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Lord Mayor of London: Intense Efforts Underway to Deepen Partnerships between Saudi Arabia, UK

Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
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Lord Mayor of London: Intense Efforts Underway to Deepen Partnerships between Saudi Arabia, UK

Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)
Lord Mayor of London Michael Mainelli. (Asharq Al-Awsat)

Lord Mayor of London Michael Mainelli revealed that intense efforts are underway to maximize fintech, green financing, AI, space and cyberspace partnerships with Saudi Arabia.

He added that the UK and Saudi Arabia are important trade partners. “The UK is Saudi Arabia’s largest trading partner in Europe,” he told Asharq Al-Awsat in an interview on the sidelines of his participation at the special meeting of the World Economic Forum in Riyadh last week.

“By working together, British expertise and innovation in sustainable finance can help the Saudi financial services sector to unlock the huge opportunities offered by the green transition,” he remarked.

“One of the major projects we have coming up with Saudi Arabia is the UK-Saudi Sustainable Infrastructure Summit taking place at Mansion House in London on the 24 June in partnership with the Saudi British Joint Business Council (SBJBC UK),” he revealed.

Greatest trade partner

Moreover, Mainelli said: “The UK and Saudi Arabia are important trade partners. The UK is Saudi Arabia’s largest trading partner in Europe with trade worth £17.4 billion (SAR 82 billion). Meanwhile the Gulf Cooperation Council (GCC) is the UK’s fourth largest trading partner with trade worth £65 billion (AR 305 billion). While Saudi investment in the UK is estimated to be worth up to £65 billion (SAR 305 billion).”

“We welcome the ongoing free-trade negotiations between the GCC and the UK and we hope it follows the recommendations of the UK-GCC Joint Trade and Investment Review, which called for swift progress on market access in professional, business and financial services,” he went on to say.

On the importance of the Davos Riyadh Forum and to what extent there will be new opportunities for bilateral, regional and global cooperation in providing clean energy, he said: “The World Economic Forum in Riyadh was an opportunity for Saudi Arabia to showcase the extraordinary progress they’ve made in diversifying their economy away from oil and gas as part of their ambitious Vision 2030.”

“It's great that Saudi Arabia is looking really deep into its future, and I applaud that. I think where Saudi Arabia is headed in hydrogen technology has great potential, as well as in the fields of biology and healthcare,” stressed Mainelli.

“One of the best things about Vision 2030 is the creation of good intellectual jobs for the Saudi people. It is an uplifting vision of what a nation of 40 million can achieve,” he said.

“The UK and London’s expertise in fintech, green finance and insurance make it a natural partner of choice to help Saudi Arabia achieve its Vison 2030 objectives of a diversified economy, financial inclusion and sustainable development.”

“As the UK’s international ambassador for financial and professional services I’m here in the Kingdom to meet with Saudi Arabia’s emerging fintech and green finance clusters, as well as AI and space companies. I will also be holding bilateral meetings with ministers from the finance ministry and investment ministry to discuss how best to deepen our partnership with Saudi Arabia in financial services, notably insurance, banking, digital, green finance, cybersecurity and fintech,” he revealed.

Twinning between London, Riyadh

On the trend towards twinning between London and Riyadh and the most important cooperation projects proposed for both parties, he noted that the UK-Saudi Sustainable Infrastructure Summit in June is one of the major projects coming up with Saudi Arabia.

“The summit will convene up to 200 high-level participants, including policymakers, industry leaders, and financial professionals from the UK and Saudi Arabia, alongside international attendees. It will focus on facilitating knowledge exchange between the UK and Saudi Arabia, with an ambition on deepening existing bilateral partnerships,” said Mainelli.

“In addition, it will encourage more UK financial and professional firms to become proactive partners in offering their skills, products, expertise and capital to help Saudi Arabia reach their sustainable infrastructure ambitions as outlined in Vision 2030. It also demonstrates the importance of creating partnerships and meaningful long-term collaboration between the two Kingdoms.”

“The topics of the summit include: The importance of UK-Saudi Collaboration in Sustainable Infrastructure Development and Advancing the Green Transition; Financing Sustainable Infrastructure: Bridging the investment gap, and the role of public-private partnerships and innovative financing models; Urbanization and Sustainable City Development: Giga Projects and smart urban planning; Green Technology and Renewable Energy Initiatives: Scaling green technologies and promoting innovation,” he revealed.

Mainelli added: “Saudi Arabia is a country at the heart of economic transformation and sustainable development through its economic diversification plan, Vision 2030. With the UK a world leader in sustainable finance, I’m confident that the summit will create solutions and set a template for the rest of the world to follow.”

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Business

Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
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Port Security and Trade Continuity: A New Formula for Saudi Competitiveness

A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)
A panel discussion featuring Professor Waheed Sami Abu Shanab (Conference)

Port competitiveness is no longer just about handling more ships and containers. Keeping trade moving and infrastructure secure against physical and cyber threats has become just as critical, as ports grow more reliant on digital systems and supply chains become increasingly complex.

The economic fallout from port disruptions and their impact on global trade took center stage at a session titled "Securing Infrastructure" during the Saudi Maritime and Logistics Congress 2026, which opened Wednesday in Jeddah with maritime and infrastructure security experts in attendance.

Discussions focused on threats facing ports and shipping companies, particularly cyberattacks capable of crippling operations and disrupting trade, and the need to strengthen port readiness to keep services running and limit economic losses.

Professor Waheed Sami Abu Shanab, a professor of marine engineering at King Abdulaziz University's Faculty of Maritime Studies, said Saudi ports now face a challenge that goes beyond expanding capacity: withstanding disruptions while keeping trade flowing at the lowest possible cost.

Speaking to Asharq Al-Awsat on the sidelines of the session, Abu Shanab said Saudi Arabia's ports on the Red Sea and Arabian Gulf gave the kingdom a strategic advantage as international trade routes shift. But making the most of that position requires greater investment in operational resilience, logistics connectivity and cybersecurity.

Investments top $3.7 billion

The challenges come as Saudi Arabia ramps up investment in port infrastructure. Its ports now have 34 logistics centers, including 17 at Jeddah Islamic Port, backed by investments exceeding 14 billion riyals ($3.7 billion), alongside projects to upgrade container terminals and boost handling capacity.

Abu Shanab said the investments include more than 2 billion riyals to develop a container terminal at Jubail Port and an initial 1.6 billion riyals for a fourth container terminal at Jeddah Islamic Port. Other projects involve upgrading cargo-handling equipment and expanding the use of modern operating systems.

He said future investment must focus on operational efficiency, reserve capacity and stronger links between ports, roads, railways and logistics hubs to absorb sudden surges in shipping volumes and redirect cargo when routes are disrupted.

Abu Shanab floated a preliminary proposal for an additional 10 billion to 20 billion riyals in investment over five years to strengthen strategic ports' readiness.

He stressed that the figure was a proposed planning scenario, not an official assessment of the sector's needs or an approved budget.

Cyberattacks threaten trade beyond ports

Abu Shanab warned that growing reliance on digital systems exposes ports to cyber threats whose economic impact could ripple through factories, markets and supply chains.

He pointed to the 2017 cyberattack on global shipping group Maersk, which the company estimated cost it between $200 million and $300 million after widespread disruption to its operations and systems.

A failure of digital systems managing containers, vessel schedules and cranes could leave cargo stranded, drive up delay and insurance costs, and undermine shipping companies' commitments and customer confidence, he said.

To illustrate the potential costs, Abu Shanab offered a hypothetical scenario: a delay affecting 5,000 twenty-foot equivalent units (TEUs), each incurring an additional 1,000 riyals in costs, would generate a direct bill of 5 million riyals before indirect losses.

He stressed that the calculation did not reflect actual losses at Saudi ports but illustrated the potential cost of disruptions. Investing in prevention and business continuity, he argued, could be cheaper than shutting down a strategic port.

Competitiveness goes beyond handling fees

Abu Shanab said regional ports should be judged not simply by their handling charges but by the total cost of getting goods from ships to markets, including customs clearance, storage, inland transport and schedule reliability.

Saudi ports overseen by the Saudi Ports Authority handled about 8.3 million TEUs in 2025, up 10.58% from a year earlier, highlighting growing activity and the need to expand capabilities without compromising service efficiency.

Artificial intelligence could help schedule vessel arrivals and allocate berths, while upgraded handling equipment could cut waiting times and fuel, storage and transportation costs, making services more reliable for shipping lines, he said.

"The most competitive port is not necessarily the one with the lowest fees, but the one offering the lowest total logistics cost, the greatest reliability and the fastest access to markets," Abu Shanab said.

Simulating crises before they strike

Abu Shanab called for a national simulation model using digital twins and artificial intelligence to test how ports and supply chains would respond to facility shutdowns or shifting maritime routes, and measure the time and cost of restoring operations.

He also urged stronger protection for critical infrastructure, including submarine cables, energy and telecommunications facilities, alongside improved vessel monitoring systems, disaster recovery centers and backup operating plans to keep essential services running.

Saudi Arabia's ports on two coastlines, coupled with expanding logistics services and transport networks, offer a foundation for more reliable supply chains, he said. But realizing that potential depends on matching existing investments with operational and technological readiness.

Protecting maritime infrastructure, Abu Shanab concluded, is no longer a standalone security or technical concern. It is central to port competitiveness and Saudi Arabia's ability to keep trade flowing, attract shipping lines and secure long-term investment.

Business

Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)
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Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)

Türkiye's central bank cut its key interest rate on Thursday to 36 percent in the first cut in nine months, pointing to a recent slowdown in inflation.

At a policy meeting, the bank "decided to reduce the policy interest rate ... from 37 percent to 36 percent," it said in a statement.

It was the first cut since January when the bank cut the key rate from 38 to 37 percent, a rate which it held until Thursday's meeting.

"Despite monthly fluctuations, recent inflation figures and leading indicators confirm the downward trend," a bank statement said.

"Data on economic activity and the limited impact of supply shocks on domestic prices suggest that the weak trend in domestic demand continues," it added.

However, ongoing geopolitical tensions were keeping energy prices high, which could push inflation higher, it warned, saying the effects of such geopolitical developments "are being closely monitored".

Türkiye's annual inflation rate eased to 29.7 percent in September from 31.5 percent in August - the first time it had fallen below 30 percent in nearly five years, official figures showed.

At the time, Finance Minister Mehmet Simsek said it was at its lowest level since November 2021. "Disinflation is spreading across the board, excluding transportation," he wrote on X.

The official figures are disputed by the ENAG group of independent economists that publishes its own data, which said its figures showed year-on-year inflation stood at 46.6 percent in September.

 

 

 

 

Business

Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)
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Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)

Saudi Arabia's benchmark stock index ended Thursday's session down 2.3 percent, shedding 231 points to close at 9,696, its lowest closing level since 2021, with total trading turnover reaching approximately SAR 4.9 billion.

The Tadawul All Share Index (TASI) fluctuated between an intraday low of 9,640 points and a high of 9,888 points.

Thursday's decline brought the index's weekly losses to more than 400 points, or 4.1 percent, marking its eighth consecutive week of declines.

Most stocks fell during the session, led by Saudi National Bank, which dropped more than 5 percent to SAR 34.62, with approximately 9 million shares traded.

Saudi Aramco and Al Rajhi Bank each declined 1 percent, closing at SAR 25.40 and SAR 59.80, respectively, while Maaden fell 5 percent to SAR 55.90.

Shares of Retal, Al Yamamah Steel, East Pipes, Jahez, Gulf Training and Saudi Steel Pipe ended the session with losses ranging from 5 to 9 percent.

Meanwhile, Electrical Industries, Abo Moati, Umm Al-Qura Cement, Saleh Al-Rashed, Wafrah, Saudi Vitrified Clay Pipe and Watani Iron Steel each fell 10 percent.

On the upside, Al-Etihad rose 10 percent to SAR 6.16, followed by JAZADCO with gains exceeding 9 percent. Shares of Al Arabia, UCIC and Saudi Kayan advanced between 1 and 3 percent.