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Mining, Manufacturing Activities Drive a Leap in Saudi Industry Growth

The Saudi Minister of Industry and Mineral Resources visits Al-Khunaiqiah Mining Site in Saudi Arabia. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources visits Al-Khunaiqiah Mining Site in Saudi Arabia. (Asharq Al-Awsat)
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Mining, Manufacturing Activities Drive a Leap in Saudi Industry Growth

The Saudi Minister of Industry and Mineral Resources visits Al-Khunaiqiah Mining Site in Saudi Arabia. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources visits Al-Khunaiqiah Mining Site in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (MODON) has launched a program to support small and medium-sized enterprises in the field of innovation, with the aim of developing the industry sector in the Kingdom.

The joint program was launched in cooperation with the King Abdullah University of Science and Technology (KAUST), within the framework of the memorandum of understanding signed by the two parties at the end of 2019, to support and implement research projects that contribute to Saudi Arabia’s industrial development.

Qusai Al-Abdulkarim, Director of Marketing and Corporate Communications at MODON, said that the joint program was launched in 2021 in two phases and fell within a strategy to empower the industry, increase the content and establish integrated partnerships with the public and private sectors, in line with the objectives of the Kingdom’s Vision 2030 and the MODON initiatives to diversify the national economy and consolidate concepts of sustainable development.

Meanwhile, the monthly bulletin issued by the General Authority for Statistics (GASTAT) revealed that Saudi Arabia’s industrial production index (IPI) has increased by 26.7% compared to the same period last year.

The IPI continued to show positive growth rates due to the high production in mining, quarrying, and manufacturing activity, it stated.

The mining and quarrying grew in April by 28.3% compared to the previous year, while the manufacturing activity rose by 25.1% compared to 2021. The electricity and gas supplies decreased by 2%, it stated.

According to the report, the overall index increased by 0.5% compared to March 2022. Mining and quarrying showed a month-on-month growth rate of 1.3%. The manufacturing sector decreased by 2.0%, electricity and gas supplies increased by 2.1%, it added.

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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.