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High Prospects for Saudi-Korean Cooperation in Establishing Industrial Cities

The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
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High Prospects for Saudi-Korean Cooperation in Establishing Industrial Cities

The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources during his meeting with his Korean counterpart in Riyadh (Asharq Al-Awsat)

Riyadh and Seoul reviewed the horizons for cooperation in industrial development on Thursday, especially collaboration on transferring the expertise of establishing and managing industrial cities in South Korea.

Cooperation was discussed during a meeting between the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, and Minister of Trade, Industry and Energy of the Republic of Korea Moon Seung-wook, who is currently visiting the Kingdom.

Moon arrived in Saudi Arabia on Tuesday for a three-day visit at the Saudi minister’s invitation.

During the meeting, Al-Khorayef highlighted the industrial and mining sectors, as well as the mining investment system and opportunities in the Kingdom. Benefiting from the Korean experience in the fields of establishing and managing industrial cities was reviewed by the two ministers.

The Saudi Minister of Industry also discussed areas of cooperation and investment opportunities between the two countries in the fields of food industries, automobile industry, and shipbuilding, in addition to the manufacture of medical imaging devices, cosmetics, fashion, and leather products.

Al-Khorayef invited the Korean companies to visit the industrial cities in the Kingdom, Royal Commission for Jubail and Yanbu and MODON.
The Kingdom’s non-oil exports to South Korea in 2020 amounted to SAR 3.2 billion, while the volume of imports from Korea to the Kingdom amounted to SAR14.4 billion riyals.

In other news, the Saudi Ministry of Industry and Mineral Resources revealed, in a report issued by the National Center for Industrial and Mining Information, that the volume of investments in the Kingdom’s manufacturing products industry exceeded SAR 15 billion by the end of September 2021.

These investments constitute 1.13% of the total volume of investments in the industrial sector, said the ministry, noting that the number of factories specialized in manufacturing industries in Saudi Arabia has reached 230.

According to the report, these factories specialized in the manufacturing industries contribute to providing nearly 10,000 jobs in various technical, mechanical and supervisory fields, with national cadres accounting for 27% of those jobs.

The Kingdom’s manufacturing industries include a wide range of products, including jewelry, tools and devices for medicine, surgery, dentistry, veterinary medicine and other products, said the report.

The report also indicated that the volume of exports of the manufacturing industries exceeds SAR 436 million.

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Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
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Russian Wheat Export Prices Rise

FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo
FILE PHOTO: A drone view shows a combine harvesting wheat in a field in the Rostov Region, Russia July 10, 2024. REUTERS/Sergey Pivovarov//File Photo

Russian wheat export prices rose last week, tracking global prices, with analysts expecting weak export activity due to the upcoming long New Year holiday.

Dmitry Rylko, head of the IKAR consultancy, said the price of Russian wheat with 12.5% protein for free-on-board (FOB) delivery at the end of January was up $3 to $237 per metric ton.

The Sovecon consultancy saw prices for Russian wheat with the same protein content and delivery terms at $233 to $239 per ton, compared with $232 to $238 the previous week.

Russian FOB is expected to be mostly flat on low trade activity, the agency said in a weekly report.

Weekly grain exports were estimated at 0.83 million metric tons, including 0.78 million tons of wheat, up from 0.53 million tons of grain including 0.44 million tons of wheat the previous week as shipments recovered after storm disruptions. Sovecon has upgraded its estimates of December wheat exports by 0.1 million tons to 3.4 million tons, compared to 3.6 million tons a year ago.

IKAR estimates December wheat exports at 3.6-3.7 million tons, down from 4.4 million tons in November. Algeria is believed to have purchased 1.17 million tons of wheat this week. Some traders also expect some Russian wheat to be supplied. Egypt’s state grain buyer, Mostakbal Misr, contracted about 1.267 million tons of wheat, most of which was sourced from Russia, two sources with direct knowledge told Reuters.

Russia's IKAR agricultural consultancy said on Thursday it saw 2025/26 wheat exports down 6% to 41 million tons. Sovecon said on Monday that Russian wheat exports will fall by 17% to 36.4 million tons in the 2025/26 exporting season. Its forecast for the 2024/2025 season was revised to 43.7 million tons, from 44.1 million tons.

Russia harvested 125 million tons of grain and legumes, including 82 million tons of wheat, in clean weight, in 2024, down 13% from last year, data from statistical agency Rosstat showed on Thursday.

The wheat harvest is also down by 13%, to 82.4 million tons. Winter grains were sown over 17.6 million hectares, 1 million hectares less than in 2023. Temperatures remain above normal in all regions, Sovecon noted. The Russian state weather forecasting agency sees worsening conditions for winter cereals in January in the center of Russia and the Volga region.