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Saudi Arabia Budget Pushes Private Sector to Contribute in Growth

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Minister of Commerce and Investment Majed Al-Qasabi and Supervisor of the Public Investment Fund Yasser Al-Rumayan attend a joint press conference in Riyadh on Wednesday. - SPA
Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Minister of Commerce and Investment Majed Al-Qasabi and Supervisor of the Public Investment Fund Yasser Al-Rumayan attend a joint press conference in Riyadh on Wednesday. - SPA
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Saudi Arabia Budget Pushes Private Sector to Contribute in Growth

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Minister of Commerce and Investment Majed Al-Qasabi and Supervisor of the Public Investment Fund Yasser Al-Rumayan attend a joint press conference in Riyadh on Wednesday. - SPA
Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, Minister of Commerce and Investment Majed Al-Qasabi and Supervisor of the Public Investment Fund Yasser Al-Rumayan attend a joint press conference in Riyadh on Wednesday. - SPA

Three Saudi officials have explained the impact of expansive spending on the private sector in the state budget of 2018. This comes after the kingdom's announcement on Tuesday of the biggest budget in the history of the country in terms of spending volume.

In this context, Minister of Energy, Industry and Mineral Resources Khalid al-Falih, Minister of Commerce and Investment Majed al-Qasabi and Supervisor of the Public Investment Fund Yasser al-Rumayan held a joint press conference in Riyadh on Wednesday.

Qasabi said that the state budget of 2018 will enable businessmen to contribute in the growth. He also stressed the importance of SMEs, noting that the package of motivational programs that were announced to boost the private sector grants great great importance to SMEs.

Falih said that the Saudi movements with other oil producing countries contributed in the recovery of oil prices in 2017.

“We aim to increase oil production level this year in addition to operating Jazan refinery and signing a number of projects driven from the atomic energy program.” He noted that the private sector will be a prime partner in the atomic energy program.

Public Investment Fund Yasser al-Rumayan said the growth of PIF’s investment portfolio reached SAR840 billion of assets in 2017 from SAR579 billion in 2015 and that the Fund invested nearly SAR70 billion in local and international investments in 2017.

According to state budget 2018, the kingdom allocated SAR978 billion of spending (USD260.8 billion) in addition to SAR83 billion (USD22.1 billion) that will be invested and surged through PIF and SAR50 billion (USD13.3 billion) to be surged through national funds.

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Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
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Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.