Kenya Proposes 23-Point Plan to Strengthen Economic Ties with Saudi Arabia

Council of Saudi Chambers (Asharq Al-Awsat)
Council of Saudi Chambers (Asharq Al-Awsat)
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Kenya Proposes 23-Point Plan to Strengthen Economic Ties with Saudi Arabia

Council of Saudi Chambers (Asharq Al-Awsat)
Council of Saudi Chambers (Asharq Al-Awsat)

Kenyan Minister of Trade and Industry Moses Kiarie and an accompanying delegation of Kenyan institutions and companies have met with representatives of the Saudi business sector at the headquarters of the Federation of Saudi Chambers.

During the meeting, the minister proposed a 23-point plan to strengthen and advance Kenya's economic ties with Saudi Arabia, including the creation of a joint business council, an e-commerce platform, and an economic cooperation committee.

He also called for encouraging Saudi businesses to invest in Kenya’s infrastructure and energy projects and private economic zones.

The minister stressed the importance of establishing a joint Saudi-Kenyan committee for trade and investment cooperation, calling on Saudi companies to invest in electricity, water, roads, housing, telecommunications, mining, financial center, hotels, airports, livestock production sectors, among other projects.

Chairman of Council of Saudi Chambers of Commerce and Industry Ajlan Al Ajlan, for his part, affirmed the Saudi business sector’s preparedness to push commercial and investment cooperation between Kenya and the Kingdom.

The volume of trade exchange between the two countries amounted to about 5.7 billion riyals in 2021, which constitutes an increase of 73 %, revealed Al Ajlan.

He added that there is an opportunity to expand the scope of economic cooperation on targeted and promising sectors.

In other news, the Saudi Chambers’ Standards, Metrology and Quality Committee urged enhancing integration and cooperation in related fields within the framework of supporting the aspirations of the Kingdom’s national transformation plan, Vision 2030.

It also called for enhancing local content in various sectors in the Kingdom, through the localization of the production of goods and services to raise quality and competitiveness.



Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.