Saudi Arabia now Singapore's largest trading partner in Middle East

Bilateral trade has increased 42% to Saudi Riyal 69.9 billion in 2011.

Minister for Transport Mr Lui Tuck Yew noted the development in a speech at groundbreaking ceremony of the second container terminal in the King Abdul Aziz Port.

Mr Lui further observed that even at the the political level, bilateral relations between the two nations has been flowering.

Taken together, "our growing bilateral relationship has created opportunities for our companies to work even closer together. For example, Rotary Engineering provides construction services for Saudi Aramco Total Refining and Petrochemical Company (SATORP) in Jubail via their joint venture company, Petrol Steel Company Limited. We also have Changi Airport International providing operations management services at King Fahd International Airport in Dammam," he said.

In turn, Mr Lui  said a number of major companies from the Kingdom of Saudi Arabia now have thriving business operations in Singapore. "For instance, SABIC Innovative Plastics, SABIC Asia Pacific and Saudi ARAMCO have established a strong presence in Singapore and play key roles in advancing economic cooperation between our two countries," he said. 

"Singapore values our economic cooperation with Saudi Arabia and we would like to take this to a higher plane. The partnership between PSA International and its local partner, the Public Investment Fund, and the Saudi Ports Authority to develop the second container terminal in the King Abdul Aziz Port, is one concrete manifestation of our desire for enhanced cooperation," he said.