Saudi Arabia and Australia Strengthen Trade Relations with New memorandum of understanding
Trade relations between Saudi Arabia and Australia are set to grow following an agreement signed to enhance cooperation in various sectors.
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Trade ties between Saudi Arabia and Australia are set for a significant boost following a new agreement aimed at enhancing collaboration in various sectors including industry, mining, food production, agriculture, technology, and artificial intelligence.
The memorandum of understanding, formalized during a visit to Saudi Arabia by Arnold Jorge, CEO of the Export Council of Australia, and Sam Jamsheedi, President of the Australia Saudi Business Council & Forum, marks a strategic step forward in strengthening bilateral relations.
This agreement opens new doors for Australian exporters, facilitating deeper partnerships with Saudi entities, and potentially enriching both economies through enhanced trade and technology exchanges. In 2023, Australia exported goods worth approximately $789.65 million to Saudi Arabia, while imports from the Kingdom totalled about $702.75 million, highlighting the active trade relationship that exists between the two nations.
Both Jorge and Jamsheedi have emphasized the importance of this partnership in fostering closer ties and developing initiatives that could benefit both countries. Their collaboration extends beyond just trade; for example, a recent $27 million deal between Saudi-based Abdel Hadi Al-Qahtani and Sons Co. and Australia’s SSS Group aims to leverage local resources for producing scaffolding systems in Saudi Arabia.
“Under this strategic partnership, we will seek to work together closely in identifying initiatives that facilitate connections between Australia and Saudi Arabia,” said Jamsheedi.
“We will combine our resources and networks to boost the success of collaborations and partnerships between relevant organizations and individuals of our two countries,” said Jorge.
Australian Ambassador Mark Donovan has expressed optimism about this partnership, noting that Saudi Arabia’s efforts to forge new global business relationships are a key part of the country’s broader economic transformation.
This includes expanding into new areas such as education, with Australia’s University of Wollongong recently obtaining licenses to open branches in Saudi Arabia, further deepening the educational and cultural exchanges between the two countries.
As these partnerships develop, they promise to bring substantial economic benefits, driving innovation and growth in both Saudi Arabia and Australia.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
