عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
TT
TT

Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

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

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.

Most Viewed

 
 
Business

Paris Mint to Issue 1st Solid-gold Coins in a Century

A worker holds a Marianne-Or gold coin bullion replica at La Monnaie de Paris in Paris on May 21, 2026. (Photo by SIMON WOHLFAHRT / AFP)
A worker holds a Marianne-Or gold coin bullion replica at La Monnaie de Paris in Paris on May 21, 2026. (Photo by SIMON WOHLFAHRT / AFP)
TT
TT

Paris Mint to Issue 1st Solid-gold Coins in a Century

A worker holds a Marianne-Or gold coin bullion replica at La Monnaie de Paris in Paris on May 21, 2026. (Photo by SIMON WOHLFAHRT / AFP)
A worker holds a Marianne-Or gold coin bullion replica at La Monnaie de Paris in Paris on May 21, 2026. (Photo by SIMON WOHLFAHRT / AFP)

The Paris Mint said Tuesday that it would soon start selling solid-gold coins for investment, the first since it quit making Napoleons and Louis a century ago.

Four versions of the new Marianne coins will go on sale June 16, ranging from one-tenth of an ounce (3.1 grams) to a full ounce (31.1 grams).

One side will feature the symbolic Marianne face representing the French republic, while the other will show a map of the nation's territories, the Mint said.

They will compete on the global market with South African Krugerrands, Canadian Maple Leafs or American Gold Eagles.

The goal is to "democratize the gold market in France", the Mint's chief Marc Schwartz told journalists ahead of the launch, citing "investor demand" as prices have soared in recent years.

Most investors wanting to buy gold, considered a safe haven compared to other investments, usually opt for market-traded funds that track the metal's price, or buy shares in gold mining firms.

Gold and silver coins currently issued by the Mint are commemorative or collector items made of alloys with lower percentages of the precious metals.

But the new coins will be sold at market prices -- currently around $4,600 an ounce after surging more than 65 percent last year, AFP reported.

For investors who want to avoid the cost of storing and protecting gold in their homes, the Mint will offer a digital "e-Marianne" coin that it will hold until the day the owner wants to sell.

The Paris Mint, headquartered on the Right Bank of the Seine since 1775, did not say how many coins it expected to sell. Its revenues rose 1.7 percent last year to reach 197 million euros ($230 million).

Business

Global Oil Price Gains 3% after US Military Strikes on Iran

A giant crude oil tanker carrying two million barrels of Saudi oil arrives at a refinery off Chita, Japan, May 25, 2026 (Reuters)
A giant crude oil tanker carrying two million barrels of Saudi oil arrives at a refinery off Chita, Japan, May 25, 2026 (Reuters)
TT
TT

Global Oil Price Gains 3% after US Military Strikes on Iran

A giant crude oil tanker carrying two million barrels of Saudi oil arrives at a refinery off Chita, Japan, May 25, 2026 (Reuters)
A giant crude oil tanker carrying two million barrels of Saudi oil arrives at a refinery off Chita, Japan, May 25, 2026 (Reuters)

Brent crude oil rose 3% on Tuesday after the US military carried out strikes in Iran, adding to uncertainty on whether a deal will be imminently reached to end the war and open up shipping flows through the Strait of Hormuz.

US Secretary of State Marco Rubio said on Tuesday that negotiating a deal with Iran could "take a few days," quashing hopes for an imminent end to the conflict a day after US forces conducted what Washington called defensive strikes in southern Iran.

"We are still waiting for more details on a potential deal," said Giovanni Staunovo at ⁠UBS. "Meanwhile we see ⁠renewed tensions in the Middle East, while flows through the Strait remain restricted."

Global benchmark Brent was up $3.04, or 3.2%, to $99.18 a barrel as of 0820 GMT, after settling 7% lower in the previous session. US West Texas Intermediate was down $4.07, or 4.2%, from Friday's close, at $92.53, Reuters reported.

There was no WTI settlement on Monday due to the US Memorial Day holiday.

"While differences between the parties ⁠have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize," said Ole Hansen at Saxo Bank.

Tehran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began, choking off about a fifth of global oil and liquefied natural gas flows.

The strikes happened as Iran's top negotiator and its foreign minister were in Doha for talks with Qatar's prime minister on a potential deal with the US to end the three-month-old war.

Both Washington and Tehran said they have made progress on a memorandum of understanding that would halt the ⁠war and give negotiators ⁠60 days to reach a final deal.

Nikkei reported, citing a Middle East diplomatic source, that Iran would clear mines from the strait within a 30-day window under the agreement, after which vessels from all countries could navigate freely and safely, with Tehran also ending transit-fee collection.

Ship-tracking data showed that three LNG tankers passed through the Strait in recent days, heading to Pakistan, China and India, along with a supertanker carrying Iraqi crude to China that had been stranded for nearly three months.

US President Donald Trump on Monday repeated his demand that Iran hand over its enriched uranium so it could be destroyed.

"It's a sharp reminder that the deal could still collapse at the 11th hour, much like the five previous attempts before it," said Tony Sycamore, a market analyst at IG.

Business

General Coordinator for Negotiations: GCC-UK Agreement is a Strategic Step in a Turbulent World

Albudaiwi and Bryant embrace after signing the agreement in London amid applause from negotiators (UK Department for Business and Trade)
Albudaiwi and Bryant embrace after signing the agreement in London amid applause from negotiators (UK Department for Business and Trade)
TT
TT

General Coordinator for Negotiations: GCC-UK Agreement is a Strategic Step in a Turbulent World

Albudaiwi and Bryant embrace after signing the agreement in London amid applause from negotiators (UK Department for Business and Trade)
Albudaiwi and Bryant embrace after signing the agreement in London amid applause from negotiators (UK Department for Business and Trade)

Gulf Cooperation Council countries and the United Kingdom have entered a new era of comprehensive strategic cooperation, following the official announcement in London of the conclusion of free trade agreement negotiations between the two sides.

This represents a structural shift that enhances investment flows and opens wide horizons for business communities in the seven markets, in the first agreement of its kind concluded by the GCC with a G7 nation.

The General Coordinator for Negotiations and Head of the GCC Negotiating Team, Dr. Raja Al Marzouqi, described the agreement as an inevitable strategic step to redirect joint trade and investment flows, especially at a time when the global economy is grappling with high levels of uncertainty and protectionist fluctuations.

Al Marzouqi told Asharq Al-Awsat that the current volume of trade between GCC countries and Britain stands at the equivalent of $80 billion, indicating that the agreement is expected to increase trade exchange by more than 60 percent, based on experiences from similar free trade agreements worldwide.

Mitigating Negative Impacts

He added that the agreement's signing comes at a sensitive time for the global economy, amid rising risks associated with US decisions regarding increased tariffs and the cancellation of some previous trade agreements, which amplifies the need for a stable and clear legal environment governing international economic relations.

Al Marzouqi explained that the agreement contributes to mitigating the negative effects of these changes by reducing risks and providing a clear future vision, given its detailed and mutual legal commitments between the two parties within a comprehensive free trade framework.

He also pointed out its comprehensive nature, which is not limited to traditional goods but extends to establish integrated frameworks for investment, services, and modern financial services sectors.

Gateway for Technology and Knowledge Transfer and Investment Attraction

The GCC official indicated that free trade agreements are among the most prominent tools for attracting foreign investment and technology transfer, noting that the experiences of several countries have shown an increase in foreign investment flows by more than 30 percent after signing similar agreements.

He affirmed that the importance of the GCC-British agreement is enhanced by Britain's position as a major exporter of technology and foreign investments, which provides GCC economies with additional opportunities to expand the base of quality investments and transfer advanced knowledge and technologies.

The General Coordinator for Negotiations emphasized that this step, in conjunction with other trade agreements concluded by GCC countries with major Eastern economies, primarily China, maximizes the benefit from the region's strategic location as a link between East and West, and supports the adoption of balanced economic relations with various international partners.

GCC countries consider the free trade agreement with Britain a strategic step to redirect trade and investment flows (GCC)

A New Phase

For his part, HSBC Group CEO Georges Elhedery affirmed that the GCC countries represent a region of increasing strategic importance, given the long-term growth opportunities they offer.

He noted that the banking group has a historical and deep presence in the six GCC states, in addition to the United Kingdom, which is one of the bank's key markets.

Elhedery told Asharq Al-Awsat that the bank's presence in the region allows it to directly identify the opportunities that will arise from the new agreement, affirming the bank's readiness to contribute to deepening economic ties and supporting companies and institutions in building new partnerships, fostering investment, and achieving further growth.

HSBC Group CEO Georges Elhedery

Signing the Joint Statement

GCC Secretary-General Jasem Albudaiwi, along with Britain’s Minister of State for Trade Chris Bryant, signed a joint statement in London last Wednesday to conclude negotiations on the free trade agreement between the two sides, following years of negotiations.

Albudaiwi described the agreement as a "qualitative leap" in GCC-British relations, affirming that it will contribute to strengthening economic pathways between the two regions for generations to come.

He added that the agreement was not a coincidence but the result of "years of work and shared political will" between the six GCC countries and the UK
London's Commitment

The British Foreign Office had stated earlier that the free trade agreement with GCC countries reflects London's commitment to a long-term partnership with Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, and Oman, noting that it is the first free trade agreement concluded by the Council with a G7 nation.

According to British data, the current trade volume between Britain and GCC countries is approximately £52.9 billion ($72 billion), with expectations of a trade increase of about 20 percent, equivalent to £15.5 billion ($21 billion) annually.

The agreement will also contribute to facilitating GCC exports to the British market, supporting services and professional sectors, and simplifying visa procedures and business visits.

Britain's Trade Minister Peter Kyle stated that the agreement represents a significant step in the partnership between the UK and GCC countries, and will open new opportunities for trade, investment, and innovation.

Meanwhile, the UK Trade Commissioner for the Middle East and Pakistan, Sarah Mooney, affirmed that the agreement will reduce tariffs and boost exports for both sides, giving investors greater confidence to make long-term decisions.