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Saudi Arabia's Purchasing Power Unaffected by War: Trade Association

Saudi Arabia's Purchasing Power Unaffected by War: Trade Association

Thansettakij•Economy•23d ago

Reader Briefing

Despite regional conflicts, Saudi Arabia's economy remains robust with strong consumer demand, supported by high oil prices, while Thai exports see a trend of rapid recovery.

  • •The President of the Asia and Middle East Exporters Trade Association stated that Saudi Arabia's purchasing power is strong despite regional conflicts.
  • •High oil prices are boosting domestic consumption and purchasing power in Saudi Arabia and the UAE.
  • •Thai exports to the Middle East are showing a strong recovery trend, with potential for significant growth.
  • •Several major trade fairs and business events are expected to resume in the second half of the year, creating opportunities for Thai businesses.

Overview

  • •The Middle East Trade Association provides an overview of trade and economic conditions in Saudi Arabia.
  • •Despite short-term impacts on transport and tourism due to regional conflicts, economic activity in Saudi Arabia and the UAE is returning to normal.
  • •High oil prices are reportedly increasing household income and consumer spending in the region.
  • •The President of the Asia and Middle East Exporters Trade Association attributes strong consumer demand to familiarization with Thai products through tourism.
  • •Thai exports to the Middle East are projected to recover quickly.
  • •Iran's past actions (closing Strait of Hormuz, attacking facilities) have caused logistical issues.
  • •Trade fairs and business activities are scheduled to resume in July-August, offering opportunities for Thai businesses.
  • •Thai businesses are preparing for a large project in eastern Saudi Arabia, Global City, Dammam, with space allocated for 40-50 Thai companies.

Full article content is available on the original source.

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Source: Thansettakij (Original)

Key Quotes

Akkarawut Tangsirisupkulsong
"In reality, people in the area are living normally, especially in Saudi Arabia and the UAE, where the economy continues to drive forward."
ในความเป็นจริง คนในพื้นที่ยังใช้ชีวิตปกติ โดยเฉพาะในซาอุดีอาระเบียและสหรัฐอาหรับเอมิเรตส์ (UAE) ที่ภาคเศรษฐกิจยังขับเคลื่อนต่อได้
Akkarawut Tangsirisupkulsong
"Thai exports to the Middle East are likely to recover quite quickly and still have much room for growth."
การส่งออกไทยไปตะวันออกกลางมีแนวโน้มฟื้นตัวค่อนข้างเร็ว และยังมีโอกาสเติบโตได้อีกมาก
Akkarawut Tangsirisupkulsong
"In the second half of the year, the Middle East may become more vibrant again, as many postponed trade fairs and business activities will be held again."
ในช่วงครึ่งปีหลัง ตะวันออกกลางอาจกลับมาคึกคักมากขึ้น เนื่องจากหลายงานแสดงสินค้าและกิจกรรมทางธุรกิจที่เคยเลื่อนออกไป จะกลับมาจัดอีกครั้ง

Key Entities

Organization

Asia and Middle East Exporters Trade Association(สมาคมการค้าผู้ส่งออกเอเชียและตะวันออกกลาง)
An organization providing insights into the trade and economic situation in the Middle East.
Vega Group(กลุ่มบริษัทเวก้า กรุ๊ป)
A business group whose executive chairman is Akkarawut Tangsirisupkulsong.

Person

Akkarawut Tangsirisupkulsong(นายอัครวุฒิ ตั้งศิริกุศลวงศ์)
President of the Asia and Middle East Exporters Trade Association and Executive Chairman of Vega Group.

Place

Saudi Arabia(ซาอุดีอาระเบีย)ℹ️
A Middle Eastern country whose economic situation and purchasing power are discussed.
United Arab Emirates(สหรัฐอาหรับเอมิเรตส์)ℹ️
A Middle Eastern country where the economy is reported to be driving forward and Thai businesses are expanding.
Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️
A vital shipping lane in the Persian Gulf whose closure has impacted logistics.
Oman(ประเทศโอมาน)ℹ️
A country used as a transit route for shipping to avoid the Strait of Hormuz.
Sohar Port(ท่าเรือโซฮาร์)ℹ️
A port in Oman used for transshipment of goods to the UAE.
Iran(อิหร่าน)ℹ️
A country whose past actions have impacted regional trade and logistics.
US(สหรัฐฯ)ℹ️
Mentioned in the context of an attack on its refueling aircraft in Saudi Arabia.
Qatar(กาตาร์)ℹ️
Mentioned in the context of an energy dispute involving Iran and Saudi Arabia.
Global City, Dammam
A large project in eastern Saudi Arabia offering exhibition space for Thai businesses.

Policy

Vision 2030ℹ️
A national strategy for transforming Saudi Arabia.