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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
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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.

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Business

Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.

Business

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.

Business

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
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Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.