“The growing trade relationship between Saudi Arabia and the United States is indicative of the strong economic ties and mutual benefits shared by the two nations,” Albara'a Alwazir, director of economic research at the US-Saudi Business Council, stated.Īmid the Russian-Ukraine conflict, Saudi Arabia bolstered its oil production from 9.1 million barrels per day in 2021 to 10.5 million bpd in 2022 to cater to the burgeoning demand. The US maintained its position as the second-largest source of goods for Saudi Arabia, underscoring the Kingdom’s diversified export portfolio. This was largely attributed to the suspension of oil imports from Russia, coupled with the increased demand from the transportation and industrial sectors in the US.įertilizers topped the non-oil export list, accounting for SR3 billion of trade and witnessing an 18 percent year-on-year growth. In the oil sector, Saudi exports to the US saw an 84 percent increase, reaching SR77.9 billion. This marked the highest annual level of non-oil exports to the US in consecutive years, showcasing the Kingdom’s concentrated efforts to diversify its export portfolio beyond the downstream petroleum industry. Notably, non-oil exports from Saudi Arabia to the US in 2022 touched SR10.1 billion, marking a 10 percent increase from the previous year. RIYADH: Oil and fertilizer exports helped Saudi Arabia record a 39 percent surge in trade with the US in 2022, demonstrating strengthening ties between the two nations.Īccording to a report by the US-Saudi Business Council, the total trade value reached SR130 billion ($34.7 billion), fueled by both an uptick in Saudi oil exports and a record-breaking non-oil trade. “This partnership is deemed a significant step in the context of our plan to be a provider of fully integrated real estate services, to offer the investors and landlords comprehensive property services,” he said. Tabbakh said the company aims to invigorate investment in the region through partnerships and opportunities. We will proceed to contact the investors and landlords to offer them our services,” said Saleh Tabbakh, CEO of Andalusia Courtyard, in a statement. “We are proud of this partnership, as it will add new dimensions for our clients, and comes after the launch of our real estate development services. The group has provided services to prominent brands including Swiss Hotels, Hilton, Marriott, Hyatt, Rixos, and W Hotels.
He added that the company is committed to bringing its expertise to the region by showcasing its fit-out and furniture products.įounded in 2006, Serdur specializes in luxurious furniture with an emphasis on five-star hotels and large-scale projects worldwide. “We believe that the UAE and Saudi Arabia are now considered strategic attraction poles for the luxurious real estate development, which befits all clients, be they local or global,” said Serdur CEO Serkan Durdu. The strategic partnership with Andalusia Courtyard will pave the way for the Turkish group’s expansion into the Middle East, with a primary focus on the UAE and Saudi markets. RIYADH: Turkish decor group Serdur has finalized an agreement with Dubai-based real estate developer Andalusia Courtyard to establish an office in the UAE and a $10 million factory in Saudi Arabia.
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