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Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
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Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, deputizing for Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, inaugurated the Saudi-African Summit in Riyadh on Friday.

“The Kingdom of Saudi Arabia and African countries are keen to enhance cooperation in a way that contributes to establishing security and peace in the region and the whole world,” said Crown Prince Mohammed in opening the summit.

“We condemn the military aggression witnessed in Gaza Strip, the targeting of civilians, and the continued violation of international humanitarian law by the Israeli occupying authority. We stress the need to stop this war and forced displacement, as well as to create conditions for the return of stability and for achieving peace,” he urged.

“The Kingdom and African countries support all efforts aimed at achieving security and stability. In this regard, we welcome the resumption of the Jeddah talks, with representatives of the two sides of the crisis in Sudan, and hope that the language of dialogue will be the basis for preserving the unity of Sudan, and the security of its people and assets,” he added.

“Saudi Arabia has provided more than $45 billion to support development and humanitarian projects in 54 African countries. The King Salman Humanitarian Aid and Relief Center (KSrelief) aid has reached more than $450 million in 46 African countries. We are determined to develop cooperation and partnership with African countries and expand areas of trade and integration,” he stressed.

“In this regard, we are pleased to announce the launch of the Custodian of the Two Holy Mosques' Development Initiative in Africa by inaugurating development projects and programs worth over $1 billion in countries of the continent over a period of ten years. We also look forward to making new Saudi investments, worth more than $25 billion, in various sectors, financing $10 billion in exports and providing $5 billion in additional development financing to Africa until 2030,” revealed the Crown Prince.

Moreover, he said the Kingdom will increase the number of embassies in Africa to more than 40.

In recognition of Africa's role, the Kingdom of Saudi Arabia was among the first nations to publicly endorse the African Union's bid for permanent membership in the Group of Twenty (G20), he remarked.

“The Kingdom is keen to support innovative solutions to address African debt, as it sought during its presidency of the G20 in 2020 to launch initiatives to suspend debt service payments during the pandemic for low-income countries, and the Common Framework for Debt Treatments initiative in many African,” he continued.

“Saudi Arabia supports sustainable development and recognizes every country's right to utilize their resources and capacities. We reaffirm our commitment to ensuring the security and durability of energy supplies, benefiting from all energy sources, developing clean fuel solutions, and providing food to over 750 million Africans,” he added.

“We aim to host Expo 2030 in Riyadh, to present an unprecedented version in the history of this exhibition that may contribute to projecting a better future for humanity. We look forward to your participation in highlighting the important role of Africa, its human and natural resources, growth opportunities, and future potential,” he stated.

The official Saudi delegation at the event included Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of State and Member of the Cabinet Prince Turki bin Mohammed bin Fahd bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Defense Prince Khalid bin Salman bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet and National Security Advisor Dr. Musaed bin Mohammed Al-Aiban.

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Business

Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
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Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)

The global unemployment rate is expected to hold steady in 2026, the United Nations said Wednesday, but cautioned the labor market's seeming stability belies a dire shortage of decent jobs.

The UN's International Labor Organization said the global economy and labor market appeared to have weathered recent economic shocks better than expected.

But the ILO warned that efforts to improve global job quality had stagnated, leaving hundreds of millions of workers wallowing in poverty, even as trade uncertainty risked cutting into workers wages.

The global unemployment rate was estimated at 4.9 percent last year and the year before, and is now projected to remain at a similar level until 2027, a report from the UN labor agency said.

That amounts to 186 million people out of work this year, it said.

"Global labor markets look stable, but that stability is quite fragile," Caroline Fredrickson, head of the ILO's research department, told reporters, cautioning that the "apparent calm masks deeper and unresolved problems".

At a time when US President Donald Trump has slapped towering tariffs on friends and foes alike, the report cautioned that "disruptions caused by trade uncertainty, combined with ongoing long-term transformations in global trade, could significantly affect labor market outcomes".

Going forward, the ILO said its modelling suggested that a moderate increase in trade policy uncertainty "may reduce returns to labor and, as a consequence, real wages for both skilled and unskilled workers across all sectors", especially in Southeast Asia, Southern Asia and Europe.

The potential of trade to generate new employment opportunities was also being challenged by the ongoing disruptions, the report said, pointing out that 465 million jobs globally depended on foreign demand through exports of goods and services and related supply chains in 2024.

- Extreme poverty -

Another major concern highlighted by the ILO was the quality of jobs available.

"Resilient growth and stable unemployment figures should not distract us from the deeper reality: hundreds of millions of workers remain trapped in poverty, informality, and exclusion," ILO chief Gilbert Houngbo said in a statement.

Nearly 300 million workers continue to live in extreme poverty, earning less than $3 a day, Wednesday's report found.

At the same time, some 2.1 billion workers are expected to hold informal jobs this year, with limited access to social protection, labor rights and job security.

Young people remain particularly vulnerable, with unemployment among 15- to 24-year-olds projected to reach 12.4 percent for 2025, with around 260 million young people not engaged in education, employment or training, ILO said.

It warned that artificial intelligence and automation could exacerbate challenges, particularly for educated young people in wealthier countries seeking their first high-skill jobs.

"While the full impact of AI on youth employment remains uncertain, its potential magnitude warrants close monitoring," the report said.

The ILO also highlighted "entrenched gender inequalities", pointing out that women still account for just two-fifths of global employment.

"Stable labor markets are not necessarily healthy," Fredrickson said, stressing the growing need for "domestic policy choices to strengthen decent work outcomes".

"Without decisive action, today's stability risks giving way to deeper inequalities."

Business

China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the United States.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, while imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply for most of last year since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

For the whole of 2025, China’s exports to the US fell 20%. In contrast, exports to Africa surged 26%. Those to Southeast Asian countries jumped 13%; to the European Union 8%, and to Latin America, 7%.

Strong global demand for computer chips and other devices and the materials needed to make them were among categories that supported China’s exports, analysts said. Car exports also grew last year.

China's strong exports have helped keep its economy growing at an annual rate close to its official target of about 5%. But that has triggered alarm in countries that fear a flood of cheap imports are damaging local industries.

China faces a “severe and complex” external trade environment in 2026, Wang Jun, vice minister of China’s customs administration, told reporters in Beijing. But he said China’s “foreign trade fundamentals remain solid.”

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

A prolonged property downturn in China after the authorities cracked down on excessive borrowing, triggering defaults by many developers, is still weighing on consumer confidence and domestic demand.

China’s leaders have made increasing spending by consumers and businesses a focus of economic policy, but actions taken so far have had a limited impact. That included government trade-in subsidies over the past months that encouraged consumers to buy newer, more energy efficient items, such as home appliances and vehicles, and replace older models.

“We expect domestic demand growth to stay tepid,” said Rong of BNP Paribas. “In fact, the policy boost to domestic demand looks weaker than last year -- in particular the fiscal subsidy program for consumer goods.”

Gary Ng, a senior economist at French investment bank Natixis, forecasts that China’s exports will grow about 3% in 2026, less than the 5.5% growth in 2025. With slow import growth, he expects China's trade surplus to remain above $1 trillion this year.

Business

Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
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Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)

Saudi Arabia, represented by the Ministry of Industry and Mineral Resources, signed on Tuesday three international memoranda of understanding (MoUs) on mineral resources cooperation with the Chile, Canada, and Brazil.

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF), hosted by Riyadh from January 13 to 15.

The deals reflect the Kingdom’s efforts to expand its international partnerships and strengthen technical and investment cooperation in the mining and minerals sector in a manner that serves mutual interests and supports the sustainable development of mineral resources.

The signing ceremony included MoUs on cooperation in the mineral resources field with the Chilean Ministry of Mining, the Canadian Department of Natural Resources, and the Brazilian Ministry of Mines and Energy.

The Ministerial Roundtable recorded the largest level of international representation of its kind globally, with participation from more than 100 countries, including all G20 members in addition to the European Union, as well as 59 multilateral organizations, industry associations, and non-governmental organizations.

The attendance reflects the standing the ministerial meeting has attained as a leading international platform for aligning perspectives, building partnerships, and developing practical solutions to global challenges in the mining and minerals sector.