Saudi Arabia’s non-oil exports rise 17.3% in Q4, trade surplus at $11.97bn: GASTAT

While Saudi Arabia’s trade surplus grew in the fourth quarter, it remained 52.4 percent lower year-on-year as oil exports fell 13.3 percent. Shutterstock
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Updated 25 February 2025
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Saudi Arabia’s non-oil exports rise 17.3% in Q4, trade surplus at $11.97bn: GASTAT

  • Kingdom’s non-oil exports were dominated mainly by chemical products
  • Overall merchandise exports decreased by 6.1% year on year

RIYADH: Saudi Arabia recorded a trade surplus of SR44.89 billion ($11.97 billion) in the fourth quarter of 2024, driven by a 17.3 percent year-on-year surge in non-oil exports, official data showed. 

According to the General Authority for Statistics, the Kingdom’s non-oil exports in the fourth quarter rose to SR82.05 billion, up from SR69.97 billion in the same period of 2023. Non-oil exports, excluding re-exports, increased 8.2 percent, while re-exported goods surged 47.3 percent.

While Saudi Arabia’s trade surplus grew in the fourth quarter, it remained 52.4 percent lower year-on-year as oil exports fell 13.3 percent, aligned with the output cut agreement made by OPEC. 

The rise in non-oil exports underscores the progress of the Kingdom’s economic diversification efforts, which aim to transform the nation’s fiscal landscape and reduce reliance on crude revenues. 

Speaking at the World Investment Conference in November, Saudi Minister of Economy and Planning Faisal Al-Ibrahim said non-oil activities have reached 52 percent of the Kingdom’s gross domestic product.

“The ratio of non-oil exports (including re-exports) to imports increased to 35.2 percent in the fourth quarter of 2024 from 34.7 percent in the fourth quarter of 2023. This was due to a 17.3 percent increase in non-oil exports and a 15.5 percent increase in imports over that period,” said GASTAT. 

The Kingdom’s non-oil exports were dominated mainly by chemical products, which accounted for 25.8 percent of the overall outbound shipments. 

GASTAT added that plastic and rubber products accounted for 22.4 percent of total non-oil shipments. 

Despite a rise in outbound shipments for non-oil goods, Saudi Arabia’s overall merchandise exports decreased by 6.1 percent year on year in the fourth quarter, reaching SR277.93 billion, driven by a 13.3 percent decline in oil exports. 

The percentage of oil exports out of total exports decreased from 76.4 percent in the fourth quarter of 2023 to 70.5 percent in the fourth quarter of 2024. 

China was Saudi Arabia’s largest trading partner in the fourth quarter, with the Kingdom sending goods worth SR40.88 billion to the Asian nation. 

Saudi Arabia also sent goods worth SR27.35 billion to Japan and SR26.68 billion to India in the fourth quarter of last year. 

According to the GASTAT report, the Kingdom’s overall imports rose 15.5 percent year on year in the fourth quarter, reaching SR233.04 billion. 

Saudi Arabia received goods worth SR59.66 billion from China, followed by the US at SR21.07 billion and the UAE at SR12.63 billion. 

King Abdulaziz Sea Port in Dammam was the major entry point for goods in the fourth quarter, with the facility processing products valued at SR66.19 billion or 28.4 percent of the overall inbound shipments.
 
Non-oil exports increased by 18.1 percent in December

In a separate report, GASTAT said that Saudi Arabia’s non-oil exports in December amounted to SR29.45 billion, representing an 18.1 percent rise compared to the same month in 2023. 

Chemical products accounted for 25.9 percent of the overall outbound shipments, while plastic and rubber products took a 22 percent share in December.

“The ratio of non-oil exports (including re-exports) to imports decreased to 37.3 percent in December 2024 from 40.1 percent in December 2023. This was due to the increase in non-oil exports at a lower rate than the rise in imports, with exports increasing by 18.1 percent compared to a 27.1 percent increase in imports during the same period,” said GASTAT. 

The Kingdom’s overall merchandise exports decreased by 2.8 percent reaching SR94.29 billion in December compared to the same month of the previous year. 

The share of oil exports from total outbound goods also decreased from 74.3 percent in December 2023 to 68.8 percent during the same month in 2024. 

In December, Saudi Arabia exported goods worth SR12.52 billion to China, while South Korea received shipments from the Kingdom valued at SR9.80 billion. 

Japan received inbound shipments from the Kingdom worth SR9.71 billion, followed by India at SR9.11 billion. 

The report added that Saudi Arabia’s overall imports witnessed a 27.1 percent year-on-year rise in December, reaching SR79.03 billion, while the surplus of trade balance decreased by 56.1 percent, reaching SR15.26 billion. 

China also dominated Saudi imports, with the Asian nation sending goods worth SR18.60 billion to the Kingdom in December, followed by the US with SR7.17 billion and the UAE with SR4.30 billion.

King Abdulaziz Sea Port in Dammam was the leading entry point for imports in December, with the facility handling goods valued at SR22.01 billion, or 27.8 percent of total inbound shipments.


Closing Bell: Saudi main index rises to close at 11,202

Updated 29 June 2025
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Closing Bell: Saudi main index rises to close at 11,202

  • Parallel market Nomu gained or 0.72% to close at 27,248.13
  • MSCI Tadawul Index rose 1.07% to close at 1,434.07

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 134.37 points, or 1.21 percent, to close at 11,202.64.

The total trading turnover of the benchmark index was SR5.08 billion ($1.35 billion), as 218 of the stocks advanced and 31 retreated. 

The Kingdom’s parallel market Nomu gained 195.03 points, or 0.72 percent, to close at 27,248.13. This comes as 57 of the listed stocks advanced while 30 retreated. 

The MSCI Tadawul Index gained 15.19 points, or 1.07 percent, to close at 1,434.07. 

The best-performing stock of the day was Saudi Industrial Development Co., whose share price increased 10 percent to SR30.14. 

Other top performers included Naseej International Trading Co., whose share price rose 9.99 percent to SR 96.00, as well as Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, whose share price rose 9.97 percent to SR 22.39. According to Tadawul, Cenomi Retail’s shares also jumped by 100 percent in two months despite a sell recommendation from research houses.

Specialized Medical Co. recorded the most significant drop, falling 1.88 percent to SR22.92.

Americana Restaurants International PLC — Foreign Co. saw its stock prices fall 1.26 percent to SR2.35.

Nahdi Medical Co. also saw its stock prices decline 1.24 percent to SR127.20.

On the announcements front, Etihad Atheeb Telecommunication Co., also known as GO Telecom, has announced its annual consolidated financial results for the period ending March 31.

According to a Tadawul statement, the firm recorded a net profit of SR223 million during the year, reflecting a 14.36 percent increase compared to the same period a year earlier. The climb is attributed to an increase in revenue of SR446 million, offset by a rise in the cost of revenue of SR320 million, an upsurge in expected credit losses on trade receivables of SR24.6 million, and a growth in general and administrative expenses of SR24 million. 

There was also a decrease in financing costs by SR690,000 due to the recognition of commission income on Islamic deposits during the current year, amounting to SR20 million.

GO Telecom has decided to distribute SR10.1 million worth of cash dividends to the company’s shareholders for the fiscal year ending on March 31. According to a Tadawul statement, the number of shares eligible for dividends stands at 33.99 million, with a dividend per share of 30 halals and a dividend percentage to the share par value of 3 percent.

GO Telecom ended the session at SR105.00, up 2.49 percent. 

The Saudi Exchange has approved Saudi Azm for Communication and Information Technology Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR30 million and 60 million shares. 

The company’s shares will remain listed on Nomu – Parallel market until the deadline for publishing the transfer document. 

The issuer is required to publish the transfer document within three trading days after the Saudi Exchange announces its approval of the transfer request. The transfer document will be accessible to the public for 10 trading sessions through the websites of the issuer, Tadawul, and the financial adviser.

Tadawul also approved Obeikan Glass Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR320 million and 32 million shares.


Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity

Updated 29 June 2025
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Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity

  • Leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion
  • Umm Al-Qura for Development and Construction Co. raised $523.1 million

RIYADH: Saudi Arabia’s equity capital market maintained strong momentum in the first half of 2025, with six companies raising a combined $2.8 billion through initial public offerings on the main Tadawul exchange.  

According to an analysis by Forbes Middle East, leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion ($1.1 billion) in what marked one of the region’s largest aviation listings.  

The rise in IPO listings comes amid broader financial reforms in Saudi Arabia, as the Capital Market Authority introduces new frameworks — including regulations for special purpose acquisition companies — aimed at expanding funding avenues and enhancing private-sector participation. 

In its analysis, Forbes stated: “The momentum underscores investors’ growing appetite for sectoral diversification across aviation, healthcare, finance, and industry, while affirming Riyadh’s long-term bet on privatization and public market expansion under Vision 2030.” 

The flynas IPO drew overwhelming demand, with institutional subscriptions oversubscribed nearly 100 times, and the retail tranche covered 349.7 percent. The offering comprised 51.3 million ordinary shares, representing 30 percent of the company’s post-offering capital. 

“In 2024, flynas generated $2 billion (SR7.6 billion) in revenue, marking an 18.8 percent increase from the previous year, while net profit rose 8 percent to $115.6 million (SR433.5 million),” the analysis added. 

A view of the sign showing the logo of Saudi Arabia’s Stock Exchange Market (Tadawul) bourse in the capital Riyadh. File/AFP

As of June 14, the airline was operating 139 routes, connecting over 70 domestic and international destinations across 30 countries, with a weekly schedule exceeding 2,000 flights. 

Diverse listings 

Forbes also highlighted several other notable IPOs that reflect diversification across key sectors. 

Umm Al-Qura for Development and Construction Co. raised $523.1 million by selling 130.7 million shares at $4 each — representing 9.09 percent of its total capital. 

The company leads the Masar destination project, a major development transforming the western gateway of the Holy City, featuring hotels, residential units, retail spaces, and infrastructure. 

Aligned with Saudi Arabia’s drive to boost religious tourism, the IPO proceeds will support ongoing construction, improve transport connectivity, and attract global hospitality brands in line with national tourism goals. 

Among the companies to list this year was Riyadh-headquartered SMC Healthcare, which raised $500 million through its Tadawul debut, reflecting growing investor appetite for healthcare stocks as the Kingdom expands private sector involvement in the industry. The IPO comprised 75 million shares priced at $6.70 each, representing 30 percent of the company’s total share capital. 

Derayah Financial, an asset management and brokerage firm, is another company that secured $399.6 million through its offering. Shares were priced at $8 each and attracted strong interest from both retail and institutional investors, supported by the company’s digital-first model and established brand presence. 

In February, Derayah offered 20 percent of its share capital — 49.9 million shares — through a listing on the Main Market, providing investors access to its expanding digital investment platform. 

The stock was listed in March. By the end of the first quarter, Derayah reported 555,000 client accounts, while assets under management rose 5 percent year-to-date to $4.8 billion. 

This year also saw United Carton Industries Co. raise $160 million by offering 12 million shares at $13.30 each, representing 30 percent of its capital. The company is expanding capacity to meet rising demand for corrugated packaging, a key input in Saudi Arabia’s growing industrial sector. 

Arabian Co. for Agricultural and Industrial Investment, also known as Entaj, raised $120 million through a February IPO. The poultry producer floated 9 million shares, leveraging strong demand amid the Kingdom’s drive to enhance local food security. Entaj nearly doubled its daily processing capacity to 600,000 birds by the end of 2024. 

Regional dominance 

The rise in listings reinforces Tadawul’s position as the Arab world’s most valuable stock exchange. According to the Arab Federation of Capital Markets, the Saudi exchange accounted for 62 percent of total market capitalization across regional bourses in 2024, far ahead of the Abu Dhabi Securities Exchange, which held 18.6 percent. 

Tadawul's benchmark TASI index ended December 2024 at 12,037 points, up 3.39 percent month-on-month. Average daily trading value reached SR5.2 billion, while total monthly trading volume stood at SR119.6 billion, according to the Arab Monetary Fund. 

Analysts expect IPO momentum to continue in the second half of 2025, especially in energy-adjacent sectors, fintech, and transportation, as the Capital Market Authority accelerates approvals and Vision 2030-linked corporates seek broader capital access. 

The Saudi stock market was among the region’s top performers in December, buoyed by improved liquidity and investor confidence. TASI closed the month at 12,037 points, with daily trading values averaging SR5.2 billion and total trading reaching SR119.6 billion, the Arab Monetary Fund reported.


Aramco cuts July propane, butane prices amid market shifts

Updated 29 June 2025
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Aramco cuts July propane, butane prices amid market shifts

  • Oil giant set propane at $575 per tonne and butane at $545 per tonne

RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics.

In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions.

Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco’s monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific.

The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia.

This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha.

Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.


Egypt to offer Hurghada airport to private sector by end of 2025

Updated 29 June 2025
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Egypt to offer Hurghada airport to private sector by end of 2025

  • President El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships
  • Plan supports Egypt Vision 2030

RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.  

The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations. 

The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership. 

In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities. 

“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added. 

Egyptian President Abdel Fattah El-Sisi meets with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah. Facebook/Spokesman for the Egyptian Presidency

El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth. 

The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.  

El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.

The project is designed in line with international standards for safety, security, and environmental sustainability. 

The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights. 

According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity. 

Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show. 

Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa. 

The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers. 

The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality. 

These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience. 


Oman’s GDP grows 4.7% as non-oil sectors expand

Updated 29 June 2025
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Oman’s GDP grows 4.7% as non-oil sectors expand

  • Agriculture, services, and construction exports lead economic growth
  • Industrial activities rose 2.8% to 1.97 billion rials

RIYADH: Oman’s gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024.

Preliminary data released by Oman’s National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier.

Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials. 

Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP.

Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024.

While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials.

This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy. 

Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods.

Overall, the sultanate’s broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports.

The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028. 

The measure is expected to apply to about 1 percent of the population.

Earlier in June, the country’s residential property market was reported to have shown renewed strength. 

Official data from Oman’s National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index.

Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter.

The gains reflect a broader regional upswing in property activity during early 2025.