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).
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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.



Syria’s Leader Meets with Bahraini Diplomatic Delegation

The leader of Syria's new administration, Ahmed al-Sharaa meets Bahraini Foreign Minister Abdul Latif Al-Zayani in Damascus, Syria, January 8, 2025. (Bahrain News Agency/Handout via Reuters)
The leader of Syria's new administration, Ahmed al-Sharaa meets Bahraini Foreign Minister Abdul Latif Al-Zayani in Damascus, Syria, January 8, 2025. (Bahrain News Agency/Handout via Reuters)
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Syria’s Leader Meets with Bahraini Diplomatic Delegation

The leader of Syria's new administration, Ahmed al-Sharaa meets Bahraini Foreign Minister Abdul Latif Al-Zayani in Damascus, Syria, January 8, 2025. (Bahrain News Agency/Handout via Reuters)
The leader of Syria's new administration, Ahmed al-Sharaa meets Bahraini Foreign Minister Abdul Latif Al-Zayani in Damascus, Syria, January 8, 2025. (Bahrain News Agency/Handout via Reuters)

Syria's de facto leader Ahmed al-Sharaa received a delegation from Bahrain on Wednesday and met with the Bahraini foreign minister, state media reported.

The visit was the latest in a flurry of diplomatic overtures by Arab countries to Syria’s new leaders after they overthrew former President Bashar al-Assad in a lightning rebel offensive.

Like other Gulf countries, Bahrain had cut off diplomatic ties with Syria under Assad’s rule during the Syrian civil war, but it reopened its embassy in Damascus in 2018 and gradually restored ties with the Assad government.

Bahrain is the current head of the Arab summit, and days after Assad’s ouster it had sent a message to al-Sharaa offering its cooperation with the new authorities and saying, “We look forward to Syria regaining its authentic role in the Arab League.”