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Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
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Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)

Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC) Dr. Majid bin Abdullah Al-Qasabi met with Korean Minister of Land, Infrastructure and Transport Dr. Sangwoo Park in Seoul on Wednesday at the conclusion of his visit to South Korea.

The meeting, attended by Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan, discussed the Kingdom's Vision 2030, economic and development reforms, cooperation and partnership opportunities, and the exchange of expertise, particularly in priority sectors.

During his visit, Dr. Al-Qasabi visited the Samsung Innovation Museum in Suwon and held a meeting with the Global President of Public Affairs, Seung-Hee Park, and senior executives of the company to explore cooperation opportunities and prospects presented by Vision 2030 and its economic and developmental reforms.

The minister met with the CEO of SK Telecom, Ryu Young-sang, to discuss potential cooperation opportunities that the company could offer to the Kingdom's ongoing projects.

The visit included meetings with several Korean officials, including the prime minister, minister of trade, industry, and energy, minister of small and medium enterprises and startups, minister of trade, and head of environmental, social and governance standards at Naver, to boost trade relations and economic partnership.

Al-Qasabi participated in the Saudi-Korean Business Forum organized by the National Competitiveness Center, the Federation of Saudi Chambers of Commerce, and the Korean Chambers of Commerce and Industry. The Saudi delegation at the event included representatives from various government entities and business leaders from major national companies.

The forum sought to strengthen trade relations in various priority economic sectors and discuss challenges faced by the private sector, as well as proposals for bolstering business opportunities.

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Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.

Business

China Widens Foreign Investment Incentive List to Stem Falling Inflows

People visit a shopping center in Beijing on December 20, 2025. (AFP)
People visit a shopping center in Beijing on December 20, 2025. (AFP)
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China Widens Foreign Investment Incentive List to Stem Falling Inflows

People visit a shopping center in Beijing on December 20, 2025. (AFP)
People visit a shopping center in Beijing on December 20, 2025. (AFP)

China on Wednesday listed more sectors eligible for foreign investment incentives, from tax breaks to preferential ​land use, in its latest effort to stem a prolonged decline in overseas capital inflows.

Under the 2025 edition of the catalogue of industries for encouraging foreign investment, China added more than 200 and revised about 300, with a ‌focus on ‌advanced manufacturing, modern services and ‌green ⁠and ​high-tech ‌sectors, the list jointly issued by the National Development and Reform Commission and the commerce ministry showed.

The new catalogue, which takes effect on February 1, 2026, replaces the 2022 version and continues a policy framework ⁠that offers foreign-invested enterprises tariff exemptions on imported equipment, preferential ‌land pricing, reduced corporate income ‍tax rates in ‍designated regions and tax credits for reinvestment ‍of profits.

The catalogue also extends incentives to central and western regions, as well as the northeast and Hainan, as Beijing seeks to attract ​more foreign investment into less developed areas.

China has in recent months ⁠taken a raft of measures to boost foreign investment, including pilot programs in Beijing, Shanghai and other regions to expand market access in services such as telecoms, healthcare and education, amid trade tensions with the United States.

Foreign direct investment in China totaled 693.2 billion yuan ($98.84 billion) from January to November this year, down 7.5% from the ‌same period last year, data from the commerce ministry showed.