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GCC Statistical Center Praises Saudi Arabia's Achievements on 94th National Day

Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
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GCC Statistical Center Praises Saudi Arabia's Achievements on 94th National Day

Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023. (Photo by SPA)

The Gulf Cooperation Council Statistical Center praised the remarkable achievements made throughout Saudi Arabia during its 94-year journey, highlighting key statistics in various economic, social, and international competitiveness fields.
In recent years, Saudi Arabia has continued to make significant strides in development, aiming to build a prosperous and sustainable economic foundation by capitalizing on its abundant opportunities and resources. This progress has placed it among the world's most advanced countries, in line with its leadership's aspirations, SPA reported.
Saudi Arabia lends great support to its non-oil sectors, as part of its economic diversification plan, with non-oil activities contributing 68.4% to the GDP in 2023.
Commercial banks assets grew to $1 trillion in 2023, compared to $965.6 billion in 2022, marking a growth rate of 9.3%. Furthermore, the market value of the Saudi stock exchange reached $3 trillion in 2023.
The education sector has also witnessed significant development, at all levels. The number of school students increased to 6.1 million during the 2022/2023 scholastic year, compared to 5.8 million students in the 2018/2019 academic year, marking a growth rate of 5.3%.
The Saudi Vision 2030 has focused on developing the tourism sector, as part of its economic diversification program, given its potential for diversifying the sources of income and creating jobs. In 2023, 30.1 million people visited Saudi Arabia, compared to 18.3 million in 2022, a growth rate of 65%. Visitor spending in the Kingdom amounted to $40.6 billion in 2023, up from $29.7 billion in 2022, representing a 36.6% increase.
Saudi Arabia is also improving its global competitiveness, as evidenced by its top rankings in several international reports. These include first place in several indicators, such as the Global Cybersecurity Index, the Internet Users Index, the Long-Term Unemployment Growth Index, the Social Cohesion Index, and the Long-Term Labor Market Growth Index, according to the World Competitiveness Yearbook 2024.
In entrepreneurship, Saudi Arabia ranked first globally in several indicators, including ease of starting a business and the availability of good opportunities to start a business, according to the Global Entrepreneurship Monitor 2023/2024 Global Report.

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SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in China

The SABIC headquarters in Al-Jubail (SABIC website)
The SABIC headquarters in Al-Jubail (SABIC website)
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SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in China

The SABIC headquarters in Al-Jubail (SABIC website)
The SABIC headquarters in Al-Jubail (SABIC website)

The Saudi Basic Industries Corporation (SABIC) signed on Thursday a Project Development Agreement (PDA) with Rongsheng Petrochemical Co. Ltd. and its wholly owned subsidiary Rongsheng New Materials (Zhoushan) Co. Ltd. to jointly advance the development of the Jintang New Materials Project in Zhoushan, China.

“Under the PDA, SABIC and Rongsheng Petrochemical are evaluating a potential equity investment by SABIC up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies,” the Saudi company said in a statement said.

The agreement also establishes a framework for project development activities towards a potential final investment decision (FID), the statement added.

SABIC CEO and Executive Board Member Dr. Faisal M. Alfaqeer said that the partnership with Rongsheng Petrochemical reflects SABIC’s vision for global footprint expansion.

“SABIC continues to prioritize innovation, portfolio advancement and sustainable value creation, strengthening its ability to serve customers worldwide,” he added.

CEO of Rongsheng Petrochemical and Executive Director of the Board Mr. Xiang Jiongjiong said: “The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC.”

He described the partnership as “a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials.”

He said the alliance “also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers.”

The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.

The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders.

Business

Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centers

A container terminal at one of Saudi Arabia's ports. (SPA)
A container terminal at one of Saudi Arabia's ports. (SPA)
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Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centers

A container terminal at one of Saudi Arabia's ports. (SPA)
A container terminal at one of Saudi Arabia's ports. (SPA)

The Saudi Ports Authority (Mawani) has signed seven agreements to establish logistics centers in Jeddah, western Saudi Arabia, with a total value exceeding SAR 1 billion ($266 million).

The signing ceremony was attended by Minister of Transport and Logistic Services Saleh Al-Jasser and Mawani President Suliman Al-Mazroua.

Al-Mazroua said the new agreements provide for the development of logistics centers under concession terms of up to 25 years, supporting efforts to position Jeddah as a global logistics hub. He noted that two agreements were signed with international companies, while five were awarded to Saudi firms with global ambitions. Valued at more than SAR 1 billion, the projects are also expected to create additional jobs.

He said that in February, at the onset of the Strait of Hormuz crisis, the Minister issued urgent directives to prepare the Kingdom's western coast to receive supply chains serving Saudi Arabia and the Gulf region. As a result, all entities involved in the logistics ecosystem worked toward that objective.

Al-Mazroua said Mawani focused on several key areas. The first was strengthening maritime connectivity by increasing shipping services to compensate for the shortfall affecting the Kingdom's eastern region.

During the crisis, more than 27 additional shipping services were introduced on the western coast, increasing capacity by more than 200,000 TEUs (twenty-foot equivalent units) per month to offset the shortfall.

He added that the second area focused on preparing ports to handle higher volumes by streamlining procedures with the Saudi Customs Authority and terminal operators, while expanding equipment capacity. Investments in these measures exceeded SAR 640 million over a three-month period.

Business

Oil Eases as Traders Weigh US-Iran Conflict Risks

A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
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Oil Eases as Traders Weigh US-Iran Conflict Risks

A horse grazes near an oil drilling rig in Kazakhstan (Reuters)
A horse grazes near an oil drilling rig in Kazakhstan (Reuters)

Oil prices eased on Thursday as traders weighed escalating tensions between the United States and Iran and the risks to oil supplies moving through the Strait of Hormuz.

Brent crude futures were down 27 cents, or 0.32%, to $84.68 a barrel at 1011 GMT, while US West Texas Intermediate futures were down 11 cents, or 0.14%, to $79.49 a barrel. Both contracts remain close to one-month highs.

"The market is still reacting with a surprising degree of calmness," said Ole Hvalbye, market analyst at SEB Research, Reuters reported.

"It seems reasonable that prices could continue to climb towards $90-$95 and maybe even touch the $100 mark again and that is because the Strait of Hormuz is repeatedly being disrupted, creating uncertainty over oil flows from the Gulf."

The US struck Iran's coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Tehran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.

The escalation comes after a fragile truce reached in June collapsed, reviving fears of a return to full-scale conflict and disrupting energy flows through the Strait of Hormuz, which handled about a fifth of daily global oil and LNG trade before the war began.

Fewer vessels passed through the strait on Wednesday, the first day after the US reimposed its naval blockade on Iran. Seven crossed on Wednesday, down from 13 the previous day.

"Markets could remain cautious as they assess immediate supply risks. So far, despite heightened military tensions, oil tankers continue to sail through the Strait of Hormuz, although in more limited numbers," said Wael Makarem, financial markets strategist lead at Exness.

Iran said on Thursday the strait was an inviolable "red line", warning that if US President Donald Trump carried out his threat to attack Iran's infrastructure, it would strike all infrastructure across the Gulf region.

Analysts say Iran has signalled it may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting a second of the world's most vital energy arteries at risk.

Oxford Economics said the likeliest scenario was that low, fluctuating levels of traffic through the strait spark intermittent oil price rallies that keep average prices above $80 per barrel for several quarters.

Elsewhere, Ukraine's Security Service said on Thursday that together with Ukraine's navy it has struck two Russian "shadow fleet" tankers with naval drones in the Black Sea.