
Saudi Arabia logs SAR 1.3B in mining exploration spending in 5 yrs
Drilling activity in the Kingdom exceeded 500,000 meters in 2023 alone, Al-Balooshi told CNBC Arabia.
The number of exploration companies surged from six to 133 between 2018 and 2023, driven by improved geological data access and ministry incentives such as financial support and land allocations.
The ministry's focus is to expand geological data availability and attract more exploration firms to meet industrial needs. Saudi Arabia's geological survey program has completed 80% of its fieldwork, with 60% of the data now accessible via the National Geological Database. Access to data, land, and financing is key for explorers and investors.
The ministry plans to offer 50,000 square kilometers of mineralized belt areas for exploration this year, including gold and copper reserves, Al-Balooshi previously told Argaam.
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Arab News
an hour ago
- Arab News
Saudi non-oil exports climb 6% to $8.29bn: GASTAT
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It added: 'Moreover, the value of re-exported goods increased by 20.5 percent during the same period.' In a separate release in May, GASTAT noted that the Kingdom's gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust non-oil activity. Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim — who also chairs GASTAT's board — highlighted that the contribution of non-oil activities to the Kingdom's economic output reached 53.2 percent, a 5.7 percent increase over previous estimates. He added that the country's economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors. Other major destinations for Saudi Arabia's non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million. Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively. Departure locations Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion. Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively. On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively. King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May — a 258 percent increase compared to the same month last year. Machinery and chemicals lead the way 'Among the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,' GASTAT noted. Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year. The strength of Saudi Arabia's non-oil private sector was further affirmed by Riyad Bank's Purchasing Managers' Index, compiled by S&P Global, which showed that the Kingdom's headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9. A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. Saudi Arabia's June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively. Merchandise exports According to GASTAT, the Kingdom's total merchandise exports in May declined 14 percent year on year to SR90.44 billion. The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year. China was the top destination for Saudi Arabia's overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion — a 37.5 percent jump compared to the previous year — while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively. Imports climb Saudi Arabia's imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported. Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion. Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion. By region, Asia remained the Kingdom's largest trade partner, contributing SR47.59 billion in imports — a 17.8 percent rise from a year ago. Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million. China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion. Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion — a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively. King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion. Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively. By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.


Leaders
13 hours ago
- Leaders
Saudi FM Receives Written Message from Russian Counterpart
The Saudi Foreign Minister, Prince Faisal bin Farhan, has received a written message from the Russian Foreign Minister, Sergey Lavrov, reported the Saudi Press Agency (SPA). The message addressed relations between Saudi Arabia and Russia and discussed ways to further consolidate them across all fields. The Russian Ambassador to Saudi Arabia, Sergey Kozlov, on Wednesday handed the message to the Saudi Deputy Foreign Minister, Waleed Al-Khuraiji, at the Foreign Ministry headquarters in Riyadh. Al-Khuraiji received the message on behalf of Prince Faisal bin Farhan. During the reception, Al-Khuraiji and Kozlov reviewed ties between Saudi Arabia and Russia and discussed topics of mutual interest. Earlier in July, Prince Faisal bin Farhan met with Lavrov during an official visit to Moscow. Both diplomats reviewed bilateral relations and the historical friendship between their nations. They also explored ways to further bolster ties and expand cooperation across various fields. Moreover, the two ministers discussed the recent developments in the region and efforts made to address them. Prince Faisal also praised the robust Saudi-Russian relations and the growing tourist activity between the two countries. 'We hope that the visa exemption agreement will significantly foster tourism cooperation and expand direct flights between both countries,' he said. Short link : Post Views: 10 Related Stories


Al Arabiya
14 hours ago
- Al Arabiya
Saudi business delegation arrives in Damascus for Syrian-Saudi Investment Forum
A large Saudi business delegation arrived in Damascus on Wednesday to attend the Syrian-Saudi Investment Forum – being held at the request of Saudi Crown Prince Mohammed bin Salman. According to Al Arabiya correspondent, the forum will kick off on Thursday. The forum aims to explore the potential of cooperation and deals to promote sustainable development. The visit is expected to see the signing of trade deals worth more than 15 billion Saudi riyals ($4 billion). During the visit, a cement factory in the industrial city of Adra in Damascus countryside will be launched. The delegation, led by Saudi Minister of Investment Khalid al-Falih, included over 100 business investors. The Saudi embassy in Damascus on Tuesday announced the introduction of special travel permits for businesspeople and investors from both countries, aimed at facilitating mutual visits and exploring investment opportunities.