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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

Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 

Business

IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.

Business

US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.