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Geneva, Riyadh Seek to Encourage Joint Investment in Mining

Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
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Geneva, Riyadh Seek to Encourage Joint Investment in Mining

Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)

Saudi Arabia and Switzerland are seeking to increase economic cooperation and joint investments in the mining sector.

In this context, Swiss Ambassador to Riyadh Yasmine Chatila confirmed that more than 100 Swiss companies are operating in the Kingdom in various fields, including the industrial sector, which she said will contribute to the transfer of expertise and technologies.

In remarks to Asharq Al-Awsat, Chatila said: “In terms of economic cooperation between the two countries, there are a large number of Swiss companies in Saudi Arabia that have agents and direct investments in several sectors. Chief among them is the industrial sector.”

On Monday, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef began an official visit to Switzerland to review the promising opportunities in the industrial and mining sectors, in addition to opening new channels of communication with investors between the two countries.

The Saudi minister called for strengthening bilateral cooperation in the industrial and mining sector, and increasing access to non-oil exports.

His comments came during a roundtable discussion on Thursday in Bern, in the presence of Helene Budliger Artieda, Swiss State Secretary for Economic Affairs, and the participation of more than 15 major Swiss companies.

Al-Khorayef also discussed enhancing the role of the industrial and mining sectors as options in diversifying the economic base, by opening the doors to investors from all over the world, pointing out that Swiss companies contribute to training Saudis and transferring knowledge and technology in the fields of tourism.

The volume of Saudi non-oil exports to Switzerland amounts to more than 3.42 billion riyals ($912 million) and include natural and cultured pearl products, precious metals and jewelry.

Saudi imports total around 17.67 billion riyals ($4.4 billion), mainly consisting of jewelry, medicines, heavy machinery and food products.

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.