萝莉视频

萝莉视频鈥檚 non-oil exports climb 13.4% in Q1: GASTAT聽

萝莉视频鈥檚 non-oil exports climb 13.4% in Q1: GASTAT聽
According to preliminary data released by the General Authority for Statistics, national non-oil exports 鈥 excluding re-exports 鈥 grew by 9 percent, while the value of re-exported goods surged 23.7 percent.聽Shutterstock
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Updated 26 May 2025

萝莉视频鈥檚 non-oil exports climb 13.4% in Q1: GASTAT聽

萝莉视频鈥檚 non-oil exports climb 13.4% in Q1: GASTAT聽
  • National non-oil exports 鈥 excluding re-exports 鈥 grew by 9%
  • Chemical products dominated non-oil exports, accounting for 23.8% of total outbound shipments

RIYADH: 萝莉视频鈥檚 non-oil exports rose 13.4 percent to SR80.72 billion ($21.52 billion) in the first quarter of 2025 compared to a year earlier, underscoring the Kingdom鈥檚 ongoing efforts to diversify its economy. 聽

As for national non-oil exports which exclude re-exports, grew by 9 percent, while the value of re-exported goods surged 23.7 percent, according to preliminary data released by the General Authority for Statistics.

This growth aligns with 萝莉视频鈥檚 Vision 2030 goal of developing a robust non-oil sector to transform the Kingdom鈥檚 economy and reduce its dependence on oil revenues.聽

鈥淭he ratio of non-oil exports (including re-exports) to imports increased to 36.2 percent in the first quarter of 2025 from 34.3 percent in the first quarter of 2024. This is attributed to the increase in non-oil exports compared to imports of 13.4 percent and 7.3 percent, respectively, during the same period,鈥 GASTAT stated.聽聽

Affirming the momentum in the non-oil sector, a report released by S&P Global in collaboration with Riyad Bank noted that the Kingdom鈥檚 Purchasing Managers鈥 Index stood at 55.6 in April 鈥 well above the neutral 50 mark 鈥 indicating solid non-energy business growth.聽

GASTAT data showed that chemical products dominated non-oil exports in the first quarter, accounting for 23.8 percent of total outbound shipments, up 8.1 percent from the same period in 2024. Plastic and rubber products followed, representing 21.9 percent of non-oil exports.聽

In a broader economic context, 萝莉视频鈥檚 gross domestic product grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity, according to a separate GASTAT report released in May.聽

Commenting on the GDP figures, Minister of Economy and Planning Faisal Al-Ibrahim, who also chairs GASTAT鈥檚 board, said at that time that the contribution of non-oil activities to the Kingdom鈥檚 GDP reached 53.2 percent 鈥 an increase of 5.7 percent from previous estimates.聽

He added that the Kingdom鈥檚 economic outlook remains positive, supported by structural reforms and high-quality, state-led projects across various sectors.聽

Despite the rise in non-oil exports, total merchandise exports fell 3.2 percent year on year in the first quarter to SR285.78 billion, due to an 8.4 percent decline in oil exports. As a result, oil exports鈥 share of total exports dropped from 75.9 percent in the first quarter of 2024 to 71.8 percent in the first quarter of 2025.聽

China remained 萝莉视频鈥檚 top trading partner during the quarter. Exports to China totaled SR44.91 billion, followed by India at SR28.04 billion and Japan at SR26.48 billion. 聽

South Korea received goods worth SR25.03 billion from 萝莉视频, followed by the UAE at SR24.85 billion, Egypt at SR10.19 billion, and the US at SR9.42 billion.聽聽

萝莉视频 also exported goods worth SR8.64 billion to Poland, SR8.40 billion to Bahrain, and SR7.17 billion to Taiwan.聽

Imports in the first quarter stood at SR222.73 billion, reflecting a 7.3 percent year-on-year increase. However, the merchandise trade surplus fell 28 percent over the same period.聽

Electrical and machinery equipment made up 26.6 percent of total imports, while transport equipment accounted for 14.6 percent.聽

The report revealed that the Kingdom received goods worth SR59.33 billion from China, followed by the US at SR17.58 billion, India at SR12.27 billion, and the UAE at SR11.82 billion.聽聽

King Abdulaziz Sea Port in Dammam was the top entry point for imports, handling SR59.97 billion in goods, or 26.9 percent of total inbound shipments. Jeddah Islamic Sea Port followed with 21.5 percent, King Khalid International Airport in Riyadh with 13.5 percent, and King Abdulaziz International Airport with 8.4 percent.聽

Non-oil exports rise 10.7% in March聽

In a separate release covering data for the month of March, GASTAT reported that 萝莉视频鈥檚 non-oil exports rose 10.7 percent year on year to SR27.03 billion.

Chemical products accounted for 25.7 percent of total outbound shipments, followed by plastic and rubber products with a 23.3 percent share.聽

鈥淭he ratio of non-oil exports (including re-exports) to imports increased to 36.5 percent in March 2025 from 33.0 percent in March 2024. This is attributed to the increase in non-oil exports compared to imports of 10.7 percent and 0.1 percent, respectively, during the same period,鈥 the report noted.聽聽

However, total merchandise exports in March declined 9.8 percent year on year, driven by a 16.1 percent drop in oil exports. Consequently, oil exports as a share of total exports fell from 76.5 percent in March 2024 to 71.2 percent in March 2025.聽

In March, 萝莉视频 exported goods worth SR14.50 billion to China, while India received inbound shipments valued at SR8.78 billion.聽聽

The Kingdom also sent goods valued at SR8.19 billion to Japan, followed by the UAE at SR7.23 billion, South Korea at SR6.50 billion, and the US at SR3.36 billion.聽聽

Imports edged up 0.1 percent year on year in March to SR73.98 billion. The trade surplus, however, fell 32.4 percent compared to March 2024.聽

China remained the Kingdom鈥檚 top import source in March, shipping goods worth SR18.69 billion. It was followed by the US at SR5.76 billion, the UAE at SR4.36 billion, and India at SR3.60 billion.聽

萝莉视频 also imported SR3.36 billion worth of goods from Japan and SR3.21 billion from Germany during the month.聽

King Abdulaziz Sea Port in Dammam remained the primary import hub, handling SR18.58 billion worth of goods in March 鈥 25.1 percent of total imports. Jeddah Islamic Sea Port followed with 21.5 percent, King Khalid International Airport with 15.3 percent, and King Abdulaziz International Airport with 9.8 percent.


Pakistan unveils five-year tariff reform plan, warns of additional taxes if compliance measures blocked鈥嬧

Pakistan unveils five-year tariff reform plan, warns of additional taxes if compliance measures blocked鈥嬧
Updated 1 min 39 sec ago

Pakistan unveils five-year tariff reform plan, warns of additional taxes if compliance measures blocked鈥嬧

Pakistan unveils five-year tariff reform plan, warns of additional taxes if compliance measures blocked鈥嬧
  • Pakistan plans to cut overall tariff regime by more than 4% to shift the country towards an export-led growth model
  • Government has removed additional customs duties on 4,000 tariff lines, reduced them on another 2,700, out of total 7,000

KARACHI: Pakistan plans to cut its overall tariff regime by more than 4% over the next five years, part of sweeping reforms aimed at boosting exports and shifting the country towards an export-led growth model, Finance Minister Muhammad Aurangzeb said on Wednesday.

At a post-budget press conference in Islamabad, Aurangzeb outlined details of the proposed tariff rationalization, saying the government had already removed additional customs duties on 4,000 tariff lines and reduced them on another 2,700, out of a total 7,000.

The reforms align with Pakistan鈥檚 commitments under a $7鈥痓illion IMF program approved last year and signal a shift toward an export鈥憃riented growth model built on a leaner tariff structure, protection of social welfare, and improved tax collection.

鈥淔irst, the goal is to change the overall protected regime. When you lower protection and dismantle walls around it, you improve the economy鈥檚 resource allocation, better capital allocation, better human resource allocation, so that鈥檚 the overall macroeconomic framework," Aurangzeb said, adding that the changes would reduce input costs for exporters and improve competitiveness.

The reforms are part of the National Tariff Policy 2025鈥30 under which the government plans to abolish additional customs duties, regulatory duties, and the fifth schedule of the Customs Act, 1969. The policy envisions a streamlined customs structure with just four duty slabs ranging from 0 to 15%, which would become the maximum rate.

鈥淎ccording to the World Bank, after the successful implementation of these reforms, Pakistan鈥檚 average tariff will decline to the lowest level in the region,鈥 Aurangzeb had said during his full-year budget speech on Tuesday, when he presented the Rs17.6 trillion ($62 billion) federal budget for FY2025鈥26.

Pakistan鈥檚 Finance Minister Muhammad Aurangzeb speaks during a media briefing in Islamabad on June 11, 2025, a day after presenting the 2025鈥26 fiscal budget. (AFP)

Describing the initiative as Pakistan鈥檚 鈥淓ast Asia moment鈥 during the post-budget speech, the minister said the plan was designed to help the country avoid recurring balance-of-payments crises.

鈥淪o that when we go toward growth we don鈥檛 get into the dollar situation, we don鈥檛 get into a balance of payment problem,鈥 he said. 鈥淪o that we can continue to grow at a certain pace which is export-led.鈥

Aurangzeb emphasized that the tariff cuts would be phased in gradually, starting this year.

鈥淭his I am talking about year one. We will take it towards a more than 4 percent reduction in the overall tariff regime in Pakistan,鈥 he said.

Vehicles move past a shipping container yard along a road in Karachi, Pakistan, on June 10, 2025. (REUTERS)

The government is aiming to lift exports, which grew more than 6% year-on-year to $26.9 billion during July-April, against imports of $48.3 billion, up 8% in the same period.

ENFORCEMENT, ADDITIONAL TAXES

Aurangzeb also warned that the government could be forced to impose Rs400鈥500 billion ($1.4-1.75 billion) in additional taxes if the Pakistani parliament failed to pass enabling legislation needed to implement enforcement provisions tied to Rs312 billion ($1.1 billion) in proposed new tax measures for the coming fiscal year.

鈥淭he parliament should help us in enabling amendments so we don鈥檛 opt for additional measures to stop the leakages in the system,鈥 he said.

The minister noted that enforcement actions in the current fiscal year had already yielded Rs400 billion ($1.4 billion) in additional revenue. Without legislative support, the government may be compelled to introduce further taxation to close gaps.

Corporate employees watching television screens as Pakistan Finance Minister Muhammad Aurangzeb presents Pakistan鈥檚 $62 billion federal budget for fiscal year 2025鈥26, in Islamabad on June 10, 2025. (APP)

Without naming them directly, Aurangzeb said international financial institutions had signed off on Rs389 billion ($1.36 billion) in additional taxes for FY26 as part of budget negotiations.

鈥淲e now have the credibility and trust internally and externally that we can do the enforcement,鈥 he said.

BUDGET NUMBERS 鈥淟OCKED鈥 WITH IMF

Flanking the finance minister, Finance Secretary Imdadullah Bosal said the government had 鈥渓ocked鈥 all key budget numbers with the IMF. The $7 billion loan program the lender approved for Pakistan in 2024 comes with a strict reforms agenda on fiscal consolidation, debt rationalization, revenue mobilization, among other issues.

The IMF, in a recent statement, confirmed Pakistan had committed to continued fiscal consolidation while safeguarding social and priority spending in the new budget.

This handout photograph taken on June 10, 2025, and released by Pakistan's National Assembly shows Finance Minister Muhammad Aurangzeb presenting the 2025鈥26 fiscal budget at the Parliament House in Islamabad. (AFP)

Bosal said the government had managed to reduce current expenditures to under 2% growth in FY25 from 26% in FY24.

鈥淭his is our response back to those people who are paying taxes in this country,鈥 Aurangzeb said, adding that the budget had attempted to extend relief to pensioners, salaried individuals, and businesses, despite fiscal constraints.

鈥淭he federal government, whatever it is giving, is from the loans that we are taking because we start [the new year] with a deficit.鈥


萝莉视频鈥檚 ACWA Power plans $5bn investment deal with Uzbekistan聽

萝莉视频鈥檚 ACWA Power plans $5bn investment deal with Uzbekistan聽
Updated 15 min 36 sec ago

萝莉视频鈥檚 ACWA Power plans $5bn investment deal with Uzbekistan聽

萝莉视频鈥檚 ACWA Power plans $5bn investment deal with Uzbekistan聽

RIYADH: Saudi utility giant ACWA Power is planning to invest $5 billion in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation鈥檚 energy sector, according to a top official. 

Speaking at the Tashkent International Investment Forum, Soumendra Rout, ACWA Power鈥檚 country head for Uzbekistan, said that this planned $5 billion deal is a part of the company鈥檚 broader strategy aimed at increasing its total commitments in the country to $15 billion, UZ Daily reported. 

Being the largest foreign player in Uzbekistan鈥檚 energy sector, ACWA Power has already implemented 19 projects in the country worth a combined value of $5 billion. 

Out of these 19 projects, eight are focused on renewable energy, as Uzbekistan aims to generate 40 percent of its electricity from clean sources by the end of this decade.

鈥淲e are not going to stop here. Our objective is to expand our investments. During this forum, we plan to sign another agreement with the government of Uzbekistan worth $5 billion,鈥 said Rout.

During the forum, Rout also emphasized the importance of Islamic finance instruments in ensuring sustainable economic development, particularly among small and medium-sized enterprises. 

He added that Shariah-compliant financing mechanisms are capable of offering more effective support to SMEs compared to traditional financing tools. 

鈥淲e are ready to share our experience with Uzbekistan and contribute to building a more inclusive financial system,鈥 said Rout. 

During the forum, Abid Malik, president of ACWA Power for Central Asia, announced that Uzbekistan is all set to localize the production of wind turbine components, including blades and turbines. 

Malik added that ACWA Power is collaborating closely with suppliers and seeks to provide technical support to local enterprises working on renewable projects in Uzbekistan. 

As part of a 200-megawatt wind power project currently underway in Karakalpakstan, ACWA Power has tasked its turbine supplier with establishing local manufacturing operations in Uzbekistan. 

鈥淥ur supplier is planning to begin production of wind turbines and blades within the country in the near future,鈥 added Malik. 

He further said that Uzbekistan will begin producing green hydrogen this month, with an annual production capacity of 3,000 tonnes. 

鈥淲e believe this will elevate Uzbekistan鈥檚 position on the global green hydrogen map,鈥 said Malik. 

In 2023, Shavkat Mirziyoyev, president of Uzbekistan, launched a pilot green hydrogen facility in the Tashkent Region in cooperation with ACWA Power. 

The $88 million project is being implemented in two phases, with production from the first phase expected to begin this month.

The production of green hydrogen aligns with Uzbekistan鈥檚 goal to achieve 20 gigawatts of clean energy capacity by 2030. 

The country is also prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels. 

In April, ACWA Power commenced commercial operations at two major wind power plants in Uzbekistan.

In December, the company also launched three renewable initiatives in Uzbekistan, including wind, solar, and battery storage facilities. 

These undertakings include the Bash and Dzhankeldy Wind Power Plants, with a total capacity of 1,000 megawatts and a transmission line.

Additionally, there are the Samarkand 1 and 2 solar projects, which have a combined capacity of 1,000 MW of solar power, along with a 1,000 MWh battery energy storage system. The Tashkent BESS Project has a capacity of 500 MWh. 


Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽
Updated 55 min 9 sec ago

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

RIYADH: 萝莉视频鈥檚 e-commerce sales using Mada cards increased by 57 percent in April compared to the same month last year, hitting SR23.27 billion ($6.2 billion). 

Data by the Saudi Central Bank, also known as SAMA, shows online transactions through Mada exceeded 132 million for the month, up 40.75 percent year on year, reflecting a substantial increase in consumers shopping via websites and mobile apps. 

These figures include purchases made online using linked debit cards and e-wallets, but they do not account for credit card transactions processed through international networks such as Visa or Mastercard. 

Mada, formerly known as Saudi Payment Network, is the Kingdom鈥檚 national electronic payment system, connecting all ATMs and point-of-sale terminals to a central payments switch. 

It enables debit and prepaid card services for millions of Saudis, allowing them to pay both in stores and online using funds directly from bank accounts. Importantly, Mada transactions utilize near-field communication technology for secure, contactless payments, meaning shoppers can simply tap their card or smartphone at terminals for instant checkout. 

This system has become a cornerstone of 萝莉视频鈥檚 push toward a cashless economy, ensuring fast and secure transactions at physical retail locations and on e-commerce platforms. The accelerating uptake of Mada-enabled digital payments highlights growing consumer trust in online shopping and the success of national efforts to modernize the payments ecosystem. 

In-store sales plateau as online spending soars 

Despite the e-commerce boom, in-store point-of-sale transactions showed contrasting trends in April. The total value of POS purchases at physical retail outlets slipped to SR52.22 billion, marking a 1.38 percent decline year on year according to SAMA data. 

This slight drop in sales comes even as the number of POS transactions climbed by around 11.6 percent to 891.5 million over the same period. In other words, Saudi consumers made significantly more card payments in person than a year ago, but were spending slightly less per transaction on average. 

SAMA鈥檚 figures indicate over 2 million POS terminals are now deployed nationwide to facilitate card payments 鈥 a network 16.37 percent larger than a year ago, reflecting the Kingdom鈥檚 drive to expand electronic payment acceptance among businesses large and small. 

This divergence 鈥 higher transaction counts but lower total POS value 鈥 suggests a behavioral shift as digital payments become frequent for everyday purchases. With contactless 鈥渢ap-and-go鈥 cards and mobile wallets now the norm, consumers are using cards for smaller, frequent buys like groceries or coffee. 

This has driven up transaction volumes while curbing the average ticket size of each sale. Indeed, nearly all card swipes are now contactless; about 94 percent of in-store card transactions in 萝莉视频 are made via NFC, whether through a physical card, smartphone, or smartwatch, according to SAMA. 

The convenience of tap-to-pay has encouraged people to rely less on cash even for low-value items, contributing to the surge in POS transaction counts. 

Another factor influencing the year-on-year comparison is the timing of Ramadan and Eid shopping. In 2024, the holy month of Ramadan and the Eid Al-Fitr festival fell largely in April, boosting retail spending in that period. 

In contrast, Ramadan in 2025 fell mainly in March, pushing POS sales to about SR66 billion that month. As a result, April 2025 didn鈥檛 see the same holiday-related boost, which likely played a role in the softer in-store sales figures, even though the overall trend in electronic transactions continues to grow. 

Categories like food & beverages and dining 鈥 which according to SAMA data were the top two POS spending sectors in April at around SR7.7 billion each 鈥 continue to dominate physical sale, but their growth may have been tempered without the late-Ramadan rush present a year ago. 

Fintech innovation 

The growth is also being fueled by new services and partnerships. In April, SAMA signed an agreement with Google to launch Google Pay in 萝莉视频 using Mada鈥檚 payment infrastructure.

Expected to roll out later in 2025, this integration will allow users to add their Mada-linked debit cards to Google Wallet for seamless tap-to-phone payments and online purchases, further expanding the mobile payment options available to consumers. 

This follows earlier introductions of Apple Pay and local mobile wallets, meaning Saudi shoppers will soon have a full suite of global and domestic smartphone payment apps at their disposal. 

Such developments not only offer greater convenience but also help normalize cashless spending across all demographics 鈥 including younger, tech-savvy consumers who favor using their phones and wearables to pay. 


Egypt seeking FDI boost with tourism sector investment opportunities

Egypt seeking FDI boost with tourism sector investment opportunities
Updated 11 June 2025

Egypt seeking FDI boost with tourism sector investment opportunities

Egypt seeking FDI boost with tourism sector investment opportunities
  • Tourism minister announced formation of unit to monitor investment prospects
  • He presented targeted investments in antiquities preservation and restoration

RIYADH: Egypt is intensifying efforts to attract foreign direct investment by opening new opportunities in its tourism and archaeological sectors, Prime Minister Mostafa Madbouly said during a high-level strategy meeting.

The gathering, which took place at the government headquarters in the New Administrative Capital, aimed at following up on the efforts of the Ministries of Tourism and Investment, according to a statement published on the Cabinet鈥檚 official Facebook page.

This aligns with Egypt鈥檚 goal of attracting 30 million tourists annually by 2028, aiming for a 25 percent to 30 percent year-over-year increase in inbound tourism as part of the nation鈥檚 Vision 2030 for sustainable development.

鈥淭he government is working to formulate clear plans with specific targets to offer investment opportunities in various sectors, contributing to increasing foreign direct investment,鈥 Madbouly said during the meeting.

Egyptian Prime Minister Mostafa Madbouly held a high-level strategy meeting at the government headquarters in the New Administrative Capital. Facebook/Presidency of the Egyptian Council of Ministers

During the assembly, Minister of Tourism Sherif Fathy announced the formation of a dedicated unit to monitor investment prospects. The initiative aims to establish an 鈥渋nvestment opportunities bank鈥 that will showcase available projects in the tourism sector, supporting the country鈥檚 efforts to meet its growth targets.

The statement said: 鈥淚n a related context, the Minister explained that 2024 witnessed an increase in hotel capacity of 7,200 additional rooms 鈥 55 percent of which are new capacity, and during the current year 2025, it is expected to add approximately 19,000 new hotel rooms 鈥 new projects, expansions of existing projects, and initiatives.鈥

During the gathering, Fathy also presented the targeted investments in the field of antiquities preservation and restoration, noting that the Supreme Council of Antiquities has implemented an average of 36 projects annually over the past five years.

The minister then outlined the targeted investment distribution for the tourism and antiquities sectors from 2025 to 2031 across various governorates. 

The plan includes developing hotel rooms, restaurants, safaris, camps, and amusement parks. It also focuses on investing in the rehabilitation and utilization of archaeological sites, establishing museums in partnership with the private sector, and enhancing services at heritage locations.

During the meeting, Investment and Foreign Trade Minister Hassan El-Khatib noted that the implementation timeline includes holding bilateral coordination meetings between the his department and the relevant ministries to present the strengths of each sector, available investment opportunities, proposed projects, and the challenges facing attracting investment.

He also stated that each ministry will conduct a comprehensive sectoral study, form joint working groups between the Ministry of Investment and Foreign Trade and each relevant ministry, and submit periodic reports to the Cabinet to monitor progress in implementing the sectoral investment strategy and achievement rates.


Egypt allocates Red Sea land for issuing bonds and lowering debt

Egypt allocates Red Sea land for issuing bonds and lowering debt
Updated 11 June 2025

Egypt allocates Red Sea land for issuing bonds and lowering debt

Egypt allocates Red Sea land for issuing bonds and lowering debt
  • 174 square km plot allocated on Red Sea coast to finance ministry

CAIRO: Egypt has allocated a 174 square km plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country鈥檚 public debt, the official gazette said on Tuesday.
The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the UAE early last year to develop a 170-square-km tract along the Mediterranean coast.
Since then, Egypt has been seeking similar large-scale investments as it tries to overcome the economic crisis.
It has been in talks with 萝莉视频, Qatar, and Kuwait in a bid to attract major investments, according to investment bankers and news reports.
In tandem, Egypt also plans to issue $2 billion in sukuks, or Islamic bonds, in 2025, Finance Minister Ahmed Kouchouk told Reuters in April.