the Saudi industrial sector for local and foreign investment.

Meanwhile, the CEO of the Saudi Export-Import Bank, Eng. Saad Alkhalb, held a joint open meeting on Tuesday with the Chairman of the Board of Directors of the Jeddah Chamber, Mohammed Yousuf Naghi, and a number of businessmen in the Makkah region.

The meeting focused on introducing products, services, financing and credit opportunities dedicated to developing the export of Saudi non-oil products and strengthening its presence in global markets.

The meeting comes after the bank approved financing requests worth 8.95 billion riyals (USD 2.3 billion) for Saudi products and services that were exported to more than 50 countries around the world.

Approvals for financing requests covered vital sectors such as plastics, pharmaceuticals, petrochemicals and other products, such as paper, rubber, food products, as well as construction and agricultural materials.

Most Viewed

 
 
Gulf

Egypt and Oman Discuss Red Sea Security, Bilateral Cooperation

Egyptian Foreign Minister Badr Abdelatty meets with Oman’s Deputy Prime Minister Fahd bin Mahmoud Al Said. (Egypt’s Foreign Affairs Ministry)
Egyptian Foreign Minister Badr Abdelatty meets with Oman’s Deputy Prime Minister Fahd bin Mahmoud Al Said. (Egypt’s Foreign Affairs Ministry)
TT
TT

Egypt and Oman Discuss Red Sea Security, Bilateral Cooperation

Egyptian Foreign Minister Badr Abdelatty meets with Oman’s Deputy Prime Minister Fahd bin Mahmoud Al Said. (Egypt’s Foreign Affairs Ministry)
Egyptian Foreign Minister Badr Abdelatty meets with Oman’s Deputy Prime Minister Fahd bin Mahmoud Al Said. (Egypt’s Foreign Affairs Ministry)

Egyptian Foreign Minister Badr Abdelatty discussed escalating security tensions in the Red Sea during a visit to Oman on Monday, stressing the importance of maritime safety, freedom of international trade, and the direct link to the security of Red Sea littoral states.

Abdelatty highlighted the economic impact of the tensions on Egypt, particularly the decline in Suez Canal revenues, which fell from $9.4 billion in 2022–2023 to $7.2 billion in 2023–2024 due to the Houthi attacks on ships in the Red Sea and Bab al-Mandab Strait.

The attacks, carried out in solidarity with Palestinians in Gaza, have forced global shipping companies to reroute vessels through the Cape of Good Hope.

During his meeting with Oman’s Deputy Prime Minister Fahd bin Mahmoud Al Said, Abdelatty expressed Egypt’s appreciation for the sultanate’s leadership and its stabilizing regional role.

According to a statement by the Egyptian Foreign Ministry, he emphasized the need for Arab cooperation to address the region’s unprecedented instability, underscoring Egypt’s commitment to working closely with Oman to promote security and stability.

Abdelatty also met with his Omani counterpart Badr Al-Busaidi to discuss bilateral ties and regional issues. They reviewed existing cooperation frameworks and explored ways to boost relations, especially in trade, investments, and logistics.

The Egyptian official highlighted his country’s economic reform program and its efforts to attract foreign investment by improving the business climate and offering incentives.

The ministers discussed bolstering cooperation between the Suez Canal Economic Zone and Oman’s Special Economic Zone at Duqm, as well as strengthening maritime links between key ports, such as Duqm, Salalah, Alexandria, and Ain Sokhna. Such initiatives aim to boost trade and deepen collaboration in logistics and maritime transport, leveraging both nations’ strategic geographic locations.

Regional topics, including developments in Syria, Gaza, Yemen, Libya, Lebanon, and the Horn of Africa, were also addressed. The ministers expressed concern over the impact of Red Sea tensions on littoral states and shared a commitment to finding comprehensive political solutions for these crises.