Saudi Arabia, Palestine To Boost Trade With Formation Of New Business Council

RIYADH: Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations. 

The agreement to form the first Saudi-Palestinian Business Council was made during a meeting between Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and Mazen Ghanem, Palestinian ambassador to the Kingdom, in Riyadh, the Saudi Press Agency reported. 

The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow. 

In the third quarter of 2024, the Kingdom’s overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months, according to data from the General Authority for Statistics. 

Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024.

During the meeting, Al-Huwaizi stressed the need to empower Palestinian business owners to invest in Saudi Arabia and market products from the West Asian nation in the Kingdom’s market. 

He also reaffirmed the federation’s support for holding exhibitions and conferences to introduce and market Palestinian products in the Kingdom. 

The new agreement comes just two days after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes. 

To stabilize the economy, the Palestine Monetary Authority issued new instructions to banks to ease the burden of accumulated installments on borrowers in Gaza and the West Bank during the war period. 

The authority also instructed banks to stop collecting installments in Gaza until the end of June, with the possibility of scheduling and postponing it further. 

Other instructions from the monetary authority include reducing interest rates on new loans and stopping the collection of commissions and late fees. 

Earlier this month, Palestinian President Mahmoud Abbas met with Nayef bin Bandar Al-Sudairi, the Saudi ambassador to Palestine, and honored him with the Star of Al-Quds medal, a top-rated decoration provided by the state. 

During the meeting, Abbas extended his greetings to King Salman and Crown Prince Mohammed bin Salman and thanked Saudi Arabia for the support offered to the Palestinian people and their cause. 

Abbas also praised Al-Sudairi’s efforts to strengthen the friendly relations between Palestine and the Kingdom.