Saudi Arabia's non-oil exports, including re-exports, grew 31 per cent annually in the second quarter of 2022, rising to 86.2 billion Saudi riyals ($23bn), as the kingdom continued efforts to diversify its economy away from hydrocarbons.
Non-oil export growth was also up on a quarterly basis by nearly 10 per cent from 7.6bn riyals in the first quarter, according to data released on Wednesday by the General Authority for Statistics.
Growth was driven by chemical and allied industry products, which made up more than 35 per cent of total non-oil merchandise exports and were up 49 per cent on an annual basis.
They were followed by plastics and rubber products, which accounted for about 29 per cent of the total.
Overall, the kingdom's total value of exports during the second quarter amounted to 429.8bn riyals, up about 85 per cent from 232.2bn riyals in the same period last year, mainly driven by rising oil exports.
Oil exports increased 106.5 per cent annually by 177.2bn riyals in the second quarter, Gastat said.
The share of oil exports in total exports also rose to 80 per cent from 71.7 per cent in the second quarter of 2021, amid rising crude prices, data showed.
Overall, the kingdom recorded a trade surplus of 258. 86bn riyals in the second quarter of 2022, compared with 91.75bn riyals in the same period last year.
Saudi Arabia’s economy is set to grow at the quickest pace in a decade and will likely be one of the world’s fastest-growing economies this year, according to the International Monetary Fund.
It is projected to expand 7.6 per cent this year after 3.2 per cent growth in 2021, according to the IMF.
The kingdom's economy has continued to improve as it recovers from the coronavirus-induced slowdown.
It grew 11.8 per cent in the second quarter of 2022, mainly led by a boost in the oil sector, according to data released by Gastat last month.
Non-oil economic activity also climbed 5.4 per cent in the three-month period to the end of June, supporting the growth of the Arab world’s largest economy.
Non-oil growth will increase to 4.2 per cent in 2022 before returning to its medium-term potential of 4 per cent, according to the IMF.
Despite the recent high volatility in the oil market, owing to Ukraine war-related trade and production disruptions, the price of Brent is expected to average $103.88 a barrel this year, its highest level since 2013, according to IMF projections.
This is about 50 per cent higher than the 2021 average, with prices expected to fall to $91.07 in 2023.
Even with rising concerns about a potential global recession and rising inflation that have derailed the momentum of the economic recovery from the pandemic, data points to oil demand holding up in the third quarter of this year at an average of 100.3 million barrels per day, from 98.7 million bpd in the second quarter, according to MUFG Bank estimates.
Brent, the global benchmark for two thirds of the world's oil, was trading 1.18 per cent higher at $101.40 a barrel at 3.23pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was also up 1.18 per cent at $94.85 a barrel.
In the second quarter, the kingdom's imports increased nearly 22 per cent to 171bn riyals, compared with 140.4bn riyals in the same period last year, according to Gastat.
The top imported goods were machinery and mechanical appliances, electrical equipment and transport equipment.
China continued to remain the top trading partner of Saudi Arabia with exports amounting to 63.4bn riyals. India and Japan followed next with exports of 43.5bn riyals and 39.1bn riyals, respectively.
South Korea, the US, the UAE, Egypt, Taiwan, Bahrain and Singapore made up the rest of the top 10 export destinations.
Exports from Saudi Arabia to the 10 countries and territories amounted to 280.9bn riyals — accounting for 65.4 per cent of total exports.
Meanwhile, Saudi imports from China amounted to 34bn riyals in the second quarter, making it the top source of imports into the kingdom. China was followed by the US and the UAE, with imports of 15.4bn riyals and 11.2bn riyals, respectively.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Killing of Qassem Suleimani
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Killing of Qassem Suleimani
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
The specs
- Engine: 3.9-litre twin-turbo V8
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
more from Janine di Giovanni
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
