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Efforts Aim to Boost Arab Exports to Russia

Saudi Arabia's King Abdullah Port on the Red Sea coast north of Jeddah is seen here in an undated photo. [Saudi Press Agency]
Saudi Arabia's King Abdullah Port on the Red Sea coast north of Jeddah is seen here in an undated photo. [Saudi Press Agency]
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Efforts Aim to Boost Arab Exports to Russia

Saudi Arabia's King Abdullah Port on the Red Sea coast north of Jeddah is seen here in an undated photo. [Saudi Press Agency]
Saudi Arabia's King Abdullah Port on the Red Sea coast north of Jeddah is seen here in an undated photo. [Saudi Press Agency]

The Arab Investment and Export Credit Guarantee Corporation (Dhaman) said it is ready to boost trade and investment cooperation between Arab states and Russia through its diverse insurance, information and research services.

This came in a worksheet presented by Head of Research and Publishing Unit Ahmed Eldabaa on behalf of Dhaman’s Director-General Abdullah Ahmad al-Sabeeh in the opening session of the Russian-Arab Business Council, which kicked off on Tuesday at the Dubai EXPO Exhibition Center.

Asharq Al-Awsat received a copy of the sheet, which pointed out that the Arab-Russian ties have witnessed various developments over the past decades. Some periods were booming and prosperous while others were stagnant due to many political and economic factors.

The sheet revealed that the value of Russian-Arab trade ties stood at $14.7 billion, according to UNCTAD data, during the period between 2011 and 2020. This represents 2.1% of Russia’s foreign trade volume and 0.8% of the Arab countries' foreign trade volume in the Mediterranean.

According to the database of foreign direct investment projects in the world (FDI Markets), the cost of new Russian direct investment projects in the Arab countries amounted to about $64.4 billion dollars during the period between 2003 and 2021, which represents 5% of the volume of foreign project investments in the region.

While the investment cost of Arab direct investment projects in Russia amounted to $3.8 billion, which represents one percent of all foreign investment projects in Russia.

Dhaman underlined the importance of resorting to specialized insurance services for exports, investment and financing against commercial and political risks, as a key means to bolster investment, trade and financing cooperation.

It further indicated that it provides insurance cover for existing and new Russian investments in the countries of the region against non-commercial risks, such as confiscation, nationalization, wars, civil unrest, breach of contract by the state and ban on money transfer.

Dhaman is a pioneer multinational organization that has provided guarantee services against commercial and non-commercial risks for the past four decades.

Established in April 1974 in Kuwait as the first multilateral investment guarantee provider in the world, Dhaman is owned by the governments of Arab states and four Arab financial institutions.

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Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
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Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)

Saudi Arabia has raised its forecast for non-oil economic growth in 2026 to 6.2%, marking a jump from previous estimates of 5%.

Saudi Minister of Economy and Planning Faisal Alibrahim revealed that the Kingdom is targeting 4.8% non-oil economic growth in 2024, increasing to 6.2% by 2026, while emphasizing the long-term importance of investing in human capital.

Speaking during a panel discussion titled “The Future of Growth” at the World Economic Forum 2025 in Davos, Alibrahim stated that economic transformation and sustainable growth require bold, inclusive leadership and a long-term vision. He cited Saudi Arabia’s Vision 2030 as a model for reducing dependency on oil and diversifying investment portfolios.

Global economic growth rates currently stand at 3.2–3.3%, significantly below the historical average of 4%, he noted.

He stressed the importance of building institutional capacities and investing in human capital as foundational elements for sustainable economic growth, emphasizing that these factors are essential for any successful economic strategy.

On US economic policies with Donald Trump returning for a second term as president, the minister stated they would not have an immediate impact on the global economy, as they involve long-term restructuring. He added that Saudi Arabia maintains strong relations with the United States.

Saudi Finance Minister Mohammed Al-Jadaan reiterated the need to improve global methodologies for measuring gross national income (GNI) to better reflect the realities of emerging economies. He emphasized that enhancing measurement frameworks would improve the efficiency of international institutions, support sustainable development in emerging markets, and contribute to global economic equity.

Meanwhile, Saudi Tourism Minister Ahmed Al-Khateeb outlined plans to transform Riyadh into a global business hub by hosting around 25 major international conferences, including the Future Investment Initiative and the LEAP Technology Conference.

Al-Khateeb also announced the launch of the largest travel and tourism event of its kind, set to take place in November. He invited global stakeholders to participate, describing the forum as a significant attraction for the international tourism sector.

Speaking during a panel discussion titled “The Role of Tourism and Travel in Building Trust” at Davos, Al-Khateeb highlighted the rapid growth of Saudi Arabia’s travel and tourism sector, which outpaced global growth rates last year with an increase of over 70%, the highest among G20 nations.

This growth, he explained, is linked to Saudi Arabia’s efforts to open its borders to encourage tourism, a key part of Vision 2030, which aims to diversify the Kingdom’s economy.

The minister noted that Saudi Arabia offers a wide range of attractions, from the scenic mountains of the south to the Red Sea coastline in the west. He emphasized that the Kingdom is investing in human capital to strengthen the sector, pointing to the ambition of young Saudis eager to join the tourism industry.