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Saudi Arabia, Morocco Establish Joint Investment Fund to Advance Economic Cooperation

President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
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Saudi Arabia, Morocco Establish Joint Investment Fund to Advance Economic Cooperation

President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi and Moroccan private sectors agreed to establish a joint investment fund to advance economic cooperation between the two countries and support Saudi companies in accessing African and European markets.

The two countries' private sector agreed on a joint work program and a package of initiatives to support economic cooperation and integration between the Kingdom and Morocco.

The agreement includes activating direct maritime transport line projects, intensifying the activity of trade delegations and exhibitions, exchanging information about opportunities and markets, and accelerating the pace of Moroccan companies' participation in Vision 2030.

On Sunday, the Federation of Saudi Chambers, in collaboration with the General Confederation of Moroccan Enterprises (CGEM), organized the Saudi-Moroccan Economic Forum in Riyadh.

More than 250 companies from Saudi Arabia and Morocco and representatives from government and private agencies participated in the Forum.

The primary objectives of these activities were to showcase the investment environments and opportunities in both the Kingdom and Morocco and to highlight the role of Saudi funds and financing bodies in supporting international investors.

The President of the Federation of Saudi Chambers, Hassan al-Huwaizi, said that Saudi-Moroccan relations have witnessed tangible momentum and improvement in trade and investment.

The volume of trade exchange has increased five-fold to reach more than SAR16 billion, while the Kingdom's exports to and imports from Morocco have achieved outstanding growth rates.

For his part, head of CGEM Chakib Alj explained that integrating the two countries' economies provides excellent investment opportunities and partnerships.

Alj said 250 Saudi companies invest in Morocco and 20 Moroccan companies in the Kingdom, expressing their aspiration to accelerate the pace of his country's contracting investments in Vision 2030.

Moroccan Ambassador Mustafa al-Mansouri referred to the economic reforms in his country, which he said strengthened confidence in the investment climate and the future of the Moroccan economy.

Mansouri noted that Vision 2030 constitutes an appropriate framework for developing economic relations between the two countries.

In turn, the Chairman of the Saudi-Moroccan Business Council, Mohammed al-Hammadi, pointed to the Council's interest in developing trade and investment partnerships between the two countries.

Hammadi referred to the role of the Forum in anticipating opportunities in the targeted economic sectors.

Also at the Forum, head of Moroccan-Saudi Business Council Khalid Benjelloun identified the sectors that provide potential for cooperation, such as energy, cars, construction, tourism, food and textiles, calling for easing import and customs procedures.

Notably, Saudi-Moroccan economic relations have witnessed a remarkable development during the past few years, as the volume of trade exchange increased by a record 223% to reach SAR16,4 billion in 2022 compared to SAR 5 billion in 2022.

The value of Saudi exports to Morocco increased by 234%, and Moroccan imports to the Kingdom by 153%.

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Business

EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
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EU Says US Must Honor a Trade Deal after Court Blocks Trump Tariffs

FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: US President Donald Trump speaks during a press briefing at the White House, in Washington, D.C., US, February 20, 2026. REUTERS/Kevin Lamarque/File Photo

The European Union's executive arm requested “full clarity” from the United States and asked its trade partner to fulfill its commitments after the US Supreme Court struck down some of President Donald Trump’s most sweeping tariffs.

Trump has lashed out at the court decision and said Saturday that he wants a global tariff of 15%, up from the 10% he announced a day earlier.

The European Commission said the current situation is not conducive to delivering "fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as agreed to by both sides and spelled out in the EU-US Joint Statement of August 2025.

American and EU officials sealed a trade deal last year that imposes a 15% import tax on 70% of European goods exported to the United States. The European Commission handles trade for the 27 EU member countries.

A top EU lawmaker said on Sunday he will propose to the European Parliament negotiating team to put the ratifying process of the deal on pause.

“Pure tariff chaos on the part of the US administration,” Bernd Lange, the chair of Parliament’s international trade committee, wrote on social media. “No one can make sense of it anymore — only open questions and growing uncertainty for the EU and other US trading partners.”

The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

“A deal is a deal,” the European Commission said. “As the United States’ largest trading partner, the EU expects the US to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments. EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed."

Jamieson Greer, Trump’s top trade negotiator, said in a CBS News interview Sunday morning that the US plans to stand by its trade deals and expects its partners to do the same.

He said he talked to his European counterpart this weekend and hasn’t heard anyone tell him the deal is off.

“The deals were not premised on whether or not the emergency tariff litigation would rise or fall,” Greer said. “I haven’t heard anyone yet come to me and say the deal’s off. They want to see how this plays out.”

Europe’s biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Among the biggest US exports to the bloc are professional and scientific services like payment systems and cloud infrastructure, oil and gas, pharmaceuticals, medical equipment, aerospace products and cars.

“When applied unpredictably, tariffs are inherently disruptive, undermining confidence and stability across global markets and creating further uncertainty across international supply chains,” The Associated Press quoted the commission as saying.

As primarily a trading bloc, the EU has a powerful tool at its disposal to retaliate — the bloc’s Anti-Coercion Instrument. It includes a raft of measures for blocking or restricting trade and investment from countries found to be putting undue pressure on EU member nations or corporations.

The measures could include curtailing the export and import of goods and services, barring countries or companies from EU public tenders, or limiting foreign direct investment. In its most severe form, it would essentially close off access to the EU’s 450-million customer market and inflict billions of dollars of losses on US companies and the American economy.

Business

GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
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GCC GDP Jumps to $2.3 Trillion

GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).
GCC countries continued to record GDP growth, supported by economic diversification programs and fiscal reforms (Oman News Agency).

A statistical report published on Sunday showed that the economies of the Gulf Cooperation Council countries recorded growth in gross domestic product, supported by economic diversification programs and fiscal reforms. Combined GDP reached $2.3 trillion, ranking ninth globally, with a growth rate of 2.2 percent.

The report revealed that GCC countries achieved qualitative advances in 2024 across competitiveness, energy, trade, and digitization, driven by growth in non-oil sectors, improved quality of life, the development of digital infrastructure, and a stronger regional and international presence.

In the “GCC in Numbers” report issued by the Statistical Center for the Cooperation Council for the Arab Countries of the Gulf, it was emphasized that GCC states continue to record real GDP growth “thanks to economic diversification programs and fiscal reforms, with GDP reaching $2.3 trillion, ranking ninth globally, and posting growth of 2.2 percent.”

The report also showed improvement in global economic indicators, including competitiveness, resilience, and economic dynamism.

GCC countries ranked first globally in oil reserves at 511.9 billion barrels, third worldwide in natural gas production at 442 billion cubic metres, and second globally in natural gas reserves at 44.3 billion cubic metres.

GCC countries ranked 10th globally in total exports valued at $849.6 billion, 11th in imports at $739.0 billion, 10th in total trade at $1.5895 trillion, and sixth worldwide in trade balance surplus at $109.7 billion.

Business

Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
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Algeria Tenders to Buy Nominal 50,000 Metric Tons Soft Milling Wheat

Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday.

The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought, Reuters reported.

The deadline for submission of price offers in the tender is Tuesday, February 24, with offers having to remain valid until Wednesday, February 25. The wheat is sought for shipment in three periods from the main supply regions including Europe: April 16-30, May 1-15 and May 16-31. If sourced from South America or Australia, shipment is one month earlier.

Algeria is a vital customer for wheat from the European Union, especially France, but Russian and other Black Sea region exporters have been expanding strongly in the Algerian market.