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Saudi Arabia, Canada Launch New Phase of Cooperation in Education, Knowledge, Capabilities

The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
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Saudi Arabia, Canada Launch New Phase of Cooperation in Education, Knowledge, Capabilities

The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)

Riyadh hosted on Tuesday the first Saudi-Canadian Forum for Educational Partnership, in the presence of Saudi Minister of Education Yousef Al-Benyan and Canadian Ambassador to the Kingdom Jean-Philippe Linteau.

The forum aims to strengthen cooperation and partnerships between educational institutions in the two countries. It witnessed the participation of around 180 experts and stakeholders in the fields of education, health and industry.

Al-Benyan underlined the importance of education in achieving the goals of Saudi Arabia’s Vision 2030, especially in terms of qualifying students to compete globally. He noted that the forum reflected the commitment of Saudi Arabia and Canada to develop the existing strategic partnership between them.

The minister touched on his recent visit to Canada and pointed to many existing opportunities for cooperation in the fields of general and higher education, early childhood programs, teacher development, in addition to medical, technical and vocational training programs.

He stressed the importance of boosting cooperation between the two countries in research and development in priority areas in line with Vision 2030.

In remarks to Asharq Al-Awsat, Linteau said Canada is a committed partner in supporting the Kingdom’s move towards a knowledge-based economy as described in the goals of Vision 2030.

He added that the forum will serve as a platform for dialogue, communication and cooperation in the fields of joint research, technical training, capacity building, student and faculty exchange, curriculum development and opening external centers.

The ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in education due to the importance of this sector in developing human capital and supporting innovation to achieve a prosperous future for the two countries.

The forum aims to explore the most important areas of educational cooperation, such as: information technology, tourism, health care, clean energy, mining, and agriculture, he went on to say.

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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.