00:00As we know, Saudi Arabia has been making some pretty transformational efforts towards diversifying the economy away from oil dependency.
00:09And this week we've seen some pretty impressive trade numbers. Can you tell us a bit more about the latest data?
00:14Well, pleasure. So, yes, you're correct that Saudi Arabia now for a number of years, like other countries in the Gulf as well,
00:19have been making strategic moves to diversify the economy away from oil reliance.
00:24And actually what we've seen this week is some very strong export numbers from Saudi Arabia.
00:30And this basically ties into the fact that Saudi Arabia economy continues to diversify away from oil and some of the legacy economics.
00:38And actually what we're also seeing is we spoke a few weeks ago and actually for a number of weeks about Saudi Arabia somewhat being shielded from some of the international economic risks,
00:48mainly trade tensions and trade tariffs that many economies are facing for the United States, where the GCC and Saudi Arabia particularly didn't face those tariffs.
00:57So I think that's also how the exports, but the non-oil export growth from September 2024 compared to September 2025, we saw growth of just above 20 percent.
01:09And actually some of the top trading partners include the likes of India, included the likes of China.
01:13Obviously, the United States is still in there as well. But you're seeing that Saudi Arabia is now taking more of a, let's say, a stance to impose itself on the international economy.
01:23And now you're seeing a lot more improved and enhanced trade with a number of huge trading partners.
01:27For example, India and China are going to be up there in a couple of years with the major economies in the world.
01:33And it seems that Saudi Arabia will continue to make such progress as we continue to conclude 2025 and head into 2026.
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