Saudi Exim, ITFC extend $5mln to Oman's Alizz Islamic Bank
The financing is meant to boost Saudi non-oil exports to Oman and, at the same time, help small-time local businesses in the kingdom grow their exports.
The financing deal is in line with the objectives of Saudi Vision 2030, which seeks to help small and medium-sized enterprises (SMEs) expand their market reach internationally.
It is also expected to boost the contribution of SMEs to the kingdom's gross domestic product (GDP).
(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Saudi finance minister calls for urgent reform of global trade system at G20 summit
CAPE TOWN — Saudi Finance Minister Mohammed Al-Jadaan emphasized the urgent need to accelerate reform of the global trade system in response to shifting economic realities, during the third G20 Finance Ministers and Central Bank Governors Meeting held under South Africa's presidency on July 17–18. 'The fiscal space is shrinking at a time when financing needs are growing, leading to higher borrowing costs and mounting pressure on both governments and the private sector,' Al-Jadaan said during his address. He welcomed the G20 note on lessons learned from the Common Framework cases and the accompanying debt treatment steps document, noting their importance in strengthening transparency and predictability. He also stressed the need to continue supporting countries facing financial stress or short-term liquidity challenges. On the sidelines of the G20 meetings, Al-Jadaan held bilateral talks with several finance ministers to discuss global economic developments and topics of mutual interest. The meeting, hosted in KwaZulu-Natal, South Africa, brought together G20 finance ministers, central bank governors, invited country representatives, and heads of international and regional financial institutions. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 hours ago
- Zawya
NIDLP drives Saudi non-oil GDP growth; hits $263bln in 2024
The National Industrial Development and Logistics Program (NIDLP) continues to be a cornerstone of Saudi Vision 2030, demonstrating exceptional performance in driving economic prosperity and diversification. Launched in early 2019, NIDLP integrates four strategic sectors - energy, mining, industry, and logistics - while leveraging local content and Fourth Industrial Revolution principles to enhance value and broaden the economic base. According to the NIDLP annual report for 2024, its activities contributed 39% to the kingdom's non-oil GDP, reaching SAR986 billion (($263 billion), an increase from SAR949 billion ($253 billion) in 2023. Non-oil activities now represent 55% of the total GDP, it stated. Total non-oil exports reached SAR514 billion in 2024, marking a 13.2% growth compared to 2023. The manufacturing sector grew by 4%, while mining, transportation, and storage sectors collectively saw a 5% growth during the year, reported SPA citing the NIDLP annual report. Total non-oil exports reached SAR514 billion in 2024, marking a 13.2% growth compared to 2023. This includes SAR217 billion in non-oil commodity exports (4% growth), SAR91 billion in re-exports (42% growth), and SAR207 billion in service exports (14% annual growth). Key export categories included chemical industries (SAR78.5 billion), metal and mineral products (SAR23.3 billion), food and beverages (SAR10.5 billion), and electrical appliances and equipment (SAR42.9 billion). NIDLP sectors employed 2.433 million workers in 2024, adding over 508,000 new jobs, including more than 81,000 for Saudis (42,000 men, 39,000 women). Major employment contributions came from manufacturing, mining and quarrying, electricity and gas, and transportation and storage. Non-governmental investments in NIDLP sectors amounted to SAR665 billion. Cumulative net loan approvals from the Saudi Industrial Development Fund reached SAR198 billion, while the Saudi Export-Import Bank provided SAR69.14 billion in cumulative credit facilities. By the end of 2024, the number of industrial facilities reached 12,589, with 1,511 new factories completed. Cumulative non-governmental investments in industrial cities and special zones totaled SAR1,412.96 billion. Cumulative military sales to local companies reached SAR34.32 billion, as the National Industrial Strategy continues to localize value chains in future industries like medical supplies, automotive, and energy-related products. In renewable energy, projects with a total capacity of 20 gigawatts were launched, new solar energy agreements for 3.7 gigawatts were signed, and an additional 3.6 gigawatts became commercially operational. A new global low for wind energy purchase price was recorded at SAR0.0587 per kilowatt-hour, contributing to an annual reduction of approximately 1.7 million tons of carbon emissions. According to the NIDLP annual report for 2024, the mining sector demonstrated robust activity with total expenditure on mineral exploration reaching SAR228 per sq km. The number of mining sites available for tender saw a remarkable 380% increase compared to the previous year. The sector aims to contribute SAR176 billion to GDP by 2030 and create 219,000 jobs. Globally, the Kingdom now ranks as the second-best country in the mining licensing environment. The logistics sector also experienced substantial development, with total logistics licenses reaching 1,056. The number of logistics centers for re-export expanded to 23, a significant leap from just two centers in 2019. Port utilization increased to 64% from a baseline of 50.2%, and the number of containers handled reached 7.5 million. Customs clearance time was reduced to an impressive two hours. NIDLP achieved several key performance indicators that surpassed its set targets: military industries localization reached 19.35% (target: 12.5%, baseline: 7.7%), local content in non-oil sectors amounted to SAR1,231 billion (target: SAR1,110 billion, baseline: SAR942 billion), final licenses for promising industries surged to 3,107 (target: 845, baseline: 169), cumulative exports from promising industries totaled SAR135.6 billion (target: SAR98.7 billion, baseline: SAR18.6 billion), and logistics centers for re-exports reached 23 centers (target: 16, baseline: 2). While port utilization reached 64%, it fell slightly short of the 66% target, though still significantly up from the 50.2% baseline, said the SPA report. By the end of 2024, NIDLP managed a substantial portfolio of 284 initiatives, with 163 (57%) already completed. This highlights the intensive efforts to achieve Vision 2030's ambitious goals and the effective integration among executive agencies. The 2024 indicators affirm NIDLP's pivotal role in reshaping the national economy on robust developmental foundations, stated the report. With accelerated progress and targets being met ahead of schedule, Saudi Arabia is confidently solidifying its position as a global industrial, economic, and logistics powerhouse, driven by an inspiring leadership and an ambitious strategic vision, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Dubai Eye
6 hours ago
- Dubai Eye
Air Arabia to launch low-cost Saudi airline
The Saudi General Authority of Civil Aviation announced Sunday that a consortium made up of Air Arabia, Kun Investment Holding, and Nesma has secured the bid to operate a new low-cost national airline based at King Fahd International Airport in Dammam. According to a statement posted on X, the new carrier aims to strengthen air connectivity in the Eastern Region, boost seat capacity, and offer competitive travel options. The airline will operate both domestic and international routes, targeting 57 international and 24 domestic destinations by 2030. To achieve the goals of the Aviation Program under the National Transport and Logistics Strategy, #GACA announces that «AirArabia Alliance» has won as the new low-cost national carrier at King Fahd International Airport in Dammam, with the aim of enhancing air connectivity in the… — هيئة الطيران المدني (@ksagaca) July 20, 2025 The airline plans to carry up to 10 million passengers annually with a fleet of 45 aircraft, and is expected to create more than 2,400 job opportunities. Saudi Minister of Transport and Logistic Services, Saleh Al-Jasser, welcomed the move, stating the new airline will 'contribute to enhancing competition' and expand choices for travelers.
