عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi, Turkish Companies Ink Agreement and 2 MoUs to Localize Drone Industry

Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and 2 memorandums of understanding (MoUs). SPA
Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and 2 memorandums of understanding (MoUs). SPA
TT
TT

Saudi, Turkish Companies Ink Agreement and 2 MoUs to Localize Drone Industry

Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and 2 memorandums of understanding (MoUs). SPA
Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and 2 memorandums of understanding (MoUs). SPA

Several Saudi companies specialized in military and defense industries and Turkish defense companies have signed an agreement and two memorandums of understanding (MoUs) to localize the drone industry and its component systems within the Kingdom.

Sunday’s signing ceremony in Riyadh was under the patronage of Saudi Minister of Defense Prince Khalid bin Salman bin Abdulaziz.

The agreement and MoUs are an extension of the two acquisition contracts signed by the Saudi Defense Ministry two weeks ago with Turkish defense company "Baykar" to raise the readiness of the armed forces and enhance the Kingdom's defense and manufacturing capabilities.

During the ceremony held on this occasion, the Saudi Arabian Military Industries (SAMI) signed a localization agreement with Baykar.

The agreement focuses on the manufacturing of electronic systems, mechanical components, and drone structures using composite materials, as well as encompassing manufacturing, final aviation testing, and the provision of training and support services.

The CEO of SAMI, Eng. Waleed bin Abdulmajeed Abu Khaled, and the CEO of Baykar, Haluk Bayraktar, signed the localization agreement.

Moreover, the Saudi National Company for Mechanical Systems (NCMS) signed a MoU with Roketsan and Aselsan, two leading Turkish defense companies, to localize the production of ammunition and optical sensors for drones in the Kingdom.

Representing the Saudi side, the CEO of the MCMS, Eng Ali Abdulla Alashban, signed the MoU while the CEOs of the Turkish companies Aselsan and Roketsan, Ahmet Akyol and Murat Ikinci, respectively, signed on behalf of their companies.

Assistant Minister of Defense for Executive Affairs Dr. Khalid bin Hussein Al-Bayari expressed his gratitude for the gracious patronage of the Minister of Defense, emphasizing the wise leadership's keen interest and support in localizing military industries and enhancing manufacturing and defense capabilities in the Kingdom.

The Assistant Minister stressed that the localization agreement and the MoUs reflect the concerted efforts of the Ministry of Defense, in coordination with the General Authority for Military Industries (GAMI) as the legislative authority for the military industry sector, and the General Authority for Defense Development (GADD), responsible for defining research, development, and innovation objectives in technology and defense systems.

This achievement aligns with Saudi Vision 2030's target of localizing more than 50% of total military spending, he clarified.

Dr. Khalid indicated that they would also significantly contribute to the development of localization capabilities within the Kingdom through technology transfer, knowledge sharing, and training of Saudi personnel. This will not only strengthen local capabilities but also create valuable employment opportunities for the Saudi youth, he noted.

During the ceremony, the CEO of SAMI highlighted that the signing of the agreement and MoUs reaffirms the strong support and interest of the wise leadership in localizing the defense industries sector and advancing the goals of Saudi Vision 2030.

Additionally, Eng. Waleed emphasized that the localization agreement represents a major milestone for SAMI, positioning the company among the top 25 companies in this sector globally.

Most Viewed

 
 
Business

TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
TT
TT

TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo

French oil major TotalEnergies has agreed to sell 50% of a 424-megawatt portfolio of wind and solar assets in Greece to Spanish investment firm Asterion Industrial Partners for 254 million euros ($297.36 million), it said on Wednesday.

The deal values the portfolio at 508 million euros, or approximately 1.2 million euros per megawatt installed, Reuters quoted it as saying.

TotalEnergies owns 32 gigawatts of gross installed renewable capacity worldwide, far ahead of other oil majors - but it is heavily reliant on the practice of selling down minority stakes in already-built wind and solar farms to boost returns from the assets, which earn fixed government-set tariffs for the power they produce in many markets.

The French company will continue to operate the Greek assets and retain its 50% stake. It plans to market and sell most of the electricity once regulated tariffs expire, according to the statement.

Total faces pressure from investors to accelerate divestments and lower its debt levels this year, after a string of acquisitions caused its debt-to-equity ratio to more than double in the first half of 2025.

Business

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
TT
TT

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.

Business

Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
TT
TT

Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat

The Eastern Province is expected to witness the implementation of more than 650 tourism projects valued at over SAR12.7 billion (approximately $3.39 billion).

With the addition of investments in new projects exceeding SAR21 billion ($5.6 billion), total tourism investments amount to around SAR33.7 billion (nearly $9 billion), reflecting a growth in the sector.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism investments in the region are experiencing qualitative growth, adding that the Eastern Province enjoys competitive advantages that make it attractive for tourism investment.

The minister said the region has achieved positive results in sector performance, welcoming more than 13.4 million tourists whose spending exceeded SAR18.5 billion ($4.9 billion), underscoring the rising demand for tourism services.

Tourism Diversity

Al-Khateeb revealed that more than 650 approved tourism projects would contribute to improved tourism, in addition to strengthening partnerships and supporting private sector participation. This, he said, reflects the rapid growth pace and the achievements that the tourism sector in the Eastern Province has witnessed.

High-quality projects in the region enhance competitiveness, supported by the Tourism Development Fund, said Al-Khateeb. These projects contribute to improving quality of life and offering integrated visitor experiences, reinforcing the region’s position as a leading tourist destination on the Arabian Gulf coast, he added.

The minister met with Eastern Province’s tourism employees, who briefed him on promising opportunities and made proposals aimed at developing career paths for workers in the sector.

Al Khobar Season

Al Khobar Season 2025 has achieved remarkable success since its launch, featuring a seasonal program spanning nearly 90 days. Supported by the Sharqia Development Authority and the Saudi Tourism Authority, the season hosted events across more than 20 locations, attracting over one million visitors and involving more than 50 partners from the private sector.

Al Khobar Season enhances the Eastern Province’s status as a major tourism and entertainment destination through experiences that blend entertainment, culture, arts, and sports. This contributes to improving quality of life, achieving the objectives of Saudi Vision 2030, and developing the tourism sector.