عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi-European Investment Relations Enhance Global Economic Stability

The Eiffel Tower and the financial and commercial district of La Defense, west of Paris (Reuters)
The Eiffel Tower and the financial and commercial district of La Defense, west of Paris (Reuters)
TT
TT

Saudi-European Investment Relations Enhance Global Economic Stability

The Eiffel Tower and the financial and commercial district of La Defense, west of Paris (Reuters)
The Eiffel Tower and the financial and commercial district of La Defense, west of Paris (Reuters)

External financial bonds, including Eurobonds, constitute an important aspect of Saudi investments, experts told Asharq Al-Awsat.
This came after the Ministry of Finance denied, on Tuesday, that the Kingdom had threatened to sell Eurobonds, according to a statement attributed to the ministry and reported by Bloomberg.
The ministry stressed that Saudi relations with the G7 and other countries were based on mutual respect, pointing to ongoing discussions over matters that promote global growth and the flexibility of the international financial system.

Shura Council member Fadl Al-Buainain told Asharq Al-Awsat that the Kingdom has close and balanced relations with its partners in Europe and the world, adding that it adopts a policy of complete neutrality in issues to which it is not a party, and is committed to non-interference in the affairs of countries in general.
Financial Fluctuations
The Shura Council member stated that the Kingdom is keen on the stability of the global economy, through its global partnerships, its membership in the G20 and its strong relations with the G7, which enjoy mutual respect.
He added that Saudi Arabia, through its reliable management of its foreign investments and its oil policy, cannot take any decision that would negatively impact its international relations or the global economy.
Al-Buainain explained that financial investments in bonds constitute an important aspect of Saudi investments abroad.
For his part, Dr. Fahd bin Juma, economic export and former member of the Shura Council, told Asharq Al-Awsat that the Kingdom always seeks to achieve its economic interests by diversifying its investment portfolio locally and internationally.
Business Relations
Bin Jumaa added that Saudi Arabia also invests in European countries and has good ties with the G7, stressing that there were no risks or indicators about changes in these strong relations.
The Kingdom is also keen on its diplomatic and economic relations with all friendly countries of the world, and does not interfere in the affairs of other countries, he underlined.
Bloomberg had reported that the Saudi Ministry of Finance had hinted that the Kingdom could sell some Eurobonds and French bonds if the G7 tried to seize Russia’s foreign frozen assets.

 

Most Viewed

 
 
Business

China’s Top Diplomat Tours Africa with Focus on Strategic Trade Routes

China's Foreign Minister Wang Yi delivers a speech at the ministerial conference of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China September 3, 2024. (Reuters)
China's Foreign Minister Wang Yi delivers a speech at the ministerial conference of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China September 3, 2024. (Reuters)
TT
TT

China’s Top Diplomat Tours Africa with Focus on Strategic Trade Routes

China's Foreign Minister Wang Yi delivers a speech at the ministerial conference of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China September 3, 2024. (Reuters)
China's Foreign Minister Wang Yi delivers a speech at the ministerial conference of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China September 3, 2024. (Reuters)

China’s top diplomat began his annual New Year tour of Africa on Wednesday, focusing on strategic trade access across eastern and southern Africa as Beijing seeks to secure key shipping ​routes and resource supply lines.

Foreign Minister Wang Yi will travel to Ethiopia, Africa's fastest-growing large economy; Somalia, a Horn of Africa state offering access to key global shipping lanes; Tanzania, a logistics hub linking minerals-rich central Africa to the Indian Ocean; and Lesotho, a small southern African economy squeezed by US trade measures, on this year’s trip, which runs until January 12.

Beijing aims to highlight countries it views as model partners of President Xi Jinping's flagship "Belt and Road" infrastructure program and to expand export markets, particularly in young, ‌increasingly affluent ‌economies such as Ethiopia, where the IMF forecasts growth of ‌7.2% ⁠this ​year.

China, ‌the world's largest bilateral lender, faces growing competition from the European Union to finance African infrastructure, as countries hit by pandemic-era debt strains now seek investment over loans.

"Foreign Minister Wang's visit aims to deepen political and mutual trust," a ministry spokesperson said, adding that the trip would "strengthen exchanges and mutual understanding between the two great civilizations of China and Africa."

Wang opened 2025 by visiting Namibia, the Republic of Congo, Chad and Nigeria.

FIRST DIPLOMATIC MISSION TO SOMALIA IN DECADES

His upcoming visit ⁠to Somalia will be the first by a Chinese foreign minister since the 1980s and is expected to provide Mogadishu ‌with a diplomatic boost after Israel became the first ‍country to formally recognize the breakaway ‍Republic of Somaliland, a northern region that declared itself independent in 1991.

Beijing, which reiterated its ‍support for Somalia after the Israeli announcement in December, is keen to reinforce its influence around the Gulf of Aden, the entrance to the Red Sea and a vital corridor for Chinese trade transiting the Suez Canal to Europe.

Further south, Tanzania is central to Beijing's plan to secure access to ​Africa's vast copper deposits. Chinese firms are refurbishing the Tazara Railway that runs through the country into Zambia. Li Qiang made a landmark trip ⁠to Zambia in November, the first visit by a Chinese premier in 28 years.

The railway is widely seen as a counterweight to the US and European Union-backed Lobito Corridor, which connects Zambia to Atlantic ports via Angola and the Democratic Republic of the Congo.

CHINA CHAMPIONS FREE TRADE IN LESOTHO

By visiting the southern African kingdom of Lesotho, Wang aims to highlight Beijing's push to position itself as a champion of free trade.

Last year, China offered tariff-free market access to its $19 trillion economy for the world's poorest nations, fulfilling a pledge by Chinese President Xi Jinping at the 2024 China-Africa Cooperation summit in Beijing.

Lesotho, one of the world's poorest nations with a gross domestic product of just over $2 billion, was among the countries hardest ‌hit by US President Donald Trump's sweeping tariffs last year, facing duties of up to 50% on its exports to the United States.

Business

Morocco to Ban Frozen Sardine Exports from February

Passengers walk in front of Fes Railway Station, decorated with Africa Cup of Nations (AFCON) theme colors and flags, in the Moroccan city of Fes, January 5, 2026. (Reuters)
Passengers walk in front of Fes Railway Station, decorated with Africa Cup of Nations (AFCON) theme colors and flags, in the Moroccan city of Fes, January 5, 2026. (Reuters)
TT
TT

Morocco to Ban Frozen Sardine Exports from February

Passengers walk in front of Fes Railway Station, decorated with Africa Cup of Nations (AFCON) theme colors and flags, in the Moroccan city of Fes, January 5, 2026. (Reuters)
Passengers walk in front of Fes Railway Station, decorated with Africa Cup of Nations (AFCON) theme colors and flags, in the Moroccan city of Fes, January 5, 2026. (Reuters)

Morocco will halt exports of frozen sardines from February ​1 to protect domestic supplies and contain prices, the cabinet member in charge of fisheries, Zakia Driouich, said.

Sardines are a staple for ‌Moroccan households, ‌and ‌the country ⁠is ​the ‌world's top exporter of the fish, thanks to its long Atlantic and Mediterranean coastlines.

The decision was triggered by a noticeable ⁠drop in supply, Driouich told ‌members of parliament ‍late on ‍Tuesday, without specifying how ‍long the ban would last.

Pelagic species such as sardines account for around 80% ​of Morocco's coastal fish resources, compared with 20% ⁠for white fish, she said.

The national canned-sardine industry (UNICOP) urged authorities in June to act against illegal fishing after reporting falling catches.

Morocco's sardine landings dropped 46% in 2024 to 525,000 metric tons, according ‌to official data.

Business

Saudi Cabinet Approves Operating Framework for National Minerals Program

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs the cabinet meeting on Tuesday (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs the cabinet meeting on Tuesday (SPA)
TT
TT

Saudi Cabinet Approves Operating Framework for National Minerals Program

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs the cabinet meeting on Tuesday (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz chairs the cabinet meeting on Tuesday (SPA)

The Saudi Cabinet approved on Tuesday the draft regulations and operating procedures of the National Minerals Program, which was authorized for establishment in July 2024.

The program focuses on boosting the efficiency and adequacy of current and future mineral supply chains and operates under the supervision of the Ministry of Industry and Mineral Resources, as part of the Kingdom’s broader efforts to maximize value from the mining sector and strengthen the continuity of mineral supply chains at both regional and global levels.

The initiative aligns with Saudi Arabia’s strategic push to develop its mining industry as a key pillar of economic diversification.

Minister of Industry and Mineral Resources Bandar Alkhorayef had previously said the program would serve as a powerful enabling tool to bolster the quality and reliability of mineral supply chains, ensure sustained supplies for local industries and major projects, support the development of national infrastructure, and help achieve the goals of Vision 2030.

The program would play an active role in driving growth in the minerals sector and unlocking the Kingdom’s significant mineral resources, he added.

The program is designed to unify key roles among relevant stakeholders, address existing gaps to ensure uninterrupted mineral supply chains, build local capabilities in the sector, contribute to exploration activities, and secure industrial supplies for domestic industries and large-scale projects.

In a related development, Riyadh will host the fifth edition of the International Mining Conference from Jan. 13-15, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The event aims to further cement Saudi Arabia’s leadership in the global mining sector, with expectations that around 200 exhibiting and sponsoring entities will participate. Around 150 memorandums of understanding and strategic agreements will be signed to support global mineral supply chains.