Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq
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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

The Saudi Exports Development Authority has organized a commercial mission under the identity "Made in Saudi" to Iraq, which held a meeting in Basra on Thursday.
The commercial mission to Basra involved over 28 Saudi companies and 130 Iraqi companies from various sectors, mainly construction materials, chemicals and polymers, energy, and packaging.
Talks went over new prospects for cooperation with the Iraqi side to support the access of national products to the promising Iraqi markets and achieve the wise leadership's aspirations to diversify sources of national income and promote Saudi non-oil exports.
The mission included a number of meetings, agreements and memorandums of understanding between the Saudi and Iraqi sides.
According to SPA, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) have reached SAR14.8 billion, where the building materials sector topped the list of exporting sectors during the period with a value of SAR4.42 billion, followed by the food product sector with SAR4.04 billion.



Gold Rises as Traders Reassess Positions after Fed Rate Hike, Oil Rally Eases

Gold bracelets and necklaces displayed for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces displayed for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
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Gold Rises as Traders Reassess Positions after Fed Rate Hike, Oil Rally Eases

Gold bracelets and necklaces displayed for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets and necklaces displayed for sale at a gold shop in Istanbul's Grand Bazaar (AFP)

Gold climbed more than 1% on Thursday as a softer dollar and easing oil prices lent support, while investors assessed the Federal Reserve's latest rate hike and prospects for further policy tightening.

Spot gold was up 1.2% at $4,312.05 per ounce, as of 0848 GMT, after hitting a near six-week low on Wednesday. US gold futures for December delivery were down 0.8% ‌to $4,351, said Reuters.

"I suspect ‌the market may have gotten itself over ‌positioned on ⁠the expectation of ⁠a rate hike, as the likelihood grew. And now that it's happened, those positions are being squared out," said independent analyst Ross Norman.

Meanwhile, the dollar eased from a seven-week high, making greenback-priced bullion more affordable for holders of other currencies, while oil prices extended their fall on diminishing fears of supply disruptions.

The Fed raised ⁠rates on Wednesday and flagged more hikes ‌in the coming months, with new ‌chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's ‌inability so far to control inflation that policymakers worry could ‌worsen.

Although gold is considered an inflation hedge, a high interest rate environment reduces its appeal by boosting the attractiveness of interest-bearing assets.

The Bank of England looks set to keep rates on hold on Thursday, while ‌the Bank of Japan could raise interest rates to a 31-year high on Friday.

"The Fed ⁠is tightening ⁠policy at a time when inflation is being driven primarily by energy prices and supply shocks, meaning higher interest rates could weaken growth without quickly resolving all price pressures," said Linh Tran, Market Analyst at XS.com.

"This environment remains supportive of demand for gold as a hedge, particularly while geopolitical uncertainty persists."

Spot silver rose 1.4% to $63.83 per ounce, platinum firmed 1.2% to $1,772.19 and palladium climbed 1.8% to $1,291.89.


Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
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Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)

US President Donald Trump has threatened to take action against the EU if it moved forward with European Commission President Ursula von der Leyen's proposal to make Canada the bloc's first associate member.

"If they do that, if I think it's at all ⁠a hostile act, ⁠I will put very serious tariffs or stop trading with Europe on many things," Trump told reporters en route to ⁠an event in North Carolina, calling the proposal "laughable."

"And so, if they do that, if Europe does that with a bad intention, if it's a good intention, that's fine. If it's a bad intention, we'll put very heavy tariffs ⁠on ⁠Europe."

Von der Leyen announced the proposal on Wednesday during her annual State of the Union speech, attended by Canadian Prime Minister Mick Carney, as she sought to deepen ties among allies in what she called "an openly hostile world.”


Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
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Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday with more than 40 agreements, initiatives and announcements unveiled through partnerships, programs and projects with a combined estimated value exceeding SAR5 billion.

The initiatives aim to advance biotechnology localization and strengthen its healthcare and economic impact, the Saudi Press Agency said.

The summit drew delegations and experts from more than 57 countries and more than 200 speakers. The total number of visitors and registrants exceeded 15,000.

Its program included more than 80 sessions, along with seven high-level executive sessions, covering artificial intelligence, genomics, vaccines, biomanufacturing, advanced therapies, investment, and talent development.

The Life Sciences Innovation Forum attracted five specialized investment funds that expressed readiness to invest more than $120 million in promising opportunities and companies.

Meanwhile, the Next Generation Biotechnologist Forum focused on empowering early-career researchers and scientists.

The accompanying exhibition spanned more than 6,000 square meters and featured more than 120 sponsors and exhibitors, including international pavilions from Spain, China, Japan, Germany, the United States of America, and the Republic of Korea.