عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Volume of Saudi-Chinese Trade Exchange Amounts to $320Bln

The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques
The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques
TT
TT

Volume of Saudi-Chinese Trade Exchange Amounts to $320Bln

The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques
The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques

The Federation of Saudi Chambers (FSC) said the volume of trade exchange between Saudi Arabia and China between 2017 and 2021 amounted to SAR1.2 trillion ($320 billion).

This figure reflects the strength and durability of the strategic economic partnership and the diversity and multiplicity of trade and investment opportunities in the two countries.

The FSC issued an economic report on the occasion of the Chinese president’s visit to the Kingdom at the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

It pointed out that the growing bilateral economic ties provide wide opportunities for economic cooperation and establish trade and investment partnerships between the business sectors of the two countries.

The report underlined the opportunities for economic integration between Riyadh and Beijing in light of China’s Belt and Road Initiative and the Silk Road, which are consistent in many of their aspects with the Kingdom Vision 2030.

Saudi Arabia seeks to benefit from its strategic location that connects three continents and become a global logistical hub, which enhances opportunities for cooperation and partnership between the two sides and helps accelerate the pace of development and its sustainability.

The report further referred to the steady growth in the volume of trade exchange between the two countries, which amounted to SAR304.3 billion in 2021, compared to SAR221.6 billion in 2020, up 37%.

Also in 2021, Saudi exports to China increased by 59% and imports went up by 12%, the report showed.

China exports to the Kingdom electrical appliances, equipment, heavy machinery, furniture, vehicles, clothing, plastics, iron and steel, ceramic products, rubber and ready-made construction equipment.

Meanwhile, oil, chemical industries, plastics and their products, and rubber are the most prominent Saudi commodities exported to China.

Most Viewed

 
 
Business

Norway Breaks European Silence by Swiftly Raising Rates to Face War Repercussions

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/File Photo 
A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/File Photo 
TT
TT

Norway Breaks European Silence by Swiftly Raising Rates to Face War Repercussions

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/File Photo 
A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/File Photo 

Norway’s central bank became one of the first to raise interest rates as a result of the US-Israeli attacks on Iran, warning that the conflict in the Middle East had lifted inflationary pressures as well as heightened economic uncertainty.

Meanwhile, the Swedish central bank, the Riksbank, kept its key rate unchanged and said that while the risk of higher inflation had increased somewhat due to the war in the Middle East, it could wait on developments before adjusting its policy.

On Thursday, Norway’s Norges Bank increased its policy rate by 0.25 percentage points to 4.25 %, following the lead of Australia among advanced economy central banks in raising rates.

The move was sooner than most analysts in a Reuters poll had expected.

The rich Scandinavian country is western Europe’s largest petroleum producer and has struggled to get inflation down to the central bank’s 2% target despite cutting interest rates far less in recent years than the European Central Bank, US Federal Reserve or Sweden’s Riksbank, which on Thursday held its own rates unchanged.

“The war in the Middle East is still causing substantial uncertainty about the economic outlook,” said Ida Wolden Bache, Norges Bank’s governor. She added: “Inflation is too high and has run above target for several years.”

Norway's annual core inflation rate came in at 3.0% in March, slightly lower than forecast but well above the central bank's target of 2.0%.
Norges Bank said that the Iran conflict meant “external price pressures appear to be slightly stronger” than in March, but that the recent appreciation in the krone should damp imported inflation.

It warned that if war in the Middle East changed the economic outlook, it would be forced to revise its rate forecast.

Norges Bank estimated in March that mainland GDP in Norway — stripping out the effects of oil and gas — would increase by 1.6% this year, lower than in 2025.

A majority ‌of respondents, 15 of the 23 economists in a Reuters poll conducted ahead of the announcement, had said Norges Bank would keep the policy rate ⁠on hold today, while the remaining eight expected a 25-basis-point hike.

The Norwegian crown strengthened to 10.85 against the euro by 0948 GMT, from 10.92 just before the announcement.

The bank’s statement points to a further rate hike this year, Sparebank 1 Chief Economist Elisabeth Holvik said.

“Norges Bank will raise borrowing costs again after the summer, so that the policy rate reaches 4.5% by year-end,” Holvik said.

For its part, Sweden's central bank earlier on Thursday kept its policy rate unchanged at 1.75%, as expected, but said the risk that the war in the Middle East will lead to higher inflation had increased somewhat.

The Riksbank has been in wait-and-see mode since cutting interest rates by a quarter percentage point in September last year, according to Reuters.

“There is scope to wait until there is a clearer picture of the effects of the war and the supply shocks it entails,” the central bank said in a statement.

In Poland, the central bank Governor Adam Glapinski said the likelihood of interest rate increases has grown over the past month although a hike is not a forgone conclusion for policymakers.

“Rate hikes are likely but they may not occur,” Glapinski told a news conference on Thursday. On the other hand, “rate cuts are very unlikely.”

 

Business

Saudi Arabia to Establish Int’l Center for Digital Governance in Riyadh

A letter of intent was signed between the DGA and the UN on the sidelines of the Science, Technology and Innovation Forum held in New York this week. (SPA)
A letter of intent was signed between the DGA and the UN on the sidelines of the Science, Technology and Innovation Forum held in New York this week. (SPA)
TT
TT

Saudi Arabia to Establish Int’l Center for Digital Governance in Riyadh

A letter of intent was signed between the DGA and the UN on the sidelines of the Science, Technology and Innovation Forum held in New York this week. (SPA)
A letter of intent was signed between the DGA and the UN on the sidelines of the Science, Technology and Innovation Forum held in New York this week. (SPA)

Saudi Arabia’s Digital Government Authority has said it held discussions with the United Nations Department of Economic and Social Affairs (UN-DESA) to host in Riyadh a digital government center affiliated with the UN to enhance international cooperation, exchange expertise, and develop best practices.

A letter of intent was signed between the DGA and the UN on the sidelines of the Science, Technology and Innovation Forum held in New York this week.

DGA Governor Ahmed bin Mohammed Al-Suwaiyan said that choosing Riyadh as the center’s headquarters reflects Saudi Arabia’s leadership and global role as a model in building an integrated digital ecosystem that is human-centric and future-oriented.

He added that the center represents a pivotal milestone in advancing digital government practices globally, supporting member states, enhancing knowledge exchange, and leveraging artificial intelligence and modern technologies.

Al-Suwaiyan stressed that this step is a result of the support that digital government receives from the Saudi leadership in line with the objectives of Vision 2030.

Bjorg Sandkjaer, Assistant Secretary-General for Policy Coordination in DESA, indicated that the current discussions are an extension of the ongoing cooperation between Saudi Arabia and the UN, and lay the foundation for a long-term partnership aimed at supporting digital government and strengthening the public sector.

She said the center will work on developing frameworks, standards, and best practices to help member states build comprehensive and sustainable digital strategies that contribute to achieving the sustainable development goals and enhancing their inclusiveness globally.

Saudi Arabia launched the Riyadh Declaration during the 19th session of the Internet Governance Forum (IGF 2024), which was held in Riyadh. The forum is organized annually by the UN and brings together global experts to discuss and shape international policies in internet governance.

Business

Oil Jumps, Stocks Fall as US-Iran Clashes Spark Peace Talks Fears

An oil rig operates in the Permian Basin oil field in Texas, USA (Reuters)
An oil rig operates in the Permian Basin oil field in Texas, USA (Reuters)
TT
TT

Oil Jumps, Stocks Fall as US-Iran Clashes Spark Peace Talks Fears

An oil rig operates in the Permian Basin oil field in Texas, USA (Reuters)
An oil rig operates in the Permian Basin oil field in Texas, USA (Reuters)

Stocks sank and oil prices jumped Friday as US-Iran clashes in the Strait of Hormuz jolted hopes for a deal to end the war and reopen the crucial waterway.

Markets across the world have enjoyed a strong run this week on growing optimism that the 10-week conflict -- which has sent oil prices soaring -- will be concluded soon.

However, the risk-on mood was tempered Thursday following news that US forces had carried out strikes on Iranian military targets in response to an attack on three American destroyers in the Strait, threatening a month-old ceasefire.

For its part, Iran's central military command accused the United States of violating the ceasefire by attacking an oil tanker and another ship.

Following the clashes, Donald Trump wrote on his Truth Social platform: "We'll knock them out a lot harder, and a lot more violently, in the future, if they don't get their Deal signed, FAST!"

But when asked in Washington if the truce was still on, the US president said: "Yeah it is. They trifled with us today. We blew them away."

The clash came a day after Trump said an agreement could be near and as Tehran considered a one-page US proposal to end the conflict and reopen the Strait, through which a fifth of world oil and gas usually passes.

Also, the Wall Street Journal said the White House was considering restarting an operation to help commercial ships through the Strait, which Trump dropped after just a day earlier this week.

"Project Freedom" had caused anger in Iran and led it to carry out attacks on the United Arab Emirates.

Oil prices, which fell around 10 percent over the past three days, rose more than one percent Friday.

And equity markets retreated at the end of a week that saw a strong rally across Asia, helped by a surge in tech firms linked to artificial intelligence.

Seoul was off more than one percent after hitting multiple records this week, while Tokyo, Hong Kong, Sydney, Shanghai, Singapore, Wellington, Taipei, Manila and Jakarta were also down.

The losses followed a retreat on Wall Street, where the S&P 500 and Nasdaq came down from all-time highs, though analysts pointed out that losses were not surprising after the recent run-up.

"Once again, the news flow on the geopolitical front has shown that the path towards a lasting agreement is anything but linear," said Chris Weston at Pepperstone.

He added that "traders have had to rethink the assumptions on the trajectory of the conflict and the normalization of vessel flows through Hormuz that had been made over the last couple of sessions".

Sterling weakened against the dollar as investors kept a check on local elections in the United Kingdom, where the ruling Labour Party is expected to suffer hefty losses that could amplify calls for Prime Minister Keir Starmer to resign or face a leadership challenge.

Meanwhile, Japanese media reported that authorities had spent around $64 billion since last week propping up the yen.

The market interventions reportedly began on April 30 when the currency weakened to near 160 per dollar, the lowest in almost two years.

Since then there have been several spikes in the value of the yen, sparking speculation of further moves by the government. On Friday it was trading close to 157.

Atsushi Mimura, Japan's top currency official, on Thursday declined to comment, local media reported.

Investors are also awaiting the release of US jobs data due later in the day, hoping for an idea about the impact of the war and rising prices on the economy.