Saudis choose Singapore as trade hub

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saudiSaudi Arabia has picked Singapore as its hub to sell Saudi-manufactured products in ASEAN, the Saudi-Singapore Business Council announced on March 21.

At present, Singapore is the official base for Saudi Arabian petrochemical sales in the ASEAN region via Saudi Basic Industries Corporation, or Sabic, the country’s largest petrochemical industry conglomerate. Under the new deal, Singapore would act as regional hub for all Saudi-made products bound for the ten ASEAN countries.

A trade company will be set up in Singapore, with an investment of  about $26 million. The company will operate in areas of energy, training, education and information technology, said Abdullah Al Meleih, co-chairman of the Saudi-Singapore Business Council.

Talks are also underway to ease visa regulations for Saudi citizens visiting Singapore in an aim to increase tourist numbers.

Bilateral trade between Saudi Arabia and Singapore stood at $18.4 billion. Main exports from Saudi Arabia are, apart from oil and gas, petrochemicals, plastic products, minerals, aluminium, iron and steel, metal goods, construction materials and electrical appliances.

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Reading Time: 1 minute

Saudi Arabia has picked Singapore as its hub to sell Saudi-manufactured products in ASEAN, the Saudi-Singapore Business Council announced on March 21.

Reading Time: 1 minute

saudiSaudi Arabia has picked Singapore as its hub to sell Saudi-manufactured products in ASEAN, the Saudi-Singapore Business Council announced on March 21.

At present, Singapore is the official base for Saudi Arabian petrochemical sales in the ASEAN region via Saudi Basic Industries Corporation, or Sabic, the country’s largest petrochemical industry conglomerate. Under the new deal, Singapore would act as regional hub for all Saudi-made products bound for the ten ASEAN countries.

A trade company will be set up in Singapore, with an investment of  about $26 million. The company will operate in areas of energy, training, education and information technology, said Abdullah Al Meleih, co-chairman of the Saudi-Singapore Business Council.

Talks are also underway to ease visa regulations for Saudi citizens visiting Singapore in an aim to increase tourist numbers.

Bilateral trade between Saudi Arabia and Singapore stood at $18.4 billion. Main exports from Saudi Arabia are, apart from oil and gas, petrochemicals, plastic products, minerals, aluminium, iron and steel, metal goods, construction materials and electrical appliances.

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