Beirut Stock Exchange Improved at the Closing

Beirut, The main index of Beirut stock exchange improved at the closing, gaining 0.43 per cent or an equivalent of 3 points, to close at 894.93 points.Overall traded shares were 34,290 at a value of $ 829,954, carried out through as many as 26 deals.Th…

Beirut, The main index of Beirut stock exchange improved at the closing, gaining 0.43 per cent or an equivalent of 3 points, to close at 894.93 points.

Overall traded shares were 34,290 at a value of $ 829,954, carried out through as many as 26 deals.

The capitalization value of the listed companies rose to $9.124 million compared to $9.84 million, in the previous trading session.

Source: Saudi Press Agency

OPEC daily basket price stands at $67.32 a barrel

Vienna, The price of OPEC basket of thirteen crudes stood at $67.32 a barrel on Thursday, 27th May, compared to $67.47 the previous day, according to OPEC Secretariat calculations, WAM reported.The OPEC Reference Basket (ORB) is made up of the followin…

Vienna, The price of OPEC basket of thirteen crudes stood at $67.32 a barrel on Thursday, 27th May, compared to $67.47 the previous day, according to OPEC Secretariat calculations, WAM reported.

The OPEC Reference Basket (ORB) is made up of the following Crudes: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Saudi Press Agency

Saudi Arabia’s Non-oil Exports Rise by 23.1%, Imports by 4.0% in Q1 2021

Riyadh, The overall merchandise exports of the Kingdom of Saudi Arabia increased by 10.8% in Q1 2021 compared to Q1 2020. The value of exports amounted to 212.4 billion riyals in Q1 2020, 20.7 billion riyals higher than in Q1 2021. This increase origin…

Riyadh, The overall merchandise exports of the Kingdom of Saudi Arabia increased by 10.8% in Q1 2021 compared to Q1 2020. The value of exports amounted to 212.4 billion riyals in Q1 2020, 20.7 billion riyals higher than in Q1 2021. This increase originated mainly from oil exports, which rose by 9.5 billion riyals (6.6%) in the same period. The share of oil exports in total exports decreased from 74.6% (Q1 2020) to 71.8% (Q1 2021). Compared to the previous quarter (Q4 2020), total merchandise exports increased by 32.4 billion riyals (+18.0%).

According to the General Authority for Statistics (GASTAT), non-oil exports increased by 23.1% year-on-year in Q1 2021, raising up to 59.9 billion riyals from 48.7 billion riyals in Q1 2020. The share of non-oil exports in total exports increased from 25.4% (Q1 2020) to 28.2% (Q1 2021). 'Plastics and Rubber and Articles Thereof', with a share of 33.3% in non-oil merchandise exports, increased by 8.2% and 'Products of the Chemical or Allied Industries', with a share of 27.2% in non-oil merchandise exports, increased by 8.3% from Q1 2020. Non-oil exports increased compared to the previous quarter (Q4 2021) by 1.4 billion riyals (+2.4%).

Merchandise imports increased by 4.0% (5.3 billion riyals) in Q1 2021. The value of imports amounted to 137.7 billion riyals in Q1 2021 compared to 132.3 billion riyals in Q1 2020. 'Machinery and Mechanical Appliances; Electrical Equipment', with a share of 20.1% in non-oil merchandise exports, increased by 3.7% and 'Vehicles and Associated Transport Equipment', with a share of 16.4% in non-oil merchandise exports, decreased by 5.7% from Q1 2020. Imports, however, increased compared to the previous quarter (Q4 2020), by 0.5 billion riyals (+0.3%).

The ratio of non-oil exports to imports increased to 43.5% in Q1 2021 from 36.8% in Q1 2020 as a result of a higher increase in non-oil exports (23.1%) than in imports (4.0%) over that period.

In Q1 2021, exports to China amounted to 38.9 billion riyals, making this country the main destination for exports of Saudi Arabia. Japan and India followed next with 22.4 billion and 19.4 billion riyals, respectively. South Korea, United Arab Emirates, were the other countries that ranked in the top 5 destinations. Exports of Saudi Arabia to those 5 countries amounted to 110.2 billion riyals, accounting for 51.9% of the total exports.

Imports from China amounted to 28.5 billion riyals in Q1 2021, making this country the main origin for imports of Saudi Arabia. U.S.A and United Arab Emirates, followed next with imports of 15.9 billion and 12.4 billion riyals, respectively. India, Germany, were the other countries that ranked in the top 5 countries for imports. Imports of Saudi Arabia from those 5 countries amounted to 70.9 billion riyals, accounting for 51.5% of the total imports.

As many as 39.7 billion riyals of imports (28.9% of total imports) entered the Kingdom from Jeddah Islamic Sea Port in Q1 2021. Among the other major ports of entry for the imports were King Abdulaziz Port (18.3%), King Khalid International Airport (12.8%), Bat'ha (7.0%), and King Fahad Airport (6.9%). Those five ports together accounted for 73.8% of the total merchandise imports of the Kingdom.

Source: Saudi Press Agency

Saudi Chambers Council, Economy Ministry and UN Office Sign MoU

Riyadh, The Ministry of Economy and Planning, the Council of Saudi Chambers, and the United Nations Office in the Kingdom signed today at the Diplomatic Quarter in Riyadh, a memorandum of understanding (MoU) to strengthen the frameworks of cooperation …

Riyadh, The Ministry of Economy and Planning, the Council of Saudi Chambers, and the United Nations Office in the Kingdom signed today at the Diplomatic Quarter in Riyadh, a memorandum of understanding (MoU) to strengthen the frameworks of cooperation and partnership among them to achieve the sustainable development agenda locally and globally.

The MoU aims to enhance the participation of the Saudi private sector in the United Nations agenda for sustainable development.

These endeavors are in line with the Kingdom’s efforts to promote sustainable development based on the Kingdom Vision 2030 and its role as a pivotal and effective country in making the global economy future and an effective member at the G20.

Source: Saudi Press Agency

Minister of Commerce Opens International Metrology Forum

Riyadh, Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi on Tuesday stressed that the Kingdom of Saudi Arabia is exerting huge effort in upgrading its national quality policy and infrastructure, especially in the standardization and metrology fiel…

Riyadh, Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi on Tuesday stressed that the Kingdom of Saudi Arabia is exerting huge effort in upgrading its national quality policy and infrastructure, especially in the standardization and metrology fields, out of a deep realization in the metrology's immense contributions to boosting economic and industrial growth.

Al-Qasabi's remarks came during his inauguration speech of the International Metrology Forum 2021, which was organized by the Standards, Metrology and Quality Organization (SASO).

The minister, who is also Chairman of Board of Directors of the SASO, noted that the government is extending all forms of support to SASO, voicing pride in the organization's highly qualified human resources and its significant contributions in supporting the Kingdom's growth and modernization endeavor.

Underlying the importance of metrology science in boosting national and international economies, Al-Qasabi noted that the Kingdom has been devoting particular attention to the measurement and standardization field, beginning with the issuance of the first Royal decree in 1963 on the metrology bylaw through the present time.

The minister also highlighted the importance of the metrology science in improving the healthcare sector in scientific research, citing in this regard the health challenges brought on by the COVID-19 pandemic crisis which required collaborative international efforts to mitigate.

For his part, SASO Governor Saad bin Othman Al-Kasabi noted that the 2021 International Metrology Forum, held under the title “Measuring for Health”, came during exceptional health, economic and social circumstances with the entire world struggling with the coronavirus pandemic, underlying in this context the importance of metrology and standardization in supporting the scientific research seeking to alleviate the consequences of the COVID-19 crisis.

Emphasizing the metrology science's contributions to enhancing the healthcare system, Al-Kasabi explained that the International Bureau of Weights and Measures (BIPM) provides measurement standards and the calibration services in the radiation field to the national metrology institutions around the world and to the World Health Organization and the International Atomic Energy Agency, which help in ensuring accuracy in diagnosis and effectiveness in the treatment of around seven million patients worldwide who undergo radiotherapy annually, as well as to 33 million patients diagnosed by nuclear medicine, and to more than 360 million patients diagnosed by X-rays, in addition to monitoring around 11 million people working in a radiation environment to prevent them from radiation overdoses.

Source: Saudi Press Agency

Saudi Stock Exchange Main Index Ends Trading Higher, at 10,448 Points’ Level

Riyadh, The Saudi Stock Exchange main index ended trading here today higher, gaining 129.49 points to close, at 10,448 points’ level.Valuation of the trading was SR10 billion, while the traded shares were over 319 million, divided into more than 397 th…

Riyadh, The Saudi Stock Exchange main index ended trading here today higher, gaining 129.49 points to close, at 10,448 points' level.

Valuation of the trading was SR10 billion, while the traded shares were over 319 million, divided into more than 397 thousand deals.

The number of advancing shares was 138 against 48 declining shares and spread between the highest and lowest percentage ranged from 09.89 percent to 03/43 percent.

For its part, the Index of the Saudi Parallel Equity Market (NOMU) ended the trading lower, losing 31.78 points to close at 24267.95 points, with trading valuation worth SR47 million against 516 thousand traded shares, divided into 1,732 deals.

Source: Saudi Press Agency