Riyadh, Ankara to Increase Trade Exchange, Promote Mutual Investments

07:34-30 August 2023 AD ـ 14 Safar 1445 AH

Riyadh, Ankara to Increase Trade Exchange, Promote Mutual Investments

Saudi Arabia and Türkiye have voiced their desire to work to increase the volume of trade exchange and mutual investments.

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef affirmed his country’s confidence in Turkish investors, expressing his hope that they would benefit from the opportunities available in his country.

During his current visit to Ankara, Al-Khorayef participated in a Turkish-Saudi roundtable meeting held on Monday evening, in the presence of the president of the Union of Turkish Chambers and Commodity Exchanges, Rifat Hisarciklioglu, and a number of Saudi and Turkish businessmen.

In remarks following the meeting, the Saudi minister stressed that the economic relations between the two countries were at an advanced stage, and have progressed significantly, noting that his visit aims to introduce Turkish investors to opportunities in Saudi Arabia, especially in the industrial and mining sectors.

Al-Khorayef arrived in Ankara on Monday, where he participated in a number of meetings, and signed a memorandum of understanding with the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, for cooperation in the field of mining.

For his part, Hisarciklioglu said that the volume of trade exchange between Türkiye and Saudi Arabia was expected to reach $30 billion in the medium and long terms.

According to identical Saudi and Turkish data, the volume of trade exchange reached $6.5 billion in 2022, up from $3.7 billion in 2021.

The Turkish official said that thanks to the current momentum in the bilateral relations, the volume of trade exchange is expected to increase to $10 billion in the first phase, and to $30 billion in the medium and long terms.

He affirmed the readiness of the Turkish business community to engage in projects related to technology, tourism, transportation, and energy, within the framework of the Kingdom’s Vision 2030, pointing to the longstanding and strong economic ties between Riyadh and Ankara.

Hisarciklioglu stated that the volume of Saudi direct investments in Türkiye currently amounts to $2 billion, while Turkish contracting companies have implemented projects worth $25 billion in the Kingdom.

Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)

11:25-12 November 2024 AD ـ 11 Jumada Al-Ula 1446 AH

Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)

Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations his administration will be crypto friendly.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,982 - a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.

Bitcoin is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in, as investors figure Trump's friends and interests will do well while he is in office.

"The crypto enthusiasts think they have a like-minded incoming president," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it's hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

"I think it increases the chances that other nation states buy bitcoin in a bid to front run the US," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

"Additionally, I think it would be a crazy catalyst for the US listed bitcoin miners ... given possibilities of such entities getting nationalized."

Crypto miner Riot Platforms jumped nearly 17% on Wall Street on Monday. Fellow miners MARA Holdings and CleanSpark leapt nearly 30%.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% on Monday.

"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally.

"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."

The euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin surging, although they dipped on Tuesday morning in Europe.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset," said Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.

Riyadh, Ankara to Increase Trade Exchange, Promote Mutual Investments