Riyadh’s Almarai Strikes SR60 Million Deal with 30Export to Boost Foreign Trade
In a groundbreaking move, a whopping SR60 million ($15.9 million) deal has been inked between the renowned food company Almarai and the dynamic marketing logistics firm 30Export. This strategic partnership aims to revolutionize Almarai’s foreign trade prospects and propel its brand into the global market.
Empowering National Products in International Markets
The agreement, orchestrated under the watchful eyes of Minister of Industry and Mineral Resources Bandar Alkhorayef and Abdulrahman Al-Thukair, the CEO of Saudi Export Development Authority (SEDA), was sealed by Abdullah Al-Bader, CEO of Almarai Co., and Ali Al-Malki, representing 30Export. According to Thamer Al-Mishrafi, the spokesman of SEDA, this memorandum of understanding will empower the brand in international markets, aligning with the Vision 2030 goal of diversifying income sources and boosting non-oil exports.
Enhancing Saudi Arabia’s Import-Export Capacity
The project not only aims to increase Saudi Arabia’s import-export capacity but also seeks to improve its connectivity with international trade routes. This strategic move by SEDA is part of the Export Housing initiative launched last year, enabling licensed export houses to facilitate the export of high-quality national products to international markets.
Promoting the “Made in Saudi” Brand Globally
In a bid to promote the “Made in Saudi” brand globally, SEDA and Saudi Post (SPL) joined forces by signing an agreement last year. This collaboration falls within the framework of the National Strategy for Transport and Logistics and the National Strategy for Industry, aiming to support the national economy’s transformational goals in alignment with Vision 2030.
Driving Growth in Non-Oil Exports
Saudi Arabia’s non-oil exports witnessed a 3.3 percent annual rise in the first quarter of 2024, fueled by the surge in the value of re-exports. Although national non-oil exports experienced a slight dip of 5.2 percent, the value of re-exported goods soared by 31.5 percent during the same period, showcasing the potential for growth in the export sector.