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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)
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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Japanese Minister of Economy, Trade, and Industry Saito Ken signed on Monday a memorandum of cooperation between their respective ministries in mining and mineral resources at the ministry's headquarters in Riyadh.

The memorandum aims to bolster collaboration between both sides in the field of mining and mineral resources. This encompasses joint training programs to enhance human capital, exchanging professional visits and technical experts, and sharing experiences and information such as studies, policies, and regulations related to mining and mineral resources.

Additionally, the Japanese Ministry of Economy, Trade, and Industry intends to facilitate opportunities for joint investments in mining and mineral resources within Saudi Arabia or other third countries, in compliance with respective regulations, laws, and procedures.

The two ministers also witnessed the signing of a cooperation agreement between Manara Minerals Company and the Japan Organization for Metals and Energy Security (JOGMEC), an organization affiliated with the Japanese government. JOGMEC was established in 1967 and restructured in 2004 to ensure a stable supply of oil, natural gas, and mineral resources to meet Japan's energy and resource needs.

The memorandum aims to promote cooperative investments in mines and establish projects in third countries, with a particular focus on Africa and Latin America.

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Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold rose further on Wednesday after logging its biggest daily gain in 17 years in the previous session, as investors flocked to the safe-haven asset amid fresh US-Iran tensions.

Spot gold was up 2.2% at $5,046.47 per ounce, as of 1218 GMT, building on a 5.9% rise on Tuesday.

US gold futures for April delivery climbed 2.7% to $5,068.90 per ounce.

"It is a confluence of risk factors that's really driving the demand. One, there is that central bank independence question, and two, there's all the geopolitical risk aspects," said WisdomTree commodities strategist Nitesh Shah, Reuters reported.

The US military said on Tuesday it shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea. The incident came as diplomats sought to arrange nuclear talks between Iran and the United States.

Meanwhile, US President Donald Trump said on Monday that the investigation into Federal Reserve Chair Jerome Powell should be taken to the end, raising fresh concerns about the central bank's independence.

Gold is rebounding after tumbling nearly 10% on Monday, extending losses from Friday, in the sharpest two-day sell-off in decades. The rout was triggered by Trump's announcement of Kevin Warsh as his pick to lead the Fed and compounded by CME margin hikes. The metal is currently up over 17% for the year.

Market attention will be on the ADP private payrolls report, due later in the day, for clues into the Fed's policy path. Investors currently expect at least two rate cuts in 2026.

"With the Fed still expected to cut further rates this year, this should allow gold to reach $6,200/oz later this year," said UBS analyst Giovanni Staunovo.

Non-yielding bullion tends to perform better in low-interest-rate environments.

Meanwhile, spot silver rose 5.7% to $90 an ounce on Wednesday. The white metal hit a month-low of $71.33 on Monday following a record high of $121.64 on Thursday last week.

Spot platinum added 4% to $2,297.58 per ounce, while palladium gained 5.3% to $1,825.

Business

Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)
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Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)

The Turkish Treasury said on Wednesday it sold 2 billion euros ($2.37 billion) worth of its latest 8-year eurobond at a yield of ‌5.20%, adding ‌that ‌it ⁠had the lowest ‌spread among euro-denominated issuances over the past 15 years.

The bond will mature on March ⁠10, 2034, Reuters quoted it as saying, ‌adding that the ‍yield ‍was below the ‍fair value implied by the dollar yield curve and was priced at approximately MS +242 basis points.

With this ⁠transaction, the total amount of funds raised from international capital markets in 2026 has reached approximately $5.9 billion, the Treasury said.

Business

Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)
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Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)

Saudi Arabia is preparing to host the second annual AlUla Conference for Emerging Market Economies, to be held on February 8 and 9 in AlUla Governorate.

The conference is organized in partnership between the Ministry of Finance and the International Monetary Fund (IMF), with broad participation from finance ministers, central bank governors, policymakers, leaders of international financial institutions, and economic experts from around the world.

The conference will take place amid rapid transformations in the global economy, requiring emerging-market economies to strengthen their resilience and seize new opportunities to ensure sustainable growth and improve living standards, contributing positively to global economic stability.

The conference underscores the strength of the strategic partnership between the Ministry of Finance and the IMF, and it reflects the Kingdom’s growing role in supporting international economic dialogue and enhancing global cooperation.

Minister of Finance Mohammed Aljadaan stressed that hosting the conference reflects the Kingdom’s continued commitment to supporting international efforts aimed at strengthening global financial and economic stability.

He noted that emerging-market economies are a pivotal component of the global economic system due to their direct impact on global growth and stability.

“AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments and discussing policies and reforms that support inclusive growth and enhance economic resilience, through broader international cooperation to address shared challenges,” Aljadaan said.

IMF Managing Director Kristalina Georgieva noted that the conference offers a vital platform for emerging economies to discuss how to navigate risks and seize opportunities ahead.

She highlighted that sweeping global transformations — driven by technology, demographic shifts, and geopolitics — created a more complex and uncertain policy environment, underscoring the need for sound macroeconomic and financial policies to strengthen resilience.

Conference participants will exchange expertise, coordinate policies, and support economic reform pathways, enabling emerging-market economies to benefit from global economic transformations and achieve more inclusive and sustainable growth.

The conference also aims to raise international awareness of the challenges facing emerging-market economies, highlight successful experiences in developing innovative solutions, strengthen international cooperation, support investment attraction, and help improve living standards and achieve economic prosperity.