Saudi Arabia’s trade surplus rises 232.4% until July to $57.5 billion

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The surplus of Saudi Arabia’s foreign trade balance (oil and non-oil) increased by 232.4 percent on an annual basis, during the first seven months of this year (from January to July).
According to an Anatolia survey, based on data issued by the General Authority for Statistics in Saudi Arabia (governmental), on Wednesday, the value of the Kingdom’s trade balance surplus amounted to 57.5 billion dollars.
During the corresponding period of 2020, Saudi Arabia’s trade balance surplus amounted to about $17.3 billion.
The value of merchandise exports (oil and non-oil) increased by 49.8 percent to $144.8 billion, while imports rose 10 percent to $87.3 billion.
And the value of oil exports to Saudi Arabia, the largest oil exporter in the world, rose during the mentioned period by 56.7 percent, to $ 105.7 billion.
Oil prices were badly affected during the past year, as a result of the repercussions of the “Corona” virus outbreak on global demand for crude, which is the main source of income for Saudi Arabia, but it has since recovered, exceeding $70 at the present time.

The commodity trade surplus (oil and non-oil) of Saudi Arabia fell by 59.9 percent during 2020 to $44 billion, compared to $109.6 billion in 2019.

In another context, the Saudi Telecom Company said, today, Wednesday, that it has completed the subscription of individuals and institutions in the initial public offering of the Arab Company for Internet and Communications Services, as it raised 3.624 billion Saudi riyals ($966.35 million).

The telecoms company priced its initial public offering (IPO) last week at the top of an indicative range for its technology company, also known as Solutions by STC.

The Saudi Telecom Company said in a disclosure to the stock exchange that these amounts were calculated before deducting all fees, expenses and costs related to the offering.

Last week, the company priced the shares of Solutions by STC at 151 riyals per share, which means that the market value is about $4.8 billion.

Solutions by STC plans to sell 24 million shares, at an indicative price of 136 to 151 riyals per share.

The Saudi Telecom Company, which sells 20 percent of the company’s shares, said that the subscription application book attracted more than 130 requests during the process of building the order book.

The initial public offering is part of a series of deals on the Saudi Tadawul exchange this year, such as the $1 billion ACWA Power deal and the Saudi Tadawul group’s initial public offering, which is likely to take place in the fourth quarter.

The deals come on the heels of Saudi Aramco’s initial public offering, which raised $29.4 billion in 2019, which was the world’s largest IPO.

(Anatolia, Reuters)





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