Saudi fund extends $32m in loans to Bosnia for education, innovation projects
Saudi fund extends $32m in loans to Bosnia for education, innovation projects /node/2609016/business-economy
Saudi fund extends $32m in loans to Bosnia for education, innovation projects
SFD CEO Sultan Al-Marshad signed the deals with Bosnia’s Minister of Finance and Treasury Srdan Amidzic, in the presence of Saudi Ambassador Osama bin Dakhil Al-Ahmadi. SFD
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Updated 23 July 2025
MOHAMMED AL-KINANI
Saudi fund extends $32m in loans to Bosnia for education, innovation projects
$19 million allocated to build a science and technology park
$13 million issued to develop new student dormitory
Updated 23 July 2025
MOHAMMED AL-KINANI
JEDDAH: Social infrastructure in Bosnia and Herzegovina is set to improve following two Saudi-funded development loans worth $32 million, targeting science, technology, and higher education facilities.
The Saudi Fund for Development has allocated $19 million for the construction of a Science and Technology Park, and $13 million for the development and outfitting of a new student dormitory at the Borisa Starovic Public Institution Student Center in Foca, in the country’s southeastern region.
SFD CEO Sultan Al-Marshad signed the deals with Bosnia’s Minister of Finance and Treasury Srdan Amidzic, in the presence of Saudi Ambassador Osama bin Dakhil Al-Ahmadi, according to an official release.
The new funding builds on nearly three decades of Saudi-Bosnian cooperation, during which the SFD has financed 27 projects through nine concessional loans totaling over $163 million, along with $53 million in grants supporting post-war reconstruction and long-term development.
The first loan agreement is to finance the Construction of Science and Technology Park Project worth $19 million. It includes a multidisciplinary center over 200,000 m² to support technology, economic growth, healthcare, and higher education—bringing together researchers,…
— الصندوق السعودي للتنمية (@SaudiFund_Dev)
“The Science and Technology Park Project aims to establish a multidisciplinary scientific center covering a total area of approximately 200,000 square meters, supporting technological advancement, economic development, health care, and higher education,” the SFD said.
“The center will serve as a collaborative hub for researchers, scientists, and entrepreneurs across various fields,” it added.
The student housing project is intended to strengthen the higher education sector by boosting student enrollment and providing improved accommodation to enhance learning opportunities and support broader community development.
The agreements with Bosnia and Herzegovina come amid the SFD’s broader engagement in the Balkans. In October 2024, Serbia signed three loan agreements worth $205 million with the fund to support its agriculture, education, and energy sectors, underscoring Ƶ’s growing development partnerships across Southeastern Europe.
Development support that fosters innovation and education.. | signs two development loan agreements worth $32 million to support social infrastructure in .
Towards social and economic growth;
— الصندوق السعودي للتنمية (@SaudiFund_Dev)
The SFD’s activity in Bosnia is part of a larger push across emerging economies. In a separate deal earlier this month, the fund signed a $30 million loan agreement with Tajikistan to finance the Kulob city ring road project.
The project aims to enhance regional transit infrastructure by linking Central Asian countries with China and Indian Ocean markets via land routes. It includes the construction of a road and two bridges to improve traffic flow, road safety, and trade efficiency.
The $28 million initiative, located in the country’s northwestern province, includes new construction, classroom renovations, and modern educational equipment to strengthen the higher education sector.
Ƶ boosts private sector role to power infrastructure, jobs
“In a volatile global environment, marked by tariff frictions and supply-chain shifts, Ƶ offers a predictable, rules-based market for FDI,” El-Asmar said
Yigit Saf, principal in the public sector practice at Arthur D. Little in the Middle East, said PPPs are facilitating activity in infrastructure and services such as education and health care
Updated 17 sec ago
Nirmal Narayanan
RIYADH: Public-private partnerships are becoming increasingly vital in Ƶ, as the Kingdom seeks to fast-track projects and sustain non-oil growth while avoiding pressure on the sovereign balance sheet, experts said.
Speaking to Arab News, Emilio El-Asmar, partner at Oliver Wyman’s Government and Public Institutions practice for India, the Middle East and Africa, said Ƶ’s PPP framework provides a clear channel for government support, making the Kingdom a bankable destination for international investors.
“In a volatile global environment, marked by tariff frictions and supply-chain shifts, Ƶ offers a predictable, rules-based market for FDI. Its PPP framework provides flexible procurement routes, enforceable contracts, and clear channels for targeted government support,” he said. “These features are making projects bankable for international investors and financiers.”
He noted that the government is also “showing skin in the game” through dedicated financing vehicles that add local currency depth and co-investment capacity, helping reduce financing friction and attract a wider pool of participants.
These elements, he said, make PPPs a practical tool to accelerate project delivery and sustain non-oil growth without overburdening public finances.
Under Vision 2030, Ƶ aims to lift the private sector’s share of gross domestic product from about 40 percent to 65 percent, using PPPs to mobilize capital and world-class operators while maintaining fiscal agility.
To support this, the Kingdom has introduced the PPP and Privatization Law, designed to provide transparency, accountability, and protections for stakeholders.
Finance Minister Mohammed Al-Jadaan said in February at the G20 Finance Ministers and Central Bank Governors Meeting that Ƶ has adopted a PPP model enabling private entities to partner with the government in developing and managing infrastructure projects. He highlighted initiatives such as the National Center for Privatization and the National Infrastructure Fund, which focus on drawing private investment in transport, water, and energy.
Yigit Saf, principal in the public sector practice at Arthur D. Little in the Middle East, said PPPs are facilitating activity in infrastructure and services such as education and health care, which are essential for workforce development.
“PPPs play a crucial role in three key ingredients of economic growth: investments, workforce development and productivity, while at the same time supporting public finances, and providing the government with a tool to manage, and shift away undesired strategic, operational and financial risks,” Saf said. He added that PPPs are increasingly bringing private sector dynamism into the Saudi economy.
Diversification Engine
El-Asmar said PPPs are becoming a driver of economic diversification, channeling investment into sectors well beyond hydrocarbons. Ƶ’s privatization pipeline includes more than 200 projects across 17 sectors, spanning airports, roads, water, health care, education and municipal services.
“This multisector flow builds what non-oil GDP needs most: logistics gateways, dependable utilities, and high-quality social infrastructure,” he said. “The payoff is broader revenue streams, new value chains and quality jobs, and a steadily rising private-sector share of GDP.”
Saf said PPPs help optimize public spending while shifting risks to the private sector, where they can be better managed. He noted that PPPs are already drawing strong investor appetite in areas like education, health care, and construction.
“We already observe substantial investor appetite for PPP projects in Ƶ from local and international players,” he said.
The expansion of Madinah airport is a case in point: capacity has grown from 5 million to 8 million passengers, with further expansion planned, while generating revenue for the government.
“Eventually, PPPs will contribute to the establishment of infrastructure for emerging sectors, foster innovation and technology transfer, enhance service delivery, and strengthen Saudi’s positioning in the global ecosystem through its PPP partnerships,” said Saf.
Sector Impact
El-Asmar said infrastructure will continue to see the biggest impact from PPPs. Water and wastewater are the most advanced areas, with desalination, strategic reservoirs, and sewage-treatment projects attracting international interest due to stable demand and clear offtake agreements.
He added: “Energy and power — especially renewables — are the next outsized growth drivers; as grid capacity expands, utility-scale solar and wind PPPs will deepen investor participation and free hydrocarbons for higher value uses.”
“Transport and logistics are also accelerating, with several airport privatizations complete and further concessions in the pipeline.”
He also pointed to new opportunities in ports, waste management, and municipal concessions such as logistics parks, which are widening investable options and multiplying non-oil value chains.
Challenges ahead
Despite the strong momentum, experts highlighted hurdles. El-Asmar said process timelines and bankability in some asset classes require attention. Multi-agency approvals and complex documentation can delay projects, he said, adding that “wider use of standardized templates, clearer roles within line ministry PPP units, and time-bound milestones can streamline those steps while preserving rigor.”
Saf noted that PPP success will hinge on clarity and stability of the project pipeline, access to bankable opportunities, and clear risk-sharing between public and private sectors.
He said more training and knowledge transfer programs are needed to develop local expertise in managing complex PPP projects.
He also flagged public skepticism about private sector involvement, stressing that awareness campaigns and transparent implementation are crucial. Limited competition among bidders, he said, can lead to higher costs and weaker outcomes, underscoring the need for international participation and open competition.
“By addressing these challenges and implementing the necessary reforms, Ƶ can create a thriving PPP ecosystem that attracts foreign investment, fosters private sector participation, and accelerates the country’s economic diversification goals,” Saf concluded.
MENA startups heat up with fresh capital across fintech, AI, and gaming
Intella, a Saudi-headquartered AI startup originally founded in Egypt, has raised $12.5 million in a Series A round led by Prosus
Co-founded in 2021 by Nour Al-Taher and Omar Mansour, Intella develops AI models tailored to Arabic dialects
Updated 13 min 25 sec ago
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa are raising fresh funding to scale operations, enter new markets, and develop innovative products, signaling strong investor interest in sectors including fintech, AI, gaming, e-commerce, and proptech.
Intella, a Saudi-headquartered AI startup originally founded in Egypt, has raised $12.5 million in a Series A round led by Prosus, with participation from 500 Global, Wa’ed Ventures, Hala Ventures, Idrisi Ventures, and HearstLab.
The latest round brings Intella’s total funding to $16.9 million.
Co-founded in 2021 by Nour Al-Taher and Omar Mansour, Intella develops AI models tailored to Arabic dialects, offering transcription, analytics, and customer engagement tools.
The funding will support both regional expansion and product development.
“From day one, our vision has been to bridge the gap between global AI advancements and the Arabic-speaking world,” said Al-Taher.
“This funding from Prosus, a powerhouse investor with deep operational expertise, is a testament to the technology we’ve built and the market leadership we’ve established.”
Sheba Joy gets $293k pre-seed
Ƶ-based mobile gaming studio Sheba Joy has secured $293,000 in pre-seed funding, led by Merak Capital. Founded in 2021 by Ebrahim Al-Hussam and Faisal Aidaros, the company recently moved its headquarters from Dubai to Riyadh, while maintaining offices in Dubai and a creative hub in India.
The studio has already published two titles and plans to launch four additional games in 2025.
The new capital will support production scale-up, hiring, and development of games that align with Ƶ’s Vision 2030.
“With Merak Capital’s support, we are scaling our operations in Riyadh to deliver world-class titles that can compete internationally and contribute to Ƶ’s vision of becoming a global gaming powerhouse,” said Al-Hussam, CEO of Sheba Joy.
Seraya secures $1.8m seed
UAE-based proptech startup Seraya has raised $1.8 million in seed funding through a mix of equity and debt, bringing its total funding to $2.15 million.
The round was led by a Saudi family office and Germany’s DLL.
Founded in 2024 by Pepijn Haima and Ibrahim Shami, Seraya offers design-focused, fully serviced apartments targeting the premium wellness travel segment.
The startup plans to expand its portfolio to 50 units by the end of 2025. “We’re building something intentional,” said Haima.
“Seraya is designed for the modern traveler, people seeking calm, comfort, and care while on the move. Our model gives us total control, from the materials we use to the experience we deliver,” Haima added.
“That’s how we’ve scaled profitably, and how we’ll build a global brand for premium serviced accommodation.”
Munify raises $3m
Egypt-based fintech Munify has raised a $3 million seed round led by Y Combinator, with participation from BYLD and Digital Currency Group.
The company, founded in 2024 by Khalid Ashmawy, provides low-cost money transfers to Egypt, along with services such as US bank account opening, debit card issuance, and foreign exchange hedging.
The funding will accelerate product development, compliance infrastructure, and expansion into new markets.
“Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” said Ashmawy.
“We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
WheelsOn secures funds
UAE-based car rental startup WheelsOn has raised $12.5 million in a mix of equity and debt funding.
The round includes $2.2 million in equity from MENA-focused private investors, $6.5 million for fleet expansion, and $4 million in bank financing.
Founded in 2023 by Nikolay Melnichuk, Adlet Shagirov, and Maxim Olivson, WheelsOn operates a fully digital, deposit-free car rental platform.
The company plans to invest in fleet growth, AI-powered features such as dynamic pricing and personalized recommendations, and contactless rental technologies.
“Our mission is to rethink car rentals by offering full transparency, digital convenience, and a product that puts users in control,” said Olivson, chief product officer.
Addvocate.AI wins 216 Capital backing
Tunisia- and France-based Addvocate.AI has secured a strategic investment from VC firm 216 Capital to scale its AI-driven sales performance platform.
Founded in 2024 by Ridha Mami and Sofyan Chekir, the company offers a “Sales Performance OS” that acts as a digital copilot for sales teams, enhancing productivity with AI-native tools, behavioral nudges, and data insights.
Addvocate.AI aims to address pipeline stagnation, which affects up to half of sales opportunities globally.
With this investment, the company will accelerate product development and pursue international expansion.
“With the support of 216 Capital, we are equipped to stay ahead, breaking through the limits of traditional CRM and delivering a solution built for impact, not for data entry,” said Mami.
Justyol secures $1m
Morocco-based fashion e-commerce platform Justyol has secured a $1 million funding package comprising $400,000 in equity from an angel investor and $600,000 in inventory financing from Turkish firm Danis Group.
Founded in 2022 by Ahmed Badran, Ahmed Rashed, and Anas Ahmed, Justyol connects Turkish fashion brands to MENA markets.
The new capital will support expansion in Morocco, deepen market presence, and prepare for a future series A round.
Basata plans $7m regional expansion
Egypt’s Basata Holding for Financial Payments has announced plans to invest $7 million in 2026 to strengthen its market position and drive regional growth.
The company is currently evaluating acquisition targets, with decisions expected before year-end.
Basata is also preparing to launch new investment services in collaboration with affiliated entities, subject to regulatory approvals.
Through its stake in Jordan’s Madfoatcom, the firm aims to enter Ƶ before year end, with further expansion plans into Morocco and Kurdistan.
Formed through the 2009 merger of Masary and Bee, Basata, formerly Ebtikar, specializes in e-payment solutions, including bill payments, mobile money, and supply chain services.
QIA joins Anthropic’s $13bn Series F
Qatar Investment Authority has joined Anthropic’s $13 billion series F funding round, alongside prominent investors including ICONIQ, Fidelity, and Lightspeed Venture Partners.
The funding will support Anthropic’s enterprise-scale capabilities, expand international operations, and accelerate its research into AI safety.
Founded in 2021, Anthropic is the developer of Claude, a family of AI models designed to prioritize reliability, interpretability, and steerability.
The company’s stated mission is to build safe and aligned AI systems for large-scale commercial and institutional use.
Tadawul defies global IPO slump as Saudi listings thrive
While traditional financial centers struggle, the Kingdom continues to attract listings, underscoring a potential shift in how and where global capital is deployed
Updated 05 September 2025
Nadin Hassan
RIYADH: The Saudi Exchange is proving resilient amid a global initial public offerings downturn, highlighting the strength and dynamism of its diverse issuer base.
While traditional financial centers struggle, the Kingdom continues to attract listings, underscoring a potential shift in how and where global capital is deployed.
Across the US, Europe, and much of Asia, 2025 has seen subdued IPO activity, affected by volatile macroeconomic indicators, persistent inflation, and shifting investor sentiment. Could Ƶ’s divergence signal a broader reshaping of investor priorities and market leadership?
Equity markets showed early signs of recovery in the first quarter, but geopolitical tensions and tariff shocks in April disrupted momentum, prompting issuers to delay offerings and adopt a cautious stance, according to Haitham Aljabry, capital markets consulting partner at PwC Middle East.
In contrast, the Saudi Exchange is charting its own path. As of August 2025, 33 new listings have been completed across its main market, Nomu – parallel market, and sukuk and bonds market, bringing the total number of listed securities to more than 460.
“The Saudi Exchange’s resilience amid the global IPO slowdown underscores the strength and dynamism of our diverse issuer base,” Nasser Alajaji, chief of listing at the Saudi Exchange, told Arab News.
Alajaji added: “Recent listings from new sectors such as aviation and e-commerce have further deepened market breadth and enhanced its appeal.”
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He highlighted the launch of the Kingdom’s first ESG-focused exchange-traded fund and two corporate sukuk as signs of ongoing innovation aligned with the Financial Sector Development Program under Vision 2030.
“Global IPO activity paused, as some companies chose to delay their IPO processes due to the level of uncertainty associated with the various tariff announcements,” Aljabry explained. “However, the gradual reopening of selective IPO markets is now underway, with sentiment largely tied to macroeconomic and geopolitical stability.”
Aljabry said Ƶ’s sustained IPO performance reflects strong macroeconomic management, regulatory clarity, and ongoing reforms across sectors. The government’s commitment to economic diversification through megaprojects such as Neom and the Red Sea is bolstering investor confidence and stimulating activity across industries. Capital inflows have also remained consistent in 2025, supported by a stable riyal-dollar peg and Ƶ’s status as a regional safe haven amid wider geopolitical instability.
Structural advantages boosting Tadawul’s appeal
Tadawul offers structural advantages that distinguish it from global peers.
“Tadawul is the largest stock exchange in the MENA region by market capitalization. Its high free-float requirement ensures liquidity, and Tadawul’s inclusion and weighting in MSCI EM and FTSE indices boosts demand from passive global funds,” Ibrahim Soumrany, partner at Gibson Dunn in Riyadh, noted.
Soumrany also cited strong valuation premiums, robust institutional demand, and consistent oversubscription levels in retail tranches, with new listings often leaving individual investors with as few as ten shares. Additional drivers include state asset privatizations, Public Investment Fund divestments, and IPOs by large family conglomerates seeking succession planning and liquidity.
“The level of capital inflow into the Saudi market since the beginning of the year suggests that investors, both local and international, continue to view the Kingdom as a stable and growth-oriented investment destination, even as global capital markets remain cautious,” Aljabry said.
Regulatory momentum
Saudi capital markets benefit from a deepening institutional investor base and growing digital engagement, particularly among younger retail investors accessing equities via trading apps.
“The Saudi capital market continues to play a pivotal role in driving economic diversification and attracting global capital,” Alajaji said. “We continue to observe steady IPO activity across all our platforms… Investor demand remains robust, supported by a favorable regulatory environment and active participation from both institutional and retail investors.”
According to Aljabry, IPOs in Ƶ during 2025 have predominantly involved well-established or strategically significant companies aligned with Vision 2030, appealing to long-term investors. Despite fluctuations in crude oil prices, the Kingdom has attracted significant capital inflows, reflecting confidence in its long-term growth strategy and stable economic management.
In terms of liquidity and market-making, Saudi capital markets stand out. Soumrany emphasized that market-making regulations support tighter bid-ask spreads and consistent trading activity, enhancing the investor experience and reducing market volatility.
Further contributing to market dynamism is the growing role of Qualified Foreign Investors. As of August, over 4,400 QFIs were registered with the Saudi Exchange, highlighting rising international institutional interest, Alajaji told Arab News.
The evolution of environmental, social and governance and sustainability-linked products is also adding new dimensions to the market. Alajaji noted that the introduction of new asset classes and sustainability-driven instruments reflects the exchange’s commitment to long-term innovation.
Retail investor enthusiasm remains a key pillar. Soumrany noted: “High oversubscription levels in retail tranches. Retail investors are unlikely to receive more than 10 shares due to high oversubscription levels.”
Some IPOs have been so oversubscribed that retail investors received only a fraction of their applications, demonstrating grassroots engagement in Saudi capital markets.
Outlook
Looking ahead, Aljabry believes the momentum of Saudi IPOs is unlikely to slow. With a predictable pipeline shaped by PIF exits, state divestments, and family business listings, the exchange is well-positioned to maintain its upward trajectory.
The alignment between economic diversification objectives and capital market development ensures that listings will continue to be both strategic and impactful. Soumrany said this alignment results in IPOs that are not only financially attractive but integral to the broader national transformation.
Tadawul’s strength amid global weakness underscores its evolution into a leading regional financial hub. As global investors seek resilient, growth-oriented markets, Ƶ is increasingly viewed as a compelling alternative to traditional financial centers. With robust infrastructure, regulatory foresight, and strategic positioning, the Kingdom is not just weathering the global IPO slump — it is defining a new benchmark for emerging-market exchanges.
Saudi-Jordanian forum targets stronger private sector ties
Updated 04 September 2025
Nadin Hassan
RIYADH: Private sector cooperation between Ƶ and Jordan is set to strengthen as more than 250 business leaders and officials convened in Amman for a business forum.
Organized by the Federation of Saudi Chambers and the Jordan Chamber of Commerce, the Saudi-Jordanian Business opened on Sept. 3 with the aim of developing a joint economic vision and unlocking new trade and investment opportunities, the Saudi Press Agency reported.
The Saudi delegation, led by Federation Chairman Hassan Al-Huwaizi, included prominent business figures, investors, and officials from the ministries of economy and planning, industry and mineral resources, investment, and the General Authority for Foreign Trade.
This comes as trade between the two countries continues to grow, with Jordanian exports to Ƶ reaching 612 million Jordanian dinars ($863 million) in the first half of 2025, up from 513 million dinars a year earlier. Imports from the Kingdom also rose to 1.4 billion dinars, compared with 1.3 billion dinars in the same period of 2024.
Al-Huwaizi highlighted that the forum’s role in stimulating economic initiatives and creating new investment opportunities in the region, noting that this year’s edition aims to mark a qualitative shift in relations between the Saudi and Jordanian private sectors, the SPA report stated.
Jordanian Industry, Trade and Supply Minister Yarub Qudah said economic relations between the two countries should be translated into practical partnerships that serve mutual interests.
He added that Jordan’s trade with Ƶ is nearly on par with its trade with the US.
Referring to Jordan’s free trade agreements with the EU, US and Canada, Qudah said joint efforts between Jordanian and Saudi businesses could maximize their benefits, the Jordan News Agency, Petra, reported.
He also underscored the need to tap new regional and global markets, pointing to reconstruction in Syria as a key opportunity for direct cooperation.
Jordanian Investment Minister Tareq Abughazaleh highlighted the importance of joint sectoral committees in easing business operations and stimulating capital flows.
Jordan Chamber of Commerce Chairman Khalil Al-Haj Tawfiq praised Ƶ’s support for Jordan’s economy, noting that Saudi investments in the kingdom have surpassed $15 billion.
On the sidelines, the Saudi-Jordanian Joint Business Council held a meeting to explore ways to deepen trade ties.
Jordan Industrial Estates Co. invited Saudi investors to benefit from incentives across nine industrial cities, which host 975 firms with investments exceeding 3.5 billion Jordanian dinars. The zones currently house 16 Saudi projects worth 133 million dinars.
The forum also featured presentations from the Saudi side on investment opportunities under Vision 2030, covering entry procedures and institutional support for foreign investors.
Bahrain’s non-oil re-exports rise 3% in July, led by UAE
Updated 04 September 2025
Reem Walid
RIYADH: Bahrain’s non-oil re-exports grew 3 percent year on year in July to 63 million Bahraini dinars ($166 million), driven by strong demand from the UAE, which accounted for 35 percent of the total.
Ƶ followed with 21 percent, and Singapore with 13 percent, according to data from the Information and eGovernment Authority cited by the Bahrain News Agency.
Key re-exported items included four-wheel drive vehicles valued at 7 million dinars, gas turbine parts at 4.8 million dinars, and jet turbine engines at 4.5 million dinars.
Analysts note that Bahrain’s expanding logistics sector, along with its strategic location, continues to support growth in re-export activity.
While non-oil exports of national origin dipped slightly by 1 percent to 333 million dinars in July, the country’s trade outlook remains positive. Ƶ led as the top destination for national exports at 24 percent, followed by the US at 12 percent and the UAE at 9 percent.
Raw aluminum alloys topped the list of national exports at 93 million dinars (28 percent), followed by agglomerated iron ores and concentrates at 44 million dinars (13 percent) and non-alloy aluminum wires at 19 million dinars (6 percent).
Imports grew 17 percent to 544 million dinars, led by China (13 percent), Brazil (10 percent), and Australia (9 percent). The most imported goods included non-agglomerated iron ores and concentrates, aluminum oxide, and aircraft engine parts.
Despite a trade deficit of 148 million dinars in July, up from 66 million a year earlier, Bahrain’s economy is set for growth.
The World Bank forecasts GDP growth of 3.5 percent in 2025, up from 3 percent in 2024, driven by completion of BAPCO refinery upgrades and stronger non-oil activity in infrastructure, logistics, fintech, and tourism under Economic Vision 2030. Growth is projected to average 2.9 percent in 2026-27, supported by continued non-oil expansion and the Sitra refinery upgrade.
Overall, Bahrain’s non-oil trade, particularly re-exports, continues to demonstrate resilience and diversification, reflecting the Kingdom’s strategic efforts to expand its economic base beyond hydrocarbons.
