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Saudi Arabia and Singapore Stress Importance of Cooperation, Sign 7 MoUs

The Saudi Singapore Joint Committee (SPA)
The Saudi Singapore Joint Committee (SPA)
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Saudi Arabia and Singapore Stress Importance of Cooperation, Sign 7 MoUs

The Saudi Singapore Joint Committee (SPA)
The Saudi Singapore Joint Committee (SPA)

The Saudi-Singaporean roundtable meeting was held in Riyadh on Wednesday to review the latest updates of Vision 2030 and remarkable achievements, highlighting the unprecedented transformation in the Kingdom.

The meeting was attended by the Prime Minister of Singapore, Lee Hsien Loong, Saudi Minister of Commerce Majid bin al-Qasabi, Minister of Investment Khalid al-Falih, various Saudi ministers, officials, and CEOs of major companies. It also included Saudi and Singaporean representatives of the government and private sectors.

They discussed investment partnership opportunities in the energy, financial, transportation, logistics, and infrastructure sectors.

The meeting also stressed the importance of cooperation in new and innovative projects to support the economic fields in the Kingdom and Singapore and collaboration in renewable energy and green hydrogen.

It addressed increasing the volume of supporting logistics, infrastructure, human capital development, and cooperation in the entertainment industry.

The roundtable meeting aims to enhance the two countries' investment relations, strengthen economic and investment ties between the Kingdom and Singapore, develop qualitative assets for entrepreneurial companies, and support the private sector to take advantage of opportunities.

Furthermore, Saudi Arabia and Singapore signed seven MoUs in several fields during Tuesday's third session of the Saudi-Singapore Joint Committee held in Riyadh.

The Saudi Minister of Transport and Logistic Services and Singapore's Minister of Manpower Tan See Leng co-chaired the session.

Speaking at the session, Jasser said the Kingdom and Singapore enjoy a robust bilateral relationship spanning nearly six decades.

He added that the joint committee confirms the strong links between Saudi Arabia and Singapore, reiterating that the efforts have flourished after signing several agreements and MoUs covering various areas.

The Minister noted that these joint efforts have enhanced the investment and trade relations between the two countries at all levels in the public and private sectors.

Jasser highlighted the progress of Saudi-Singaporean cooperation, including in the economic, investment, and commercial fields.

He said the trade volume between the two countries significantly increased by around 50 percent in 2022 compared to the previous year, noting that the meeting continues successful efforts and cooperation.

Jasser underlined the importance of enhancing economic and developmental relations between the two countries, facilitating the movement of imports and exports of goods, and attracting investment opportunities in industry and the digital economy.

He also voiced keenness for enhancing cooperation in various areas, noting that he looks forward to implementing infrastructure development projects to improve transportation and facilitate the movement of passengers and goods between the two countries.

The Minister highlighted the significant transformation the Kingdom is witnessing in all sectors under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman.

Acting Secretary General of the Federation of Saudi Chambers Walid al-Arinan explained that the Saudi and Singaporean economies stimulate cooperation and economic partnership and promising opportunities to double trade and investment in light of the Vision 2030 initiatives.

In addition, the Federation of Saudi Chambers and the Singapore Business Forum signed an MoU, and the Saudi Standards, Metrology, and Quality Organization (SASO) also signed an agreement on standardization and coordination.

Meanwhile, the Ministry of Investment signed an MoU for cooperation and facilitation of investments between Singaporean and Saudi companies.

Also, the MoUs include training and development opportunities in the Kingdom and investment opportunities in the education sector.

The session witnessed the signing of an MoU in ports, transportation, and logistics services and an MoU to develop investment in the industrial sector in Riyadh and the health and fitness sectors.

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Business

Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
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Oil Prices Extend Gains on Concerns of Potential US-Iran Conflict

FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo
FILE PHOTO: The Phillips 66 Lake Charles Refinery is pictured in West Lake, Louisiana, US, June 12, 2018. REUTERS/Jonathan Bachman/File Photo

Oil prices rose on Thursday as the US and Iran attempted to ease a standoff in talks over Tehran's nuclear program while both sides heightened military activity in the key oil-producing region.

Brent futures climbed 23 cents, or 0.3% to $70.58 a barrel by 0735 GMT, while US West Texas Intermediate (WTI) crude gained 25 cents, or 0.4%, to trade at $65.44 a barrel.

Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in the risk of supply disruptions in the event of ‌a conflict.

"Oil prices are ‌rallying as the market becomes increasingly concerned over the potential ‌for ⁠imminent US action ⁠against Iran," said ING analysts in a Thursday note.

Iranian state media reported the country had shut down the Strait of Hormuz for a few hours on Tuesday, without making clear whether the waterway had fully reopened. About 20% ⁠of the world's oil supply passes through the waterway.

"Tensions between Washington ‌and Tehran remain high, but the prevailing view ‌is that full-scale armed conflict is unlikely, prompting a wait-and-see approach," said Hiroyuki Kikukawa, chief strategist of ‌Nissan Securities Investment, a unit of Nissan Securities.

"US President Donald Trump does not ‌want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes," Kikukawa added.

A degree of progress was made during Iran talks in Geneva this week but distance remained on some issues, the White House said on Wednesday, ‌adding that it expected Tehran to come back with more details in a couple of weeks.

Iran issued a notice to ⁠airmen (NOTAM) that ⁠it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the US Federal Aviation Administration website.

At the same time, the US has deployed warships near Iran, with US Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with Tehran or pursue "another option".

Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling US-mediated efforts to end the four-year-old war.

US crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.

Official US oil inventory reports from the Energy Information Administration are due on Thursday.

Business

Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
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Madinah Sees Tourism Surge Ahead of Ramadan, Spending Tops $13.9 Billion

A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 
A cluster of buildings and hotels surrounding the Prophet’s Mosque (SPA). 

Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has toured hospitality facilities and visitor services in Madinah as part of the “Spirit of Ramadan” inspection tour, which also included Jeddah and Makkah.

New data show visitor numbers exceeded 21 million over the past year, a 12 percent increase from 2024, while total tourism spending reached SAR 52 billion (about $13.9 billion), up 22 percent.

The visit focused on assessing the sector’s readiness for the Ramadan season, evaluating service quality, and supporting ongoing and upcoming tourism projects.

Madinah posted strong tourism performance in 2025, driven by higher visitor inflows and expanded hospitality capacity, reinforcing its position as a leading religious destination within Saudi Arabia’s tourism landscape.

Demand growth has been matched by a sharp rise in supply. Licensed hospitality facilities increased to 610, up 35 percent, while the number of licensed rooms surpassed 76,000, a 24 percent gain, strengthening the city’s ability to accommodate during peak seasons such as Ramadan and Hajj.

Travel and tourism offices also grew to more than 240, reflecting a 29 percent expansion in supporting services.

Al-Khateeb said the entry of international hospitality brands and new projects over the past five years underscores both sectoral growth and rising investor confidence in the Kingdom’s tourism ecosystem.

“The landscape today is different. The sector is growing steadily, supported by a system that empowers investors and facilitates their journey, with a promising future ahead,” he said.

To expand hotel capacity, the minister inaugurated the Radisson Hotel Madinah, a project worth more than SAR 39 million (around $10 million) and financed by the Tourism Development Fund.

The 2025 performance signals a shift from traditional seasonal growth toward more sustainable expansion built on diversified offerings, improved service quality, and a stronger contribution to the local economy.

 

 

 

 

 

 

Business

Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
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Airbus Planning Record Commercial Aircraft Deliveries in 2026

An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File
An Airbus A350-1000 at the Singapore Airshow on February 4. The company said Thursday it aims to deliver a record number of aircraft this year. Roslan RAHMAN / AFP/File

Plane maker Airbus aims to deliver a record number of commercial aircraft this year, the company said Thursday, capitalizing on "strong demand" and a jump in profit in 2025.

"2025 was a landmark year, characterized by very strong demand for our products and services across all businesses," CEO Guillaume Faury said in a press release announcing annual results.

The European manufacturer said it received 1,000 orders for commercial planes in 2025, with net orders of 889 after taking cancellations into account, and 793 delivered.

Last year, its overall profit jumped 23 percent to 5.2 billion euros ($6.1 billion).

The company said it is targeting "around 870 commercial aircraft deliveries" this year.

"As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services," it said in its outlook.

Both Airbus and its rival Boeing have struggled to return to pre-pandemic production levels after their entire network of suppliers was disrupted, even as airlines are eager to modernize their fleets with more fuel-efficient aircraft and expand to meet an expected increase in passenger numbers over the coming decades.