RIYADH: Senior officials from Saudi Arabia and Italy have discussed collaboration opportunities in industrial innovation and advanced manufacturing technologies.

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with Attilio Fontana, president of Lombardy’s regional government, to investigate ways to enhance bilateral ties in sectors crucial to the Kingdom’s Vision 2030 diversification strategy.

According to a statement, the meeting emphasized cooperation in industrial sectors supported by advanced manufacturing technologies, and sustainable economic growth based on knowledge and innovation, especially in industries such as healthcare, energy, and food. 

Both sides explored opportunities in emerging sectors, including advanced industries and information technology.

Fontana met with Alkhorayef after attending the Saudi-Italian Business Forum, where the European country’s business federation said the 7,000 companies it represents are looking to  increase investments in the Kingdom, focusing on opportunities aligned with Vision 2030. 

“Alkhorayef emphasized the importance of industrial innovation, noting the competitive advantages and incentives that attract investors and drive the success of industrial projects, supported by government policies and energy provisions,” the statement said.

The Saudi-Italian Business Forum was held at the Saudi Chambers Federation, and brought together over 140 companies from both nations to discuss expanding trade and investment relations.

Kamel Al-Majid, chairman of the Saudi-Italian Business Council, emphasized the growing bilateral trade, which is nearing SR38 billion ($10.1 billion). Key areas of interest include logistics, infrastructure development, and digital technologies, sectors where Italian expertise can significantly contribute to Saudi Arabia’s ongoing mega-projects.

The Saudi-Italian Business Forum and broader bilateral engagements reflect Saudi Arabia’s ambitions to attract foreign investments, as part of its Vision 2030 objectives. Key developments in recent years include the reestablishment of several Saudi foreign business councils and legal reforms aimed at creating a competitive investment landscape.

RIYADH: Oman recorded a trade surplus of 3.65 billion Omani rials ($9.4 billion) in the first six months of 2024, down slightly from 3.74 billion rials in the same period last year, official data showed. 

According to the National Center for Statistics and Information, commodity exports rose to 11.6 billion rials, marking a 6.7 percent increase from 10.9 billion rials in June 2023. 

This growth was primarily driven by higher oil and gas sales, which climbed to 7.2 billion rials, a 5.3 percent increase from the previous year. 

Crude oil exports alone contributed 5.1 billion rials, a 7.2 percent rise, while refined oil exports reached 842 million rials, up 12.8 percent. However, natural gas exports fell 5.7 percent to 1.2 billion rials. 

Oman’s imports also rose by 10.8 percent, reaching 8 billion rials by June, up from 7.2 billion rials in the same period last year. 

Non-oil commodity exports rose by 8.1 percent to 3.5 billion rials, up from 3.3 billion rials in June 2023. 

Metal products led the non-oil exports at 1.3 billion rials, a 21.5 percent increase. Ordinary metals and their products reached 671 million rials, up 7.3 percent, while chemical industries and related products saw a slight 0.7 percent decline to 521 million rials. 

Plastics and rubber products exports grew by 11.5 percent to 473 million rials, but exports of live animals and related products fell by 21 percent to 169 million rials. Other exports totaled 437 million rials.

Oman’s re-exports increased by 13.9 percent to 867 million rials by June 2024. 

Re-exports in transport equipment totaled 259 million rials, up 19 percent, while machinery, electrical equipment, and parts saw a 3.1 percent decline to 188 million rials. 

Re-exports of food, beverages, and liquids rose by 15.7 percent to 82 million rials, and metal product re-exports increased by 57.6 percent to 76 million rials. Re-exports of live animals and related products fell by 18.4 percent to 59 million rials, while other products amounted to 204 million rials.  

On the import side, mineral products were the largest category, reaching 2.3 billion rials, a 22.5 percent rise. 

This was followed by machinery, electrical equipment, and sound recording devices, which amounted to 1.3 billion rials, growing by 20.2 percent. 

Imports of ordinary metals and their products totaled 752 million rials, a 4.1 percent decrease, while chemical industries and related products dropped by 1.7 percent to 750 million rials. Transport equipment imports rose by 4.9 percent to 684 million rials. 

The UAE remained Oman’s largest non-oil trade partner, with non-oil exports to the Emirates reaching 457 million rials by June, an 8.9 percent increase from last year. 

Re-exports to the UAE amounted to 338 million rials, and the country was also the largest exporter to Oman, with imports valued at 1.9 billion rials. 

Economic ties between the UAE and Oman have remained robust, with the two nations signing investment deals worth 129 billion dirhams ($35.12 billion) in April. These agreements span multiple sectors, including renewable energy, green metals, and railway, as well as digital infrastructure, and technology.