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UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT

Increasing non-oil exports is a key ambition of Saudi Arabia’s Vision 2030 economic diversification strategy. Shutterstock
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Updated 23 August 2024
Nirmal Narayanan
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UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT

Updated 23 August 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s non-oil exports surged by 10.5 percent year-on-year in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed.

According to the General Authority for Statistics, of the SR51.16 billion ($13.63 billion) registered by the sector in the three months to the end of June, non-oil goods worth SR15.07 billion were sent to the Kingdom’s Gulf neighbor, with SR7.08 billion going to the Asian powerhouse.

The UAE imported machinery and mechanical appliances worth SR5.83 billion, followed by shipments of transport equipment and chemical products valued at SR3.68 billion, and SR1.48 billion, respectively. 

China also held the first position for the Kingdom’s imports, constituting 23.1 percent of the total incoming shipments valued at SR45.38 billion. 

Saudi Arabia’s Vision 2030 economic diversification strategy has placed increasing non-oil exports at its heart, with the ambition of having the sector contribute to 50 percent of non-oil GDP by the end of the decade.

Other countries to import Saudi goods in the second quarter of 2024 included Bahrain with a value of  SR5.79 billion and India with SR5.48 billion worth of merchandise.

Singapore imported SR3.13 in non-oil goods, while Turkiye and Belgium received SR2.93 billion and SR2.40 billion worth of products, respectively. 

GASTAT noted that national non-oil exports excluding re-exports also witnessed a rise of 1.4 percent in the second quarter of this year, compared to the same period in 2023. 

The authority revealed that chemical and non-allied products led the Kingdom’s non-oil exports during the second quarter, constituting 25.6 percent of the total outgoing shipments. 

Plastic products from Saudi Arabia accounted for 24.3 percent of the total non-oil exports from the Kingdom in the second quarter. 

King Fahad Industrial Sea Port in Jubail sent the majority of the non-oil exports from the Kingdom, with outgoing shipments worth SR11.20 billion. 

Ras Tanura Sea Port sent exports worth SR9.96 billion, followed by King Abdulaziz Sea Port in Dammam at SR7.84 billion and Jeddah Islamic Sea Port at SR8.09 billion. 

King Khalid International Airport in Riyadh handled exports valued at SR5.86 billion, while goods worth SR5.86 billion and SR3.25 billion went through the King Abdulaziz International Airport and King Fahad International Airport. 

Saudi Arabia’s merchandise exports steady in Q2

According to the GASTAT report, Saudi Arabia’s overall merchandise exports witnessed a marginal decline of 0.2 percent in the first quarter of this year to SR294.51 billion, compared to the same period of the previous year. 

The authority attributed this marginal decline to a decrease in oil exports which fell by 3.3 percent, due to Saudi Arabia’s decision to reduce crude output, aligned with an agreement made by OPEC+.

To maintain market stability, the Kingdom had reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024.

In the second quarter of 2024, exports to China amounted to 16.2 percent or SR47.58 billion of total outgoing shipments, making the Asian giant the favorite destination for the Kingdom’s outbound goods. 

China was followed by South Korea, with the East Asian nation importing products worth SR26.40 billion from the Kingdom. 

Saudi Arabia sent goods worth SR25.95 to Japan, while products valued at SR23.45 billion and SR19.35 billion were sent to India and the UAE during the second quarter of this year. 

The US received inbound shipments worth SR15.66 billion from Saudi Arabia during the second three months of 2024, followed by Bahrain and Poland at SR8.80 billion and SR5.65 billion, respectively. 

Saudi imports up

According to GASTAT, Saudi Arabia’s imports rose by 3 percent in the second quarter to SR196.14 billion, compared to the same period in 2023, while the merchandise trade balance witnessed a dip of 6 percent during the same period. 

The report further noted that the ratio of non-oil exports, including re-exports, to imports increased in the second quarter, reaching 37.6 percent compared to 35.1 percent in the same period of the previous year. 

“This increase is attributed to the increase in imports, which rose by 3 percent compared to the significant increase in non-oil exports, which rose by 10.5 percent during this period,” said GASTAT. 

According to the authority, the most imported products during the second quarter were machinery and electrical equipment, which constituted 25.7 percent of the total inbound shipments to the Kingdom – a rise of 27.4 percent compared to the same period in previous year. 

In the second quarter, transportation equipment and parts constituted 12.4 percent of the total imports, representing a decrease of 14.9 percent compared to the year-ago period. 

Over the three-month period, Saudi Arabia imported machinery and mechanical appliances worth SR20.45 billion from China, followed by base metal goods at SR4.98 billion and transport equipment at SR6.62 billion. 

Saudi Arabia received inbound shipments worth SR16.52 billion in the second quarter, while imports from the UAE and India amounted to SR11.80 billion and 11.49 billion, respectively. 

In the three months to the end of June, imports worth SR116.81 billion reached the Kingdom through the sea, while products worth SR55.76 billion and SR23.56 billion, reached via the air and the land. 

According to the GASTAT report, King Abdulaziz Sea Port in Dammam was one of the most important ports through which goods crossed into the Kingdom, accounting for 28 percent of total incoming shipments in the second quarter valued at SR54.95 billion. 

The other major ports of entry for imports were Jeddah Islamic Sea Port which handled imports worth SR38.86 billion, followed by Ras Tanura Sea Port and Deba Sea Port, which welcomed inbound shipments valued at SR5.17 billion and SR2.31 billion, respectively. 

King Abdullah Sea Port and Baish Sea Port also handled incoming goods worth SR3.38 billion and SR1.82 billion, respectively. 

Among the airports, King Khalid International Airport in Riyadh welcomed imports worth SR28.36 billion, while King Abdulaziz International Airport and King Fahad International Airport in Dammam received inbound cargoes valued at SR15.48 billion, and SR11.57 billion, respectively.

Saudi trade with China

With China being in the top position for Saudi imports and exports, there is a clear drive in the Kingdom to further develop and consolidate this important relationship.

Earlier this week, airfreight company Saudia Cargo announced a new “Landing in China in 24” campaign, designed to highlight its links to the Asian country.

According to a press release, the campaign is in close collaboration with the Made in Saudi initiative, championed by the Saudi Export Development Authority, which focuses on enhancing the global recognition and quality of Saudi products.

Marwan Niazi, vice president of commercial at Saudia Cargo, said: “Through this campaign, we aim to enhance our shipping capabilities and broaden our export scope to the Chinese markets by optimizing export operations and providing advanced logistic services that align with the growing global market demands and commercial connections.

“We have focused on facilitating the access of Saudi products to the Chinese markets and showcasing our logistical capabilities and operational efficiency.”

Topics: main Saudi exports General Authority for Statistics (GASTAT)

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Saudi Arabia raises $690m in sukuk issuances in August

Updated 17 September 2024
Nirmal Narayanan
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Saudi Arabia raises $690m in sukuk issuances in August

  • In August, the Kingdom issued sukuk worth SR6.01 billion
  • September issuance was divided into six tranches
Updated 17 September 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for September at SR2.603 billion ($690 million). 

In August, the Kingdom issued sukuk worth SR6.01 billion, up from SR3.21 billion and SR4.4 billion in July and June, respectively.

The decline in sukuk issuances falls in line with a report released by American credit rating agency Fitch Ratings in August, which said that issuances are expected to slow down in the third quarter before picking up later in the year on the back of lower interest rates and oil prices. 

Sukuk, also known as Islamic bonds, are a Shariah-compliant debt product through which investors gain partial ownership of an issuer’s assets until maturity.

Establishing an unlimited riyal-denominated Islamic bond initiative under the NDMC is part of the Kingdom’s Sukuk Issuance Program, which started in 2017.

According to a statement released by NDMC, the September issuance was divided into six tranches. 

The first tranche was valued at SR255 million and is set to mature in 2027, while the second amounted to SR375 million, maturing in 2029.

The third tranche’s value stood at SR638 million, maturing in 2031, and the fourth was valued at SR1.02 billion, with a maturity date in 2034.

The fifth tranche had a size of SR202 million, maturing in 2036, followed by a sixth tranche valued at SR112 million due in 2039.

Earlier this month, another report released by global credit rating agency Moody’s said that the global sukuk market is poised for a strong performance in 2024, with issuance volumes expected to surpass those of 2023 despite a slowdown in the year’s second half.

According to the US-based firm, the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023.

The report said the growth is being fueled by robust sovereign issuance across the Gulf Cooperation Council and Southeast Asia, with Saudi Arabia playing a leading role.

Topics: Saudi Arabia Sukuk Islamic finance Islamic banking Saudi banking Finance National Debt Management Center (NDMC)

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Saudi Arabia’s EV auto show kicks off with major fleet decarbonization agreements

Updated 17 September 2024
MANAL AL-BARAKATI
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Saudi Arabia’s EV auto show kicks off with major fleet decarbonization agreements

  • J&T Express Middle East signed agreement with Saudi National Transportation Solutions Co. to embark on its fleet decarbonization journey
  • Rotana Waterfront has partnered with Electromin to enhance EV infrastructure in Jeddah
Updated 17 September 2024
MANAL AL-BARAKATI

RIYADH: The first day of the Riyadh EV Auto Show saw significant progress in Saudi Arabia’s journey toward sustainable transport, with major fleet decarbonization agreements being signed. 

The event brought together industry leaders to showcase their commitment to reducing carbon emissions and embracing green technology.

Dubai-based logistics services company J&T Express Middle East was among the first to make an announcement, signing an agreement with the Saudi National Transportation Solutions Company to embark on its fleet decarbonization journey. 

As a concrete step toward this goal, J&T Express is taking delivery of 10 electric vans to support their logistics needs. This transition to electric vehicles underscores the company’s dedication to sustainability and aligns with the Kingdom’s larger vision of environmental responsibility and reducing the carbon footprint in the logistics sector.

Saudi Bulk Transfer, a leading player in the transportation sector, has also committed to a multi-year decarbonization roadmap in partnership with NTSC and Jeddah-based smart mobility solutions provider Electromin. 

As part of this ambitious plan, SBT is initially taking delivery of four electric trucks, marking the beginning of a larger fleet transformation. This highlights the growing trend of electrification in the heavy transport sector.

Rotana Waterfront has partnered with Electromin to enhance EV infrastructure in Jeddah. This agreement encompasses the ownership, installation, operation, and maintenance of public EV chargers at the Jeddah Corniche Waterfront development.

The initiative signifies an important step in expanding the accessibility of electric vehicle charging stations in key urban areas, supporting the Kingdom’s push toward a more sustainable future.

These initiatives come at a time when Saudi Arabia is making significant strides in promoting electric mobility, as highlighted by recent government policies and investment in EV infrastructure. 

The Kingdom is actively working to reduce its carbon emissions and achieve a more sustainable future. The push for electric vehicles is a key component of this strategy, with the Kingdom aiming to have 30 percent of all vehicles in Riyadh electric by 2030. 

This aligns with the broader goals of Vision 2030, which include reducing dependency on oil and promoting environmental sustainability.

The agreements signed by J&T Express Middle East, SBT, and Rotana Waterfront and Electromin, signal a growing momentum in the adoption of electric vehicles for commercial and public use. 

The shift toward electrification in logistics, transportation, and public infrastructure marks a significant step in the Kingdom’s ongoing efforts to reduce greenhouse gas emissions and promote sustainable practices.

As Saudi Arabia continues to advance its electric mobility initiatives, the commitments made at the Riyadh EV Auto Show and partnerships, like the one between Rotana Waterfront and Electromin, represent crucial steps in achieving a sustainable and environmentally conscious future.

Topics: Saudi Arabia electric vehicle (EV) EV2024 main Tourism and Transport J&T Express Middle East

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Saudi Arabia’s PIF revolutionizing e-mobility sector with $39bn investments: PwC official

Saudi Arabia’s PIF revolutionizing e-mobility sector with $39bn investments: PwC official

Updated 17 September 2024
Nirmal Narayanan
MANAL AL-BARAKATI
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Saudi Arabia’s PIF revolutionizing e-mobility sector with $39bn investments: PwC official

  • PIF is significantly facilitating finance streams to create a healthy eclectic vehicle value chain, said official
  • Challenges in Kingdom’s e-mobility sector include availability of new vehicles and lack of charging infrastructure, he added
Updated 17 September 2024
Nirmal Narayanan MANAL AL-BARAKATI

RIYADH: Saudi Arabia’s sovereign wealth fund is spearheading the growth of the e-mobility sector in the Kingdom with a planned $39 billion investment, according to an expert. 

Speaking to Arab News on the sidelines of the EV Auto Show in Riyadh on Sept. 17, Heiko Seitz, partner and global e-mobility leader at PwC, said the Public Investment Fund is significantly facilitating finance streams to create a healthy eclectic vehicle value chain. 

“Between now and 2030, the PIF ecosystem will invest a total of approximately $39 billion in the creation of an entire new industry. We will see half of that capital going to the creation of (an) EV manufacturing ecosystem, one quarter going into battery manufacturing and supply chain, and another quarter into parts and chips etc,” said Seitz. 

He added: “We see that there is a national effort to build an industry from scratch. It is quite spectacular and fascinating to see how a country is able, in such a short time, to partner up with leading companies globally, and bring the best of the world to the Kingdom, and therefore starting their own success journey from scratch.” 

During the talk, Seitz also highlighted some of the main challenges Saudi Arabia is facing in the e-mobility sector, which include the availability of new vehicles and the lack of charging infrastructure. 

“Approximately 30 percent of all the cars being offered for sale currently in Europe are battery electric. Here in the Middle East, it’s only approximately 7 percent, so there are lots of vehicle models that could be sold here, but they’re not yet. And that obviously limits the choice for the customer,” said Seitz.

The PwC official added that the issues surrounding charging infrastructure will be resolved soon, as companies including Electric Vehicle Infrastructure Co., also known as EVIQ, are ramping up charging stations in the Kingdom. 

In May, EV maker Lucid, backed by the PIF, signed a memorandum of understanding with EVIQ to facilitate the activation of high-speed public charging infrastructure in Saudi Arabia. 

“We see that there are lots of announcements of big companies like EVIQ starting to build the ecosystem, and I’m quite optimistic that we’re going to have a very bright future for electric mobility in the region,” added Seitz. 

The PwC official further highlighted that the costs of electric vehicles are coming down globally, and it is slowly becoming as affordable as an internal combustion engine vehicle. 

“In Saudi Arabia, we see that it is almost actually equally affordable to drive an EV as a commercial fleet operator than it is to drive the equivalent combustion engine vehicle. For the end customer, it is still a little bit more expensive because fleet customers always get better discounts,” he said. 

He added that the prices of EVs in Saudi Arabia will come down further, with the entry of new car brands into the Kingdom. 

“What we see now is that with more vehicle brands coming to the Kingdom to compete, there is going to be a price war, just like we have seen this price war unfold in Europe,” said Seitz. 

He added: “I’m very confident that over the next years, possibly, already over the next months, prices will come down significantly, just like we’ve seen in Europe, where it’s already 15 percent cheaper without subsidies to drive a battery electric vehicle compared to the combustion engine car.” 

Citing a recent survey conducted by PwC, Seitz said that 40 percent of the Saudi population is interested in buying an electric vehicle in the next three to four years. 

“With more models coming to the market and with Lucid and Seer, (and) other local Saudi brands bringing the east to the market, I don’t see anything that should stop the customer from going all-electric,” he said. 

The PwC official also lauded Saudi Arabia’s efforts in promoting green techniques in mobility, despite being an oil-rich nation.

He said: “Twenty-four percent of global carbon dioxide emissions come from the transport sector. So if we’re serious about making our future greener and cleaner, we have to decarbonize mobility now.”

Seitz praised Saudi Arabia for its “fabulous, green electricity agenda,” adding: “We expect that by 2035, the entire mobility transport, the entire mobility energy demand and much more will be fully fueled by green energy based on solar power. So, here the Kingdom actually shows that you don’t only electrify, you can also decarbonize mobility in an oil-rich country.” 

Topics: EV2024 Tourism and Transport Travel main PwC PIF Saudi Arabia's Public Investment Fund (PIF) electric vehicle (EV)

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Experts call for enhanced incentives to boost EV adoption at Saudi auto show

Updated 17 September 2024
Sulfa Alkhunaizi
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Experts call for enhanced incentives to boost EV adoption at Saudi auto show

  • EV Auto Show in Riyadh underscores Saudi Arabia’s Vision 2030, highlighting its commitment to electric vehicles and sustainable technology
Updated 17 September 2024
Sulfa Alkhunaizi

RIYADH: The Saudi government holds the key to developing the necessary infrastructure for electric vehicles, a top official said on the first day of the EV Auto Show underway in Riyadh.

Speaking at a panel discussion titled “Charging Ahead: Building the Backbone of Saudi Arabia’s EV Revolution,” Mansour Al-Makahlas, head of the eMobility division at Solutions Valley, a part of Saudi Electric Co., outlined the essential steps needed to advance the market.

Al-Makahlas stressed the importance of expanding charging infrastructure to encourage participation from chief product officers.

“In order to attract users to come to Saudi (Arabia) or to buy this vehicle, they need to release the incentive. They need to build more charging stations; they need to support the CPO to get into this market.”

He continued:, “There must be an incentive from the government, such as the case in Europe and the US. CPOs know that the return on investment is long-term. It’s not short-term. So an incentive must be there.”

During the same discussion, Alhareth Al-Hisan, founder and CEO of iCharge, noted that Saudi Arabia has a strong foundation for EV adoption globally. “It has the grid capacity, it has the political will, and it has the ability for the customer to spend on the expensive electric vehicle.”

Al-Hisan pointed out that planning is a primary concern in the regional EV industry and suggested that Saudi Arabia could benefit from Europe’s approach to infrastructure development. “When the infrastructure for electric vehicles started in Europe, it was heavily planned and very detailed where to place them, how to place them,” he said.

Wolfgang Ademmer, chief marketing officer at the sustainable mobility firm Alpitronic, also encouraged Saudi Arabia to follow Europe’s lead. “There’s a learning from Europe for other markets. I’m always a big fan of shortcutting learning curves, and we can do this in Saudi Arabia.”

Ademmer emphasized the need for a comprehensive plan to support industry participants and ensure their success in the EV sector. “Coming up with a clear plan, giving confidence to all market players, including those inherently starting the business right now. Encourage them to stay and invest with the right guidelines, and then also convince, subsequently, the users, the car drivers, to use and to drive EVs.”

Li Bo, vice president of Huawei Digital Power Strategy and Marketing for the Middle East and Central Asia, and director of Huawei EV Charging Business for the same region, predicted a rise in the vehicle-to-EV charging ratio.

Li noted that renewable energy development is advancing in Saudi Arabia and expects that new regulations will lead to a greater focus on renewable sources and storage solutions for EV charging stations.

Toward the end of the panel discussion, Al-Makahlas predicted significant growth in the EV market. “So, I believe that the market will double by next year. You will be shocked by next year; I can guarantee you.”

The EV Auto Show in Riyadh underscores Saudi Arabia’s Vision 2030, highlighting its commitment to electric vehicles and sustainable technology. The exhibition serves as a key event for the Kingdom’s burgeoning EV ecosystem, attracting 10,000 attendees from 50 countries, including industry leaders, automotive manufacturers, charging solution providers, and policymakers, to discuss the future of mobility in the region.

Topics: EV2024 main Saudi Arabia electric vehicle (EV)

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PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals

  • Initiative supports Kingdom’s ambition to convert 30% of Riyadh’s vehicles to electric by 2030
  • Goal is part of a larger strategy to reduce emissions in Riyadh by 50% by 2060
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Reem Walid MANAL AL-BARAKATI

RIYADH: US electric carmaker Lucid Motors plans to export a significant share of its vehicles produced in Saudi Arabia to both regional and global markets, according to a senior official.

At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company—supported by Saudi Arabia’s Public Investment Fund—is increasing its production efforts within the Kingdom.

This initiative supports Saudi Arabia’s ambition to convert 30 percent of Riyadh’s vehicles to electric by 2030. This goal is part of a larger strategy to reduce emissions in the capital by 50 percent, contributing to the country’s broader aim of achieving carbon neutrality by 2060.

“We are producing vehicles in the Kingdom, (and) a large part of those will be exported within the region and to the rest of the world as well,” Rizvi said. 

At the same panel, Mohammed Abuazzah, chief public relations officer at Saudi EV brand Ceer, discussed the company’s strategy. “We have a portfolio — a Saudi-inspired portfolio — that is innovative, inspirational, and can answer what the people of Saudi Arabia and the Gulf Cooperation Council, and hopefully globally, expect from an EV,” Abuazzah said. 

He emphasized the importance of engaging with customers and expanding the company’s sales network in Saudi Arabia and the GCC. 

Ulf Schulte, chief operating officer at Electric Vehicle Infrastructure Co., announced plans to expand the company’s charging network. “So, there are a lot of building blocks we are working on, and eventually now ramping up the number of sites. Our first site in Jeddah is going live today or tomorrow,” Schulte said.  

“Our focus this year is on Riyadh, Jeddah, and Dammam, but we’re working to build a Kingdom-wide network to enable a long-distance EV ecosystem,” he added. 

Andreas Flourou, group head of mobility at Red Sea Global, outlined the company’s commitment to sustainability. “We’re opening new hotels every quarter at the moment, and mobility is one of the foundations of our ethos based around sustainability and protecting the environment,” Flourou said. 

“We’re opening a new hotel, Amaala, by the end of next year. This will mean hundreds of additional vehicles, guest vehicles, staff transportation, buses, sea planes, and marine vessels. We need an increase in chargers within our destinations,” he added.  

Gary Flom, CEO of National Transport Solutions Co., emphasized the role of EVs in transforming Saudi Arabia’s infrastructure. 

“Today, we are witnessing a revolution, a revolution that is driving toward a future where electric vehicles are not merely an option but a cornerstone of our nation’s transportation infrastructure,” Flom said. 

“The rise of Saudi Arabia’s electric vehicle sector reflects a broader shift toward sustainability, innovation, and resilience. This transformation, catalyzed by the visionary leadership of His Royal Highness, Crown Prince Mohammed bin Salman, is positioning the Kingdom at the forefront of the global transition to clean energy,” the CEO added. 

He added that National Transportation Solutions Co. is proud to be a key player in the ongoing transformation, which began three years ago. “NTSC was born with a clear and ambitious mission to provide Saudi fleet operators with the same or better tools, data, and operational efficiencies long enjoyed by their colleagues in the US and Europe.” 

Also present in a separate session at the event, Omaimah Bamasag, deputy of transport enablement at the Transportation General Authority, highlighted that the event showcases the collaboration between the public and private sectors in advancing new technology skills, aligning with the goals of Vision 2030 and the National Strategy. 

Hosted at the Riyadh International Convention and Exhibition Center from Sept. 17 to 19, this three-day event highlights Saudi Arabia’s commitment to EVs and sustainable technology, in line with Vision 2030. 

The exhibition is a key event for the Kingdom’s growing EV ecosystem, gathering automotive manufacturers, charging solution providers, policymakers, and consumers to discuss the future of mobility in the region. 

Attendees will explore various EVs, charging solutions, and green technologies. The event will feature interactive seminars and panel discussions, offering opportunities to engage with industry experts and innovators. 

Topics: EV2024 main Saudi Arabia electric vehicle (EV) Lucid Motors PIF Saudi Arabia's Public Investment Fund (PIF)

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