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Saudi Arabia to Enhance National Products’ Competitiveness in Global Markets

“Made in Saudi Arabia” exhibition kicks off as part of the Riyadh season in the Saudi capital (Asharq Al-Awsat)
“Made in Saudi Arabia” exhibition kicks off as part of the Riyadh season in the Saudi capital (Asharq Al-Awsat)
    Riyadh - Fatehelrahman Yousif
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Saudi Arabia to Enhance National Products’ Competitiveness in Global Markets

“Made in Saudi Arabia” exhibition kicks off as part of the Riyadh season in the Saudi capital (Asharq Al-Awsat)
“Made in Saudi Arabia” exhibition kicks off as part of the Riyadh season in the Saudi capital (Asharq Al-Awsat)

The Saudi Ministry of Industry launched the Made in Saudi Arabia exhibition, meanwhile, experts expect the industrial sector in the Kingdom to grow by 5 to 6 percent, in parallel with an increase in global partnerships thanks to the competitiveness of national products.

Held under the slogan of “Our Industries, Our Successes,” the Made in Saudi Arabia exhibition falls within the activities of the Riyadh season and will last for three consecutive days.

250 parties featuring 4,500 products participate in the exhibition, in addition to more than 15 workshops led by more than 30 speakers.

The exhibition is aimed at presenting Saudi products among consumers and stimulating investments within the industrial sector in the Kingdom, thus consolidating the sector’s position on the global map.

The Sector Growth

Abdallah Al-Khorayef, head of the National Industrial Committee at the Chamber of Commerce and Industry in Riyadh, expects the sector to grow by 5-6 percent during 2022 in light of an expected increase in factories.

In remarks to Asharq Al-Awsat, Al-Khorayef said that a plan set by the Saudi government for the sector would create a coherent environment that promotes the growth of industries. He said the Kingdom was determined to raise the GDP of non-oil products by increasing exports, in line with Saudi Vision 2030.

He noted that Riyadh was currently hosting the Made in Saudi Arabia exhibition, some weeks before the International Defense Exhibition, with the aim to promote Saudi products and encourage global investors to establish factories inside the Kingdom.

Al-Khorayef added that these exhibitions are held with the support of the Local Content Authority and the Military Industries Authority, within initiatives to localize industries, transfer technologies, and experiences, and create great industrial opportunities.

The head of the National Industrial Committee at the Riyadh Chamber of Commerce and Industry pointed to an increase in the number of licensed factories, which currently reach more than 11,000 inside the Kingdom.

“Separating energy from industry has increased the focus on the industry and mineral wealth sector and contributed to the creation of an integrated industrial system. This would strengthen the entire sector… and lead to an increase in local content, in addition to supporting exports and enhancing the competitiveness of Saudi products in global markets,” he told Asharq Al-Awsat.

For his part, Fadl Al-Buainain, member of the Shura Council, stressed that the Kingdom was determined to localize industries and enhance the competitiveness of Saudi industrial products in global markets, noting that Vision 2030 focused on the industry to ensure the creation of a base for economic diversification along with other sectors.

In remarks to Asharq Al-Awsat, Al-Buainain explained that Saudi Arabia has provided incentive packages to the industrial sector, including exemptions, reducing fees, and providing financing, in addition to building the adequate infrastructure that attracts investments, launching important initiatives to localize the industry and raise competitiveness, and invest in the Kingdom’s human resources.

Made In Saudi Arabia

According to Al-Buainain, the goal of the “Made in Saudi Arabia” initiative is to support national products and services at the local and global levels and to enhance the “culture of loyalty to the national product”, which contributes to the localization of industries and achieving self-sufficiency in the future.

The Industrial Development Fund plays an important role in localizing the industry by providing the necessary funds, he stated, adding that the Export Bank also contributes to offering guarantees and financing for industrial exports, which means direct support to the industrial sector.

“If we take into account efforts to strengthen the role of small and medium enterprises, which are the base of industrial and economic diversification, we will better understand Saudi Arabia’s determination to achieve its goals of localizing industry, diversifying its sources, transferring its modern technologies, and investing the tools of the Fourth Industrial Revolution, which may have formed the basis of modern industrial transformation in the Kingdom,” he underlined.

Industrial Investments

Based on the current indicators, Al-Buainain pointed to many new factories and an increase in the flow of foreign industrial investments, as well as the strategic vision towards Jazan City for Basic and Transformative Industries, Ras Al-Khair City and some other industrial cities. He expects the industrial sector to witness a steady growth, and a diversification in industries and technologies.

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Business

China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO

China's finance ministry on Sunday said fiscal policies will be more proactive next year, reiterating its focus on domestic demand, technological innovation and a social safety net.

The statement comes as trading partners urge the world's second-biggest economy to reduce its reliance on exports, underscoring the urgency to revive confidence at home where a prolonged property crisis has rippled ⁠through the economy, weighing on sentiment.

China will boost consumption and actively expand investment in new productive forces and people's overall development, the ministry said in a statement after a two-day meeting at which it set ⁠2026 goals.

In addition, Reuters quoted the ministry as saying that it will support innovation to foster new growth engines, and improve the social security system by providing better healthcare and education services.

Other tasks for next year include promoting integration between urban and rural areas, and propelling China's transformation into a greener society.

China is likely to stick to ⁠its annual economic growth target of around 5% in 2026, government advisers and analysts told Reuters, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.

Leaders this month promised to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.

Business

Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
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Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)

Bulgaria will become the 21st country to adopt the euro on Thursday, but some believe the move could bring higher prices and add to instability in the European Union's poorest country.

A protest campaign emerged this year to "keep the Bulgarian lev", playing on public fears of price rises and a generally negative view of the euro among much of the population.

But successive governments have pushed to join the eurozone and supporters insist it will boost the economy, reinforce ties to the West and protect against Russia's influence.

The single currency first rolled out in 12 countries on January 1, 2002, and has since regularly extended its influence, with Croatia the last country to join in 2023.

But Bulgaria faces unique challenges, including anti-corruption protests that recently swept a conservative-led government from office, leaving the country on the verge of its eighth election in five years.

Boryana Dimitrova of the Alpha Research polling institute, which has tracked public opinion on the euro for a year, told AFP any problems with euro adoption would be seized on by anti-EU politicians.

Any issues will become "part of the political campaign, which creates a basis for rhetoric directed against the EU", she said.

While far-right and pro-Russia parties have been behind several anti-euro protests, many people, especially in poor rural areas, worry about the new currency.

"Prices will go up. That's what friends of mine who live in Western Europe told me," Bilyana Nikolova, 53, who runs a grocery store in the village of Chuprene in northwestern Bulgaria, told AFP.

The latest survey by the EU's polling agency Eurobarometer suggested 49 percent of Bulgarians were against the single currency.

After hyperinflation in the 1990s, Bulgaria pegged its currency to the German mark and then to the euro, making the country dependent on the European Central Bank (ECB).

"It will now finally be able to take part in decision making within this monetary union," Georgi Angelov, senior economist at the Open Society Institute in Sofia, told AFP.

An EU member since 2007, Bulgaria joined the so-called "waiting room" to the single currency in 2020, at the same time as Croatia.

The gains of joining the euro are "substantial", ECB president Christine Lagarde said last month in Sofia, citing "smoother trade, lower financing costs and more stable prices".

Small and medium-sized enterprises stand to save an equivalent of some 500 million euros ($580 million) in exchange fees, she added.

One sector expected to benefit in the Black Sea nation is tourism, which this year generated around eight percent of the country's GDP.

Lagarde predicted the impact on consumer prices would be "modest and short-lived", saying in earlier euro changeovers, the impact was between 0.2 and 0.4 percentage points.

But consumers -- already struggling with inflation -- fear they will not be able to make ends meet, according to Dimitrova.

Food prices in November were up five percent year-on-year, according to the National Statistical Institute, more than double the eurozone average.

Parliament this year adopted empowered oversight bodies to investigate sharp price hikes and curb "unjustified" surges linked to the euro changeover.

But analysts fear wider political uncertainty risks delaying much needed anti-corruption reforms, which could have a knock-on effect on the wider economy.

"The challenge will be to have a stable government for at least one to two years, so we can fully reap the benefits of joining the euro area," Angelov said.

Business

Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.