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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq
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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

The Saudi Exports Development Authority has organized a commercial mission under the identity "Made in Saudi" to Iraq, which held a meeting in Basra on Thursday.
The commercial mission to Basra involved over 28 Saudi companies and 130 Iraqi companies from various sectors, mainly construction materials, chemicals and polymers, energy, and packaging.
Talks went over new prospects for cooperation with the Iraqi side to support the access of national products to the promising Iraqi markets and achieve the wise leadership's aspirations to diversify sources of national income and promote Saudi non-oil exports.
The mission included a number of meetings, agreements and memorandums of understanding between the Saudi and Iraqi sides.
According to SPA, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) have reached SAR14.8 billion, where the building materials sector topped the list of exporting sectors during the period with a value of SAR4.42 billion, followed by the food product sector with SAR4.04 billion.

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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)

The ongoing Israeli war on Lebanon has led to significant economic losses estimated between $10 billion and $20 billion.

This range reflects the difficulty in accurately assessing the damage amid Israel’s ongoing military operations, including airstrikes and ground attacks.

The destruction of homes, infrastructure, and farmland has contributed to a state of uncertainty, along with an unprecedented wave of displacement affecting many families.

Experts agree that reliable economic data is hard to obtain while the conflict continues.

Reports from the Ministry of Health and international organizations said nearly 3,000 people have been killed and around 15,000 injured, mostly civilians.

Additionally, about 1.4 million people have been displaced from their homes, representing roughly a quarter of Lebanon’s population.

Growing economic crisis ahead

The war came at a time when Lebanon’s economy was already struggling after five years of crisis.

According to Mohammad Choucair, head of the Economic Bodies Association, the situation is worsening rapidly, threatening serious economic and social consequences.

Current estimates suggest that direct losses from the conflict could reach between $10 billion and $12 billion, impacting various sectors.

As the war continues, key sectors like tourism, agriculture, and trade are experiencing a sharp decline in business activity.

Many small and medium-sized enterprises are being forced to close or suspend operations due to direct damage from attacks, reduced consumer demand, and disruptions in trade and supply chains caused by the influx of displaced people.

International financial institutions are warning that the ongoing Israeli attacks could continue for several more months, possibly lasting until mid-2025.

The Institute of International Finance (IIF) forecasts a 7% contraction in Lebanon’s GDP by the end of this year, followed by a 10% decline next year.

This would bring the total economic decline to nearly 60% from the peak GDP of around $53 billion recorded at the end of 2018.