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Saudi Arabia, Kuwait Discuss Projects and Unified Tax Framework in Divided Zone

Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
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Saudi Arabia, Kuwait Discuss Projects and Unified Tax Framework in Divided Zone

Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)
Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy Mohammed Al-Brahim during the meeting. (KUNA)

Saudi Arabia and Kuwait have discussed major projects and the establishment of a unified mechanism for tax procedures in the Divided Zone, during a meeting of the Permanent Joint Saudi-Kuwaiti Committee held on Sunday at its headquarters in Al-Khafji, Saudi Arabia.

The meeting, co-chaired by Kuwait’s Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, and Saudi Arabia’s Assistant Minister of Energy, Mohammed Al-Brahim, reviewed progress in creating a unified tax framework aimed at providing a clear regulatory structure for relevant authorities, improving revenue organization, boosting procedural efficiency, and ensuring fairness and transparency in line with shared interests.

The meeting examined reports on petroleum operations in the onshore and offshore areas of the Divided Zone, including strategic plans, current and future projects, potential challenges to implementation, and the use of advanced technologies in oil operations, environmental and safety initiatives, development plans, and national workforce training.

According to the Kuwaiti Ministry of Oil, the meeting forms part of ongoing efforts to implement the memorandum of understanding signed between the two countries on December 24, 2019, strengthening bilateral coordination and serving their strategic interests in the Divided Zone.

The committee reviewed completed procedures for the evacuation of Chevron Saudi Arabia from its sites in the Al-Zour area. The Kuwaiti government officially took over the locations on January 20, reflecting a high level of institutional cooperation between the two sides.

The meeting addressed efforts to allocate dedicated routes at the Al-Nuwaiseeb and Al-Khafji border crossings for joint operations personnel, including the opening of a new lane and the provision of technical infrastructure, which has facilitated staff mobility and eased logistical challenges.

Officials further reviewed development and investment plans for onshore and offshore fields, emphasizing the need to accelerate implementation and provide full support for engineering and technical works.

Sheikh Nimer Al-Sabah stressed the importance of holding regular committee meetings to monitor petroleum operations, address challenges, and advance strategic projects. He praised the close cooperation between Kuwait’s Ministry of Oil and Saudi Arabia’s Ministry of Energy, as well as joint operations involving the Kuwait Gulf Oil Company, Aramco Gulf Operations Company, and Chevron Saudi Arabia.

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Business

Saudi Arabia’s Non-Oil Exports Rise by 20.7% in November

King Abdulaziz Port in Dammam (SPA) 
King Abdulaziz Port in Dammam (SPA) 
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Saudi Arabia’s Non-Oil Exports Rise by 20.7% in November

King Abdulaziz Port in Dammam (SPA) 
King Abdulaziz Port in Dammam (SPA) 

Data released by Saudi Arabia’s General Authority for Statistics (GASTAT) showed that the Kingdom’s non-oil exports (including re-exports) increased by 20.7% in November compared with the same month in 2024.

This rise coincided with a marked improvement in the surplus of the merchandise trade balance, which grew by 70.2%, driven by higher total exports and a slight decline in imports.

According to the report, the main contributor to the growth in non-oil exports was the sector of “machinery, electrical equipment and parts,” which topped the list of exported goods, accounting for 24.2% of total non-oil exports.

Re-exports also played a pivotal role, recording a surge of 53.1%, supported by an increase of more than 81% in exports of electrical equipment within this category.

Meanwhile, national non-oil exports (excluding re-exports) grew by 4.7%, while oil exports rose by 5.4%. Notably, the share of oil exports in total exports declined to 67.2%, compared with 70.1% in November last year.

Imports recorded a slight decline of 0.2% compared with November 2024, which directly contributed to raising the coverage ratio of non-oil exports to imports to 42.2%. These figures had a positive impact on the merchandise trade balance, whose surplus rose by 70.2%.

China remained Saudi Arabia’s leading trading partner, accounting for 13.5% of total exports and 26.7% of total merchandise imports. The United Arab Emirates and Japan ranked second and third among the Kingdom’s top export destinations, while the United States and the United Arab Emirates followed China in the list of import sources.

In terms of customs gateways, King Abdulaziz Port in Dammam emerged as the main entry point for imports, with a share of 22.8%. Meanwhile, King Abdulaziz International Airport in Jeddah ranked first among the Kingdom’s main gateways for non-oil exports, accounting for 17.2% of total export operations in this sector.

 

 

 

Business

Saudi Private Sector Commissions International Firm to Improve Cost Efficiency 

Officials meet at the headquarters of the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Officials meet at the headquarters of the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
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Saudi Private Sector Commissions International Firm to Improve Cost Efficiency 

Officials meet at the headquarters of the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Officials meet at the headquarters of the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)

The Saudi private sector has commissioned an international consulting firm to conduct a comprehensive study on the business environment and rising operating costs faced by commercial enterprises, sources told Asharq Al-Awsat.

The move aims to identify practical solutions to curb rising financial burdens on companies operating in the Kingdom.

According to the sources, the study will analyze key challenges in the business landscape stemming from higher operating expenses, which are increasingly affecting the sustainability and competitiveness of businesses in both domestic and international markets.

The Federation of Saudi Chambers (FSC) is expected to share the study’s findings with relevant authorities to support the development of more effective future policies.

The federation has called on all chambers of commerce to contribute to the cost of the study, underscoring its importance in supporting implementation and maximizing its impact on the commercial sector and member interests.

Since the launch of Vision 2030, the Saudi government has implemented wide-ranging reforms and introduced amendments to legislation, regulations, and policies. These efforts aim to identify and address obstacles facing the private sector.

Ministers and senior officials regularly meet with business leaders at the Federation of Saudi Chambers to outline government strategies and discuss the most pressing challenges confronting the private sector.

The federation works systematically to identify barriers through meetings and workshops designed to strengthen communication with government entities and facilitate problem-solving.

Vision 2030 underscores coordination among government bodies and national programs to enhance service quality for companies, improve the business environment, unlock underutilized economic sectors, and attract foreign investment.

The strategy highlights the importance of collaboration among the public, private, and non-profit sectors, as well as international partners, to achieve its objectives.

With a “thriving economy” as one of its three core pillars, Vision 2030 focuses on economic diversification, strengthening local content, and fostering innovative opportunities through an investment-friendly environment for both domestic and foreign investors.

Business

Iraq’s Oil Exports Hit 107.65 Million Barrels in December

An Iraqi flag is seen in front of oilfields (Reuters) 
An Iraqi flag is seen in front of oilfields (Reuters) 
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Iraq’s Oil Exports Hit 107.65 Million Barrels in December

An Iraqi flag is seen in front of oilfields (Reuters) 
An Iraqi flag is seen in front of oilfields (Reuters) 

Iraq's total oil exports were estimated at 107.65 million barrels in December, the Iraqi Ministry of Oil said on Sunday.

The Ministry said the oil exported from the Kurdistan Region via the Turkish port of Ceyhan was 5,997,527 barrels.

Iraq will ‍export ‍a total of 223,000 barrels per day (bpd) in ⁠February, up by 21% ⁠on the month, loading ‌programs seen by Reuters show.

January ⁠exports were scheduled at 184,000 bpd. Of the February cargoes, ⁠eight will be exported from Türkiye’s Ceyhan terminal, and ‍three will be delivered via the Kirikkale pipeline to Turkish refiner Tupras.

Kirkuk oil pipeline flows to Ceyhan restarted in late September after a two-and-a-half-year hiatus, with the ⁠first exports taking ‌place last October.