RIYADH: A SR60 million ($15.9 million) deal has been signed between food company Almarai and marketing logistics firm 30Export to boost the former’s foreign trade prospects.
The agreement, overseen by Minister of Industry and Mineral Resources Bandar Alkhorayef and Abdulrahman Al-Thukair, the CEO of Saudi Export Development Authority, was signed by Abdullah Al-Bader, CEO of Almarai Co. and Ali Al-Malki, 30Export.
According to a statement by Thamer Al-Mishrafi, the spokesman of SEDA, this memorandum of understanding will empower the brand in international markets.
This comes as SEDA aims activate all its efforts and capabilities to explore available means of support in order to enhance the penetration of national products and services into targeted global markets.
The project also increases Saudi Arabia’s import-export capacity by improving its connectivity with international trade routes, aliginng with Vision 2030 goal.
The effort aims to diversify national income sources and increase the share of non-oil Saudi exports to at least 50 percent of total gross domestic product by 2030
It also comes as part of the Export Housing initiative launched by SEDA last year, which enables licensed export houses to facilitate the export of high-quality national products to international markets.
These export houses, licensed and qualified by SEDA, play a crucial role as commercial intermediaries, offering a range of services across the export value chain.
“This effort aims to assist local factories in accessing global markets, thereby facilitating the export movement and enhancing the reach of national goods and services to targeted international markets,” Al-Mishrafi said in a statement on X.
Saudi Arabia’s non-oil exports saw an annual rise of 3.3 percent in the first quarter of 2024, fueled by an increase in the value of re-exports.
According to the General Authority for Statistics, while national non-oil exports experienced a slight dip of 5.2 percent, the value of re-expored goods surged by 31.5 percent during the same period.
In October last year, SEDA and Saudi Post, also known as SPL, signed an agreement to promote the “Made in Saudi” brand across various channels locally and internationally.
The collaboration agreement was rolled out within the framework of the National Strategy for Transport and Logistics and the National Strategy for Industry.
Both parties also introduced joint services to support the national economy’s transformational goals in light of the Saudi Vision 2030.
