Saudi Arabia shines at global halal trade fair in Malaysia

A significant milestone this year is MIHAS receiving the Guinness World Record title for the Largest Attendance at a Halal Trade Show, with 38,566 visitors attending MIHAS 2023. Photo/Supplied
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Updated 22 September 2024
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Saudi Arabia shines at global halal trade fair in Malaysia

  • Kingdom showcased 38 booths at MIHAS 2024 held between Sept. 17 and 20 in Kuala Lumpur

RIYADH:Saudi Arabia has claimed third place among the top five participating countries at MIHAS 2024, the world’s largest halal trade fair, underscoring its significant role in the global halal market.

The Kingdom showcased its commitment to expanding the halal industry with 38 booths at the Malaysia International Halal Showcase, which attracted participants from 66 countries.

Held in Kuala Lumpur from Sept. 17 to 20, MIHAS 2024 was hosted by Malaysia’s Ministry of Investment, Trade, and Industry and organized by the Malaysia External Trade Development Corp. The leading countries included China, Indonesia, Saudi Arabia, South Korea, and Thailand, highlighting the event’s international appeal.

“MIHAS 2024 saw the participation of 38 booths and two buyers from Saudi Arabia,” said Reezal Merican Naina Merican, chairman of MATRADE.

He added: “We are optimistic that trade relations between Malaysia and Saudi Arabia will continue to strengthen, driven by the shared commitment of both nations to expand the halal sector, which remains the primary focus of MIHAS.”

The term “halal” translates to “permissible” or “lawful” in Arabic.

Malaysia’s halal exports

During the opening ceremony, Malaysia’s Minister of Investment, Trade, and Industry Utama Zafrul Abdul Aziz announced that the country’s halal export value reached nearly 55 billion Malaysian ringgits ($13 billion) in 2023, marking the second consecutive year it surpassed the 50-billion-ringgits threshold. The food and beverage sector accounted for the largest share, valued at 29.37 billion ringgits, reflecting a 5 percent increase from 2022. Other significant contributors included halal ingredients, cosmetics, palm oil derivatives, and pharmaceuticals.

“It has generated almost 25 billion ringgits in total sales, attracted 500,000 trade visitors, and significantly elevated Malaysia’s profile on the global stage,” Abdul Aziz added. MIHAS 2024 aims for 3.5 billion in sales. He also highlighted that the Malaysian government actively supports the halal industry, as global demand for halal products and services is projected to reach $5 trillion by 2030.

MIHAS expands to Dubai

Following 20 successful editions of MIHAS in Malaysia, the trade minister expressed excitement about the event’s international debut, dubbed MIHAS@Dubai.

Abdul Aziz said the goal is to leverage Dubai’s position as a key port city and the main hub for the Middle East and North Africa market, facilitating the import and distribution of Malaysian goods in the region. He set an export sales target of 1 billion ringgit for MIHAS Dubai and expressed confidence that participating Malaysian companies would achieve this goal.




Malaysia’s Minister of Investment, Trade, and Industry Utama Zafrul Abdul Aziz announced that the country’s halal export value reached nearly 55 billion Malaysian ringgit ($13 billion) in 2023. Supplied

“I meet new participation, and my encounters with our colleagues from Kyrgyzstan, Uzbekistan, Kazakhstan, recently have shown that the interest and commitment to collaborate with us is further enhanced,” said Malaysia’s Prime Minister Anwar Ibrahim during the opening ceremony.

He added: “I must, of course, take the opportunity to thank all my colleagues, leaders of these countries to UAE, to Saudi Arabia, Qatar, and of course, I will be leaving for Egypt soon in all these encounters without exception may I reiterate that the halal industry remains as a core of our campaign and program.”

A significant milestone this year is MIHAS receiving the Guinness World Record title for the Largest Attendance at a Halal Trade Show, with 38,566 visitors attending MIHAS 2023.

“MIHAS 2024 aims even higher as this exciting growth further cements MIHAS as the premier global halal showcase, making it a not-to-be-missed event for industry professionals worldwide,” Merican remarked.

International sourcing program

On the second day of the event, MATRADE hosted the largest International Sourcing Programme, featuring a lineup of at least 250 international buyers. One of the Saudi-based buyers, Ghaydaa Medical, specializes in healthcare supplies for the elderly and individuals with special needs, as well as health nutritional supplements.

Sameh Abdelhamed, general manager and pharmacist at Ghaydaa Medical, explained the importance of acquiring halal certification to ensure quality. “Let’s say I’m a producer, and I have a factory that produces halal products. This is when I have to look at the process of making it. This includes looking at the components, the procedure of using it. This process is under the justification of a halal product,” Abdelhamed told Arab News.

He emphasized the company's goal to expand its product offerings in the Gulf region, particularly in Saudi Arabia, which has abundant resources and benefits for customers and businesses.

Saudi investments in Malaysia

According to MATRADE, as of June, 19 projects involving investments from Saudi Arabia were approved, totaling $1.65 billion and expected to generate 2,570 jobs in Malaysia. These projects mainly focus on the pharmaceutical, electronics, and food processing sectors. Four manufacturing projects backed by Saudi investments, amounting to $53 million, have already been established in Malaysia, creating 717 jobs. Notable Saudi companies operating in Malaysia include Saudi Aramco, Al Rajhi Group, and AJ Biologics.

Trade dynamics between Malaysia and Saudi Arabia

In 2023, trade between Malaysia and Saudi Arabia reached $11.06 billion, with Malaysia exporting $1.49 billion worth of goods to the Kingdom, while Saudi exports to Malaysia totaled $9.56 billion. This strong trade partnership has positioned Saudi Arabia as Malaysia’s leading trading partner and top source of imports in the West Asian region.

In 2023, Malaysia’s total imports from Saudi Arabia rose by 11.6 percent, reaching $9.57 billion. From January to July 2024, imports amounted to $4.5 billion, reflecting a 22.4% decline compared to the same period in 2023, indicating shifts in trade dynamics between the two countries.

In June, MATRADE Jeddah, the commercial section of the Malaysian Consulate General in Jeddah, facilitated the participation of 33 Malaysian exhibitors in the Saudi Food Show 2024, an international exhibition focused on the food and beverage industry held in Riyadh. According to MATRADE Jeddah, the Kingdom is viewed as a key market for diversification and growth in the food industry, offering Malaysian exporters new opportunities in a market valued at $45 billion, the largest in the Middle East.

The global halal market is projected to grow to $5 trillion by 2030, while domestic growth in Malaysia is estimated to reach $113.3 billion.


Gulf shares rise as Iran-Israel ceasefire holds

Updated 10 sec ago
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Gulf shares rise as Iran-Israel ceasefire holds

  • Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2%
  • Abu Dhabi benchmark index rose 0.4%

LONDON: Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding.

US President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2 percent, with most sectors in the green. Oil major Saudi Aramco added 0.3 percent and Red Sea International climbed 3 percent.

Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market.

Oil prices, a catalyst for the Gulf’s financial markets, were up 0.2 percent as a larger-than-expected draw in US crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 10:05 a.m. Saudi time.

The Abu Dhabi benchmark index rose 0.4 percent, aided by a 5.3 percent advance in RAK Properties and a 0.6 percent gain in Borouge.

Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry’s first AI-driven control room.

Dubai’s benchmark stock index was up for a fifth straight session, advancing 0.6 percent, pushed up by the materials, industry and finance sectors.

Tolls operator Salik gained 1.8 percent and Emirates NBD, the emirate’s largest lender, added 0.6 percent.

The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors.

Vodafone Qatar advanced 1.2 percent while Qatar National Bank, the region’s largest lender, shed 0.3 percent.

Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state’s stock market, QIA said on Wednesday.


Health, military spending lift Saudi ICT contracts to $10bn

Updated 6 min 50 sec ago
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Health, military spending lift Saudi ICT contracts to $10bn

  • Military sector received SR5.16 billion across 1,125 contracts
  • Infrastructure and transport saw investments totaling SR5.26 billion

RIYADH: Saudi Arabia’s health, military, and infrastructure sectors led an 18.75 percent rise in government information and communications technology contracts in 2024, reaching SR38 billion ($10.13 billion), official data showed. 

According to the Government Spending Report 2024, published by the Digital Government Authority, the value of contracts climbed from SR32 billion in 2023, with the health and social development sector receiving SR6.54 billion through 1,085 contracts. 

The report said that 2024 spending priorities focused on artificial intelligence, emerging technologies, and cloud computing, positioning these areas as central to enhancing operational performance across public sector entities. 

The government’s sustained push to bolster digital services underscores Riyadh’s growing investment in digital infrastructure, part of its Vision 2030 strategy to diversify the economy and modernize public services. 

The report added that activating national framework agreements significantly contributed to these outcomes, enabling improved negotiation capabilities and more effective financial planning. 

“These tools have enabled government entities to obtain goods and services more quickly, efficiently, and at lower cost,” the report said. 

“They also highlight the added value achieved by enhancing supply chains and improving the quality of procurement, which in turn raises the efficiency of government entities in managing expenditures in contracts and agreements,” it also said. 

Among other sectors, the military received SR5.16 billion across 1,125 contracts, while infrastructure and transport saw investments totaling SR5.26 billion. The education sector was allocated SR4.37 billion, followed by economic resources at SR3.42 billion, and public administration at SR2.39 billion. 

There was a 157 percent increase in purchase orders through national framework agreements, amounting to SR4.47 billion through 9,457 orders. The report said these tools helped accelerate service delivery and improve procurement quality. 

Government agencies achieved an estimated SR1 billion in savings during 2024 by improving spending efficiency and optimizing procurement and budgeting practices. 

Saudi Arabia also continued to demonstrate global leadership in digital government performance. It ranked sixth globally and first regionally in the 2024 UN E-Government Development Index, climbing 25 places from 2022. 

It also topped the Government Electronic and Mobile Services Maturity Index for the third consecutive year, achieving a score of 96 percent. 

According to the report, and based on data from global research firm Gartner, Saudi Arabia led all countries in government ICT spending as a share of total ICT expenditure in 2024, reaching 34.1 percent. 


Oil Updates — crude steady as investors watch Iran-Israel ceasefire, demand signals

Updated 14 min 17 sec ago
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Oil Updates — crude steady as investors watch Iran-Israel ceasefire, demand signals

  • Market focus switching to fundamentals, analysts say
  • Data shows US ‘driving season is in full swing’, ANZ says

LONDON: Oil prices were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals.

Brent crude futures fell 6 cents, or 0.09 percent, to $67.62 a barrel by 12:45 p.m. Saudi time. US West Texas Intermediate crude fell 2 cents, or 0.03 percent, to $64.90 a barrel.

Both benchmarks climbed nearly 1 percent on Wednesday, recovering from early-week losses after data showed resilient US demand.

Investors will shift their focus back to macroeconomics and oil balances while also watching the Israel-Iran truce, said PVM analyst Tamas Varga.

Oil prices likely followed equity markets lower this morning, UBS analyst Giovanni Staunovo said.

“US government data showed the US driving season is in full swing after a slow start,” ANZ analysts said in a note.

US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts’ expectations in a Reuters poll for a 797,000-barrel draw.

Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.

On Saturday, Igor Sechin, the head of Russia’s largest oil producer Rosneft, said OPEC+, which groups together the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.

Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Trump also said on Wednesday that the US has not given up its maximum pressure on Iran — including restrictions on sales of Iranian oil — but signalled a potential easing in enforcement to help the country rebuild. 


IMF approves $834m resilience support package for Jordan

Updated 21 min 55 sec ago
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IMF approves $834m resilience support package for Jordan

RIYADH: The International Monetary Fund has approved a $834 million support package for Jordan’s economy which includes a $700 million loan and a $134 million disbursement from a previously agreed fund.

The institution’s executive board has completed the third review of Jordan’s Extended Fund Facility, allowing for an immediate distribution of the $134 million, according to a press release. This brings total disbursements so far under the four-year, $1.3 billion program, approved in January 2024, to $595 million.

Additionally, the new 30-month Resilience and Sustainability Facility arrangement will grant Jordan access to $700 million to address structural challenges in the water and electricity sectors and strengthen preparedness for public health emergencies, including future pandemics.

Jordan’s economy has faced mounting pressures in recent years, intensified by regional instability, including the ongoing war in Gaza and the prolonged hosting of large numbers of refugees from neighboring conflicts. These challenges have strained public finances, increased unemployment, and disrupted trade and tourism, key sectors for the Jordanian economy.

The IMF and World Bank have stepped up their support, backing reforms aimed at stabilizing finances and spurring growth under Jordan’s Economic Modernization Vision.

Kenji Okamura, IMF deputy managing director, praised Jordan’s “steadfast pursuit of sound policies” and urged continued reforms to boost private investment and job creation.

“Monetary policy remains appropriately focused on safeguarding monetary and financial stability and supporting the exchange rate peg that has served Jordan well and helped keeping inflation low,” the deputy managing director said.

Okamura observed that Jordan’s banking sector remains robust, with the central bank bolstering risk analysis, oversight, and crisis response.

The IMF emphasized the need to boost revenue, streamline spending, and implement contingency measures to reduce public debt while safeguarding key social and capital expenditures. It also stressed improving public utilities’ efficiency and viability to ensure fiscal sustainability and better service delivery.

“The authorities continue to make progress with a gradual fiscal consolidation and strengthening fiscal sustainability, thanks to fiscal reforms that have improved revenue administration and expenditure efficiency,” the organization said.

Economic resilience amid regional challenges

Despite external pressures from regional conflicts and global uncertainty, Jordan’s economy has shown steady growth, reaching 2.5 percent in 2024, with inflation remaining low, according to the IMF.

The Central Bank of Jordan has maintained strong foreign reserves of over $20 billion and a stable exchange rate peg. 

The Extended Fund Facility program has supported fiscal reforms, helping Jordan reduce public debt while protecting social spending. The new Resilience and Sustainability Facility loan will focus on improving energy and water sector sustainability, strengthening financial resilience, and enhancing pandemic preparedness.

In February, the IMF commended Jordan for effectively managing economic headwinds from the Gaza war through prudent fiscal measures, though the institution did revise down the country’s 2024 growth forecast to 2.6 percent due to regional spillovers. 

In April, the World Bank bolstered Jordan’s economic development efforts with $1.1 billion in new financing to expand social protections and drive private-sector growth, targeting the country’s 22.3 percent unemployment rate and 117 percent debt-to-gross domestic product ratio. 

Both institutions emphasized the need to sustain reforms to address structural challenges exacerbated by refugee inflows, the pandemic, and regional conflicts.


Closing Bell: Saudi benchmark index edges higher to close at 10,974

Updated 25 June 2025
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Closing Bell: Saudi benchmark index edges higher to close at 10,974

  • MSCI Tadawul 30 Index rose 0.06% to 1,407.47
  • Parallel market Nomu lost 0.05% to close at 26,837.30

RIYADH: Saudi Arabia’s main stock index closed slightly higher on Wednesday, as gains in select industrial and infrastructure stocks offset broader market weakness.

The Tadawul All Share Index added 9.7 points, or 0.09 percent, finishing the session at 10,973.98. Total trading turnover was SR6.10 billion ($1.62 billion), with 180 stocks advancing while 66 declined.

The MSCI Tadawul 30 Index also recorded a modest gain, rising 0.06 percent to 1,407.47.

In contrast, the parallel market Nomu dipped slightly, losing 13.49 points, or 0.05 percent, to close at 26,837.30. A total of 35 stocks posted gains on Nomu, while 45 ended in the red.

Sustained Infrastructure Holding Co. led the market with a sharp 9.89 percent increase to SR30.55, followed by Saudi Printing and Packaging Co., which rose 9.83 percent to SR11.84. Saudi Arabia Refineries Co. also saw strong momentum, climbing 5.48 percent to a new yearly high of SR63.50.

Among the session’s notable losers, Specialized Medical Co. dropped 3.36 percent to SR24.16, Zamil Industrial Investment Co. slipped 2.29 percent to SR40.60, and Arabian Contracting Services Co. fell 2.12 percent to SR96.90.

Meanwhile, Saudi Arabian Mining Co., known as Ma’aden, received shareholder approval to raise its capital from SR38.03 billion to SR38.89 billion during its extraordinary general assembly meeting held on June 24. The 2.26 percent increase will lift the number of issued ordinary shares from 3.80 billion to 3.89 billion.

According to a company disclosure on the Saudi Exchange, the capital hike will be carried out through the issuance of 85.98 million new ordinary shares at a par value of SR10. These shares will be allocated as part of an acquisition agreement to purchase full ownership of two subsidiaries: Ma’aden Bauxite and Alumina Co. and Ma’aden Aluminium Co.

Under the transaction, Ma’aden will acquire all 128.01 million shares held by AWA Saudi in the bauxite firm, representing 25.1 percent of its capital, along with 165 million shares held by Alcoa Saudi in the aluminum unit—also a 25.1 percent stake.

Shares of Ma’aden rose 0.2 percent to end the day at SR50.70.

Red Sea International Co. also announced plans to publicly list its subsidiary, Fundamental Installation for Electric Work Co. Ltd., subject to regulatory and shareholder approval. The decision was approved by the board in a resolution passed on June 23 and implemented the following day.

While Red Sea International will not offer any of its own shares in the IPO, the move is considered a significant transaction due to the subsidiary’s strategic role in the group’s operations. The company’s stock rose 0.12 percent to close at SR42.50.