DUBAI: Saudi exports rose in February led by the plastics sector, according to new government trade data.
Overall merchandise exports increased by 3 percent in February 2021 to SR65.8 billion ($17.5 billion) compared to a year earlier, Saudi Arabia's General Authority for Statistics said on Sunday.
It said the increase originated mainly from non-oil exports.
A raft of recent trade trade data from around the world has pointed to a strong global rebound as consumers start to increase spending as some economies emerge from lockdown. However the resurgence of the coronavirus in major economies such as India has tempered optimism.
The share of oil exports in total exports decreased to 71.7 percent (February 2021) from 74.9 percent (February 2020).
The value of imports amounted to SR40.4 billion in February 2021 compared to SR43 billion a year earlier.
Vehicles and transport equipment imports fell by almost 28 percent as the pandemic kept more people at home and reduced the need for transportation.
Saudi exports rise as global trade rebounds
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Saudi exports rise as global trade rebounds
- Overall merchandise exports increased by 3 percent in February 2021 to SR65.8 billion ($17.5 billion) compared to a year earlier
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
