Turkish-Arab Economic Forum Calls for Raising Level of Regional Trade Integration

Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
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Turkish-Arab Economic Forum Calls for Raising Level of Regional Trade Integration

Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)
Turkish Minister of Treasury and Finance Mehmet Semsek participates in the forum, along with the Egyptian Minister of Finance, the Kuwaiti Minister of Oil and the Minister of State and President of Qatari Free Zones. (Asharq Al-Awsat)

The Turkish-Arab Economic Forum called for speeding up efforts to raise the level of trade integration between the countries of the region, as the volume of the global economy and trade is witnessing a contraction with the increase in geopolitical risks and conflicts.

Turkish Treasury and Finance Minister Mehmet Semsek said that the competition between the United States and China, as a rising power, has caused fragmentation in trade, and increased protectionism and geopolitical tensions.

His remarks came during a forum in Istanbul under the slogan, “A New Phase in Cooperation,” held by the Investment Office of the Turkish Presidency, in cooperation with the Union of Turkish Chambers and Stock Exchanges.

“At a time like this, it was generally believed that regional trade integration was happening faster, but when we look at our region, trade integration within it is the lowest in the world,” the minister stated.

He added that the efforts should be exerted to solve political and geopolitical problems, which would in turn help increase regional trade integration.

Among the attendees were Egyptian Minister of Finance Mohamed Maait, Kuwaiti Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, Saad Al-Barrak, and Qatari Minister of State, Head of the Free Zones Administration, Ahmed Al-Sayed.

Maait stressed that the volume of trade between the countries of the region was very low, compared to Europe.

“We must think about the reasons, and we also need to look at the tools we have and compare them to those used in other regions,” he underlined.

He added that the situation would improve a lot if the private sector was given the task of leadership and integration.

In turn, Al-Barrak said that governments have the duty to create the appropriate environment and support the projects of the private sector, pointing out that the real role of the state was to regulate and ensure the progress of companies.

The Qatari minister, for his part, pointed to an enormous potential in the region, which he said must enable countries to carry out international trade with great ease.

In this context, he underlined the need to identify obstacles that prevent achieving a greater integration rate despite the existing potential.

In a speech at the beginning of the forum, the head of the Turkish Presidency’s Investment Office, Burak Daglioglu, said his country has been moving ahead on the right path in cooperation with Arab countries since 2003.

He stated that the volume of trade between Türkiye and the Arab countries 20 years ago was $5 billion, representing 10 percent of total Turkish exports, and rose in 2023 to more than $45 billion, which constitutes 20 percent of the country’s exports.

In turn, the secretary-general of the Union of Arab Chambers, Khaled Hanafy, stressed that the economic cooperation between Ankara and Arab capitals were witnessing continuous growth. He noted that Arab investments in Türkiye were constantly increasing, especially in the field of real estate.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.