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Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
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Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)

Saudi Minister of Commerce Dr. Majid Al-Qasabi headed the Kingdom’s delegation consisting of 36 public and private sectors representatives to Singapore where they will participate in the Saudi-Singapore Business Forum, reported the Saudi Press Agency on Monday.

The forum, which runs through to September 27, will tackle bilateral trade in goods and services and ways to boost economic partnership.

Al-Qasabi met with Singaporean Minister of Education Chan Chun Sing, and Singaporean Minister of Social and Family Development and Minister-in-charge of Muslim Affairs Masagos Zulkifli on Monday to discuss cooperation in education, mostly equipping students with the skills required by future industries, digital literacy, and entrepreneurship.

They discussed the main features of the Singaporean education system, exchanging experience and holding training courses, cooperation between universities and schools, and expanding scholarship programs.

Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Eman Al-Mutairi and Saudi Ambassador to Singapore Abdullah Al Madhi attended the meeting.

Al-Qasabi also met with Chairman of Singapore Economic Development Board Png Cheong Boon and with Chairman of JTC Corporation Tan Chong Meng to discuss cooperation to stimulate economy, commercial solutions offered to companies, developing industrial zones and business parks, and digitization in manufacturing.

Also discussed was cooperation in the field of service economy and reviewing the best practices and key programs to enhance competitiveness.

Prospects for National Competitiveness Center and the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy cooperation in research were also discussed with Vice Dean of the School Francesco Mancini and Director of the Institute Paul Cheung.

Over the next two days, Al-Qasabi will hold meetings with several Singaporean ministers and officials, including Minister for Trade and Industry Gan Kim Yong, Minister for Manpower Tan See Leng, Minister for Communications Josephine Teo, Chairman of Enterprise Singapore Peter Ong, and Chairman of the Board of Directors of the Supply Chain and Logistics Academy Robert Yap.

The Saudi delegation will visit specialized educational institutions, business innovation centers, and the port of Tawas, the world's largest automated port, with the aim of getting familiarized with best practices and quality services in various fields.

It will also participate on Tuesday in the Saudi-Singapore Business Forum, organized by the National Competitiveness Center in cooperation with the Federation of Saudi Chambers and the Singapore Business Federation.

The forum will discuss the progress made in implementing the Kingdom's Vision 2030 since its launch in 2016, opportunities to boost economic partnership, and strengthening cooperation between the two countries in several vital sectors, including logistics, e-commerce, and modern technologies.

The delegation includes several government agencies, including the ministries of commerce, investment, education, health, and industry and mineral resources, the Standards, Metrology and Quality Organization, the Small and Medium Enterprises General Authority (Monshaat), the Saudi Data and AI Authority (SDAIA), the Saudi Business Center, the Saudi Ports Authority (Mawani), the Food and Drug Authority, the National Competitiveness Center, the National E-Learning Center, the Saudi Logistics Academy, the Federation of Saudi Chambers, and officials from Saudi companies.

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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.