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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.

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Cyprus' Aphrodite Signs 15-year Natgas Supply Deal with Egypt

A general view of a beach in Limassol, Cyprus, March 24, 2026. REUTERS/Yiannis Kourtoglou
A general view of a beach in Limassol, Cyprus, March 24, 2026. REUTERS/Yiannis Kourtoglou
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Cyprus' Aphrodite Signs 15-year Natgas Supply Deal with Egypt

A general view of a beach in Limassol, Cyprus, March 24, 2026. REUTERS/Yiannis Kourtoglou
A general view of a beach in Limassol, Cyprus, March 24, 2026. REUTERS/Yiannis Kourtoglou

Cyprus' offshore Aphrodite field signed a 15-year deal to sell natural gas to the Egyptian Natural Gas Holding Company, one of the ⁠partners in Aphrodite said on ⁠Thursday.

NewMed Energy said a binding term sheet was signed for ⁠the sale of all of the natural gas quantities recoverable from the Aphrodite reservoir with the national Egyptian gas company.

The term could ⁠be ⁠extended by another five years, Reuters quoted it as saying.

Last month, Egypt and Cyprus signed a framework agreement for cooperation on gas.

Business

Simsek: Türkiye Ready with Other Measures if War Shock Persists

FILE PHOTO: Turkish Finance Minister Mehmet Simsek speaks during a meeting of Turkish Industry and Business Association (TUSIAD) in Istanbul, Türkiye, July 11, 2024. REUTERS/Murad Sezer/File Photo
FILE PHOTO: Turkish Finance Minister Mehmet Simsek speaks during a meeting of Turkish Industry and Business Association (TUSIAD) in Istanbul, Türkiye, July 11, 2024. REUTERS/Murad Sezer/File Photo
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Simsek: Türkiye Ready with Other Measures if War Shock Persists

FILE PHOTO: Turkish Finance Minister Mehmet Simsek speaks during a meeting of Turkish Industry and Business Association (TUSIAD) in Istanbul, Türkiye, July 11, 2024. REUTERS/Murad Sezer/File Photo
FILE PHOTO: Turkish Finance Minister Mehmet Simsek speaks during a meeting of Turkish Industry and Business Association (TUSIAD) in Istanbul, Türkiye, July 11, 2024. REUTERS/Murad Sezer/File Photo

The impact on Türkiye's economy of the conflict in the Middle East may be temporary and reversible if the recent ceasefire holds, and authorities are ready with a different set of tools if the shock persists, Finance Minister Mehmet Simsek said on Thursday.

In an interview on broadcaster Haberturk, Simsek ⁠said authorities are prepared ⁠with a new response beyond steps already taken if the newly agreed US-Iran ceasefire does not hold.

According to Reuters, he did not detail the potential response but said authorities' "main scenario" was for a month-long ⁠war, adding that a three-month conflict would be bad.

This week's ceasefire has mostly halted the more than five-week war that gripped the Middle East and sent energy prices soaring, although Israel bombed more targets in Lebanon on Thursday, potentially jeopardizing the deal.

Simsek said the central bank's reserves had fallen by $48.7 billion since ⁠the ⁠war began and that some $162 billion remained. They will rebound to pre-crisis levels once the war ends, he said.

If the ceasefire does not hold, he said, the risks included global recession and stagflation, and in any case it would likely take months for disrupted global supply chains to return to pre-war levels.

Business

Gold Steady as Investors Eye US-Iran Ceasefire, Brace for Inflation Data

Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
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Gold Steady as Investors Eye US-Iran Ceasefire, Brace for Inflation Data

Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces on display for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold prices were steady on Thursday as investors remained cautious about the fragile US-Iran ceasefire, with a key US inflation report due later in the day also in focus for interest rate clues.

Spot gold was little changed at $4,715.45 per ounce, as of 0716 GMT. US gold futures for June delivery fell 0.8% to $4,739.40.

"It doesn't seem like gold is looking to ‌do much at ‌this moment. I think there's still a lot ‌of ⁠speculation on what's going ⁠to happen after the ceasefire," said GoldSilver Central Managing Director Brian Lan.

Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.

US President Donald Trump vowed to retain military assets in the Middle East until a peace deal with Iran is reached and warned of a major escalation in fighting if it ⁠failed to comply, said Reuters.

On Wednesday, Israel pounded Lebanon ‌with its heaviest strikes yet, killing ‌hundreds of people and drawing a threat of retaliation from Iran.

Oil prices rose ‌on Thursday on concerns that supply from the key Middle ‌East producing region may not fully resume amid doubts that the two-week ceasefire will hold.

Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fueled inflation concerns and ‌prompted markets to reassess interest rate-cut expectations, reducing non-yielding bullion's appeal.

Minutes from the Federal Reserve's March ⁠17 to ⁠18 meeting showed that more policymakers felt rate hikes could be needed to counter inflation that continued to exceed the central bank's 2% target.

US Personal Consumption Expenditures data for February, due at 1230 GMT later in the day, and March consumer price data on Friday could give further clues on the Fed's policy path.

"Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk," Standard Chartered said in a note on Wednesday.

Among other metals, spot silver fell 0.3% to $73.93 per ounce, platinum lost 1.2% to $2,005.71 and palladium edged up 0.3% to $1,558.68.