Riyadh – Mubasher: Saudi Arabia has achieved a 25% increase in exports by the end of the third quarter of 2018, Minister of Finance Mohammed Al-Jadaan said on the sidelines of the Future Investment Initiative’s (FII) third day.

The Kingdom’s non-oil revenues also surged 48% in Q3-18, compared to the year-ago period, Al-Jadaan added.

“We have issued a pre-budget statement for the first time to keep the government’s promise that we will be transparent, to ensure predictability to allow the private sector to plan, [and] to promote greater efficiency and effectiveness,” the Saudi official added.

In the first day of the investment event dubbed “Davos in the Desert”, Aramco signed 15 memorandums of understanding (MoUs) with a total value of $34 billion, along with inking a deal with French oil major Total to build a joint venture (JV) for manufacturing industries.

Organised by Saudi Arabia’s Public Investment Fund (PIF), the FII conference started in Riyadh on Tuesday and will end on Thursday, 25 October.