Latest news with #tradeexchange
Argaam
08-07-2025
- Business
- Argaam
Saudi Arabia, Russia trade exchange hits SAR 3.5B, huge opportunities ahead: Alkhorayef
Minister of Industry and Mineral Resources Ibrahim Alkhorayef said that trade exchange between Saudi Arabia and Russia currently stands at nearly SAR 3.5 billion, adding that there is a remarkable growth in terms of ratios, with greater ambitions and even huge opportunities ahead. In an interview with Argaam on the sidelines of Saudi Arabia's participation as a partner country at the INNOPROM International Industrial Exhibition currently held in Russia, Alkhorayef stated that Russian companies have shown growing interest in the Saudi market. He noted that the Kingdom also seeks to attract companies that possess technologies in metal processing, military industries, industrial equipment, and other fields. He pointed out that the iron industry is among the sectors the Kingdom aims to develop, noting that Saudi Arabia has launched a dedicated strategy to develop this sector, and Russia is considered a qualified country to export iron to the Saudi market. He added that the Kingdom also aims to develop the titanium industry, given its strategic importance both locally and globally. Moreover, the launch of the National Industrial Strategy and the Mining Strategy has created significant opportunities for cooperation between the two countries, especially in light of global challenges that have affected supply chains. These challenges have made Saudi Arabia an attractive hub for investments, according to the minister. Meanwhile, Alkhorayef noted that Russian investments in the Kingdom's industrial sector are still limited, which is attributed to the fact that several countries, including Russia, had not previously viewed Saudi Arabia as a hub for expanding into other markets and, instead, investments were focused on serving domestic demand. He pointed out that this view has now changed amid increased domestic demand, huge government projects, and localization and local content programs. 'The goal is to transform the Kingdom into a global platform for manufacturing, exporting, and logistics, making it an attractive destination for major firms to build capabilities that can expand worldwide,' he said. Alkhorayef also clarified that the Saudi Industrial Strategy includes over 800 projects worth more than SAR 1 trillion, stressing the strong growth in the industrial sector. 'For example, MODON's industrial cities currently host more than 1,400 factories under construction, along with 2,000 factories waiting for industrial land allocation. This reflects the sector's rapid growth and the confidence investors have in Saudi Arabia's industrial environment,' he said. This growth reflects the National Industrial Strategy, the localization strategy, and local content targets, said the minister, adding that major companies such as Aramco, SABIC, stc and Maaden have localization programs that have opened up significant opportunities for both Saudi and international investors. Alkhorayef also said that Saudi Arabia's selection as a partner country for this year's edition of the exhibition underscores its international position and the opportunities available across various sectors, particularly in industry. He indicated that the exhibition aims to showcase the opportunities available in the Kingdom, especially in the industrial and educational sectors, highlighting that the Ministry of Tourism is participating with a special pavilion to promote tourism in the Kingdom, while the Ministry of Investment, through its 'Invest in Saudi' initiative, is working to introduce visitors to opportunities in other sectors.
Argaam
03-07-2025
- Business
- Argaam
Saudi Arabia, Oman launch phase two of industrial integration
The launch of the second phase of the Saudi-Omani industrial integration initiative Minister of Industry and Mineral Resources Bandar Alkhorayef announced today the launch of the second phase of the Saudi-Omani industrial integration initiative. The initiative aims to boost industrial integration between the two countries, as well as boosting trade exchange and mutual investments, he added, in a post on 'X' social platform.
Zawya
02-07-2025
- Business
- Zawya
Jordan: Arab countries receive 44% of Zarqa's exports in H1 2025
AMMAN — President of the Zarqa Chamber of Industry (ZCI) Fares Hammoudeh said on Tuesday that the Arab countries topped the list of importers of industrial products in Zarqa during the first half of this year with a share of 44 per cent of the total exports. The Arab countries' imports of ZCI reached $294 million in the January-June period of 2025, compared with $254.6 million during the same period of 2024, with a growth rate of 15 per cent, the Jordan News Agency, Petra, reported. This progress reflects "qualitative" leaps in the volume of trade exchange with a number of Arab countries, led by Saudi Arabia, Iraq and Algeria, ZCI said in a statement, noting that Saudi Arabia and Iraq accounted for 77 per cent of exports for Arab markets. Iraq's share of exports reached $113.1 million, ranking first in the Arab world, with a growth rate of 32 per cent compared with $85.4 million the previous year, while exports to Saudi Arabia recorded an increase of 35 per cent to $82.3 million, compared with $61 million in the same period of 2024. Exports to Algeria witnessed an "exceptional" growth of 266 per cent, reaching $32.9 million compared with only $9 million in the first half of last year, while the percentage of exports to Syria jumped by 57 per cent to $8.5 million, compared with $5.4 million in the same period. Hammoudeh pointed out that the total value of Zarqa's exports for the first half of this year reached $666.2 million, achieving a slight increase of 1 per cent compared with $661 million during the same period of 2024. At the international level, North America ranked second after the Arab countries, accounting for 40.8 per cent of the total exports with a value of $272.1 million. The value of exports to non-Arab Asian countries amounted to about $42.6 million, marking an increase of 3 per cent from last year, while the EU countries recorded a decline in imports from Zarqa by 33 per cent to only $20 million, compared with $29.7 million in the same period of 2024. With regard to sectorial performance, Hammoudeh said that the leather and knitting industries sector maintained its lead, with a value of $291.3 million, a decrease of 15 per cent compared with last year. The food, catering, agricultural and livestock industries sector ranked second with $125.4 million, with a growth rate of 2 per cent, followed by the construction industries sector with $70.5 million, recording a jump of 51 per cent. The engineering, electrical and information technology industries came fourth with exports of $65.3 million, achieving 'strong' growth of 52 per cent, followed by the chemical and cosmetics industries sector with a value of $37 million, up by 11 per cent from last year. With regard to the performance of the rest of the industrial sectors, the exports of the packaging, paper, cardboard and office supplies sector amounted to $28.3 million. The therapeutic industries and medical supplies sector amounted to $27.4 million, the plastic and rubber industries sector amounted to $18.9 million, while the exports of the wood and furniture industries sector amounted to $1.6 million.
Times of Oman
28-05-2025
- Business
- Times of Oman
HM the Sultan, Iranian President emphasise fruitful role of private sector in both countries
Muscat: His Majesty Sultan Haitham bin Tarik and President Dr. Masoud Pezeshkian of the Islamic Republic of Iran, affirmed the positive and fruitful role undertaken by the private sector in both countries, expressing their hope that these activities would contribute to augmenting investments and trade exchange between them. They also expressed satisfaction with the level of political consultation and coordination between the two countries at various levels. This was stated in the joint communique issued on the occasion of the official visit of President Dr. Masoud Pezeshkian of the Islamic Republic of Iran to the Sultanate of Oman on 27-28 May. The following is the full text: 'In response to an invitation from His Majesty Sultan Haitham bin Tarik, President Dr. Masoud Pezeshkian of the Islamic Republic of Iran paid an official visit to the Sultanate of Oman on Tuesday and Wednesday, 27-28 May 2025. This visit stems from the deep-rooted historical ties between the Sultanate of Oman and the Islamic Republic of Iran, as well as between their friendly peoples. The visit aimed to strengthen bilateral relations and reaffirm the mutual respect and appreciation between the leaderships and peoples of both countries, which are grounded in the principles of religion, fraternity, and good neighborliness. An official session of talks was held between His Majesty Sultan Haitham bin Tarik, Sultan of Oman and President Dr. Masoud Pezeshkian of the Islamic Republic of Iran. They reviewed prospects for joint cooperation and bilateral relations, particularly in economic and investment cooperation across various fields, as well as coordination on matters that serve the interests of both countries and benefit their peoples. They expressed satisfaction with the existing level of cooperation and emphasised the need to further enhance it by exploring new avenues of economic partnership. The two leaders also appreciated the progress made by joint committees and directed the importance of holding regular meetings to strengthen bilateral cooperation in various fields. His Majesty the Sultan and the President of the Islamic Republic of Iran, emphasised the positive and fruitful role of the private sector in both countries. They expressed hope that these activities would increase investment and trade exchange between the two nations. They welcomed the signing of several agreements to frame cooperation in the promotion and mutual protection of investments, legal and judicial cooperation, a preferential trade agreement, a framework agreement for joint cooperation, and several memoranda of understanding in other fields. The two sides also welcomed the existing cooperation between Oman Post and the National Post of Iran, which resulted in the issuance of a joint postage stamp celebrating the depth of bilateral relations and highlighting the efforts of both sides in promoting cultural diplomacy, fostering mutual understanding, and strengthening ties between the two peoples. His Majesty the Sultan and the President of the Islamic Republic of Iran discussed a number of regional and international issues of mutual concern, including the crisis in the Gaza Strip. In this context, they stressed the necessity of a complete and permanent ceasefire, ending the injustice against civilians, and halting the genocide committed by the Israeli occupation forces against the Palestinian people in Gaza and the rest of the Palestinian territories. The two sides called on the international community to fulfill its responsibilities in providing relief aid and humanitarian supplies to the defenseless population across the Gaza Strip. They also expressed their firm rejection of any plans aimed at displacing or persecuting the Palestinian people. The two leaders expressed satisfaction with the level of political consultation and coordination between the two countries at various levels. The President of the Islamic Republic of Iran expressed his country's deep appreciation for the constructive role played by the Sultanate of Oman in facilitating the ongoing indirect talks between the Islamic Republic of Iran and the United States regarding the nuclear file. For his part, His Majesty the Sultan expressed hope that these talks would lead to the desired agreement between the two sides, fulfilling shared goals of enhancing regional and international security and peace, and bringing further prosperity and stability to the region. The two sides emphasised the importance of intensifying efforts to ensure continued security and stability in the region and the world, as well as enhancing coordination and consultation in various regional and international forums on issues that serve global peace and stability. The President of the Islamic Republic of Iran expressed his gratitude and appreciation to His Majesty Sultan Haitham bin Tarik, the government, and the people of the Sultanate of Oman for their warm welcome and hospitality. He also extended an invitation to His Majesty the Sultan to visit the Islamic Republic of Iran, which was graciously accepted by His Majesty'.
Zawya
28-05-2025
- Business
- Zawya
Jordanian-Turkish Business Council highlights need to bolster trade, investment ties
AMMAN — President of the Jordanian Businessmen Association (JBA) Hamdi Tabbaa on Tuesday underscored the importance of enhancing economic and investment ties between Jordan and Turkey. Tabbaa made his remarks during the Jordanian-Turkish Business Council meeting that was organised in cooperation with the Foreign Economic Relations Board of Turkey (DEIK), the Jordan News Agency, Petra, reported. He stressed the need to expand trade cooperation and activate the role of the council in supporting the private sector and promoting mutual investments. The JBA president noted that trade exchange between the two countries in 2024 reached about $1 billion, with Jordanian imports from Turkey totalling about $815 million. Exports to Turkey stood at $106 million, 12 per cent of the total trade volume, he noted, calling for redressing this imbalance by enhancing Jordanian exports to the Turkish market. Tabbaa urged Turkish business leaders to explore investment opportunities in Jordan and intensify coordination and engagement between the two countries' private sectors. He highlighted Jordan's ongoing implementation of major projects under the Economic Modernisation Vision (EMV), offering opportunities in key sectors such as ICT, logistics, tourism, industry, agriculture, healthcare, energy and mining, in addition to public-private partnership ventures. Levent Birant, the Turkish head of the council, emphasised the 'strong' economic and trade ties between Jordan and Turkey and reaffirmed the council's commitment to sustaining "activation" of the joint free trade agreement. He called for building on existing cooperation to boost business relations between Amman and Ankara. Yusri Tahboub, the Jordanian head of the council, highlighted efforts to reactivate the FTA with Turkey to align with Jordan's economic openness goals. Tahboub said that the council is focused on enhancing investment incentives and fostering the exchange of opportunities in priority sectors, especially industry, medical tourism, energy and mining. President of the Turkish-Jordanian Businessmen Association Salim Dada said that the association was established two years ago to boost economic ties and strategic cooperation between the business communities of both countries. He emphasised Jordan's position as a "promising" investment hub in the region due to its strategic location, political stability, skilled workforce and opportunities in renewable energy, tourism, ICT, pharmaceuticals, manufacturing and logistics. He added that Jordan's competitive advantages and favourable business environment bolstered by free trade agreements with the US, the European Union, Canada and several Arab and Asian countries make it a "gateway" to markets in Iraq and the Gulf. Dada also highlighted Jordan's "investor-friendly" legal framework, which ensures "equal" treatment for local and foreign investors and promotes innovation and entrepreneurship. For his part, Turkish Ambassador to Jordan Yakup Caymazoglu announced that meetings of the Jordanian-Turkish Joint Economic Committee will convene in Amman this October, opening further avenues for cooperation and addressing challenges facing businesspeople. Caymazoglu noted that both countries and the region face "shared" challenges due to rising costs stemming from developments in the Gaza Strip and the West Bank, as well as internal issues in Syria and Iraq. He stressed that these circumstances also present new opportunities for cooperation, particularly given the political alignment between Jordan and Turkey. Caymazoglu pointed to recent "positive" developments, including the lifting of the US and European sanctions on Syria, which could pave the way for joint Jordanian-Turkish ventures targeting Syrian and regional markets. He expressed optimism about forming a "strong" economic partnership, citing Jordan's industrial capacity, strategic investment zones, and customs advantages that support export access to markets in the US and Canada. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
