Poland Looks Forward to Long-term Relations with Saudi Arabia in IT, Food Security

Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
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Poland Looks Forward to Long-term Relations with Saudi Arabia in IT, Food Security

Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)

A senior Polish diplomat revealed growing prospects for fruitful cooperation between his country and Saudi Arabia, especially in food security, while many companies operating in information technology and the food industry have expressed their interest in establishing local offices in the Kingdom.
In an interview with Asharq Al-Awsat, Robert Rostek, the Polish ambassador to Saudi Arabia, emphasized that the two countries’ leaderships are determined to develop bilateral economic, political and social relations.
He also said that the European 5-year Schengen visa that is provided for Saudi nationals will increase tourism and trade between the two sides.
The volume of bilateral trade reached $7.9 billion in 2023, which makes the Kingdom the largest economic partner of Poland at the level of Arab countries, the ambassador stated.
“In 2025, we will celebrate the 30th anniversary of the establishment of diplomatic ties between the two countries, although official contacts go back nearly 100 years... If it were not for our complex history, our diplomatic relations would have remained unhindered throughout these years”, he said.
According to Rostek, relations between Riyadh and Warsaw have developed at an unusual pace especially in the past year. He explained that senior Polish officials visited the Kingdom in 2023, including the Polish Prime Minister Mateusz Morawiecki and Minister of Finance Magdalena Rzeczkowska.
Similarly, some senior Saudi officials conducted visits to Poland, he remarked. Those include the Saudi Minister of Economy, Faisal Al-Ibrahim, in May, and the Minister Transport and Logistics, Saleh Al-Jasser, with the Chairman of the General Authority of Civil Aviation, Abdulaziz Al-Duwailej, in August, whose mission greatly contributed to the signing of the Polish-Saudi air transport agreement, which led to the establishment of a direct air line between Riyadh and Warsaw, just one month ago.
The Polish diplomat went on to say: “We have also worked together on the Ukrainian file, and supported diplomatic efforts, by participating in the Jeddah Summit in August 2023.”
Rostek told Asharq Al-Awsat that the year 2023 witnessed the entry of a number of Polish firms into the Saudi market. He pointed to the presence of Polish companies Comarch and Asseco, which specialize in IT solutions, in addition to other companies operating in the food, cosmetics and fashion industries.
He added that on June 4, 2024, direct flights were launched between Riyadh and Warsaw, operated by LOT Polish Airlines.
“We see a mutual understanding with Saudi Arabia, to develop our relationship economically, socially and politically,” he said, adding: “With the newly approved series of EU visas for Saudis, and the possibility of obtaining 5-year Schengen visas, in addition to Saudi e-visas, travel between the Kingdom and Europe has become easier than ever before.”

 

 



Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
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Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)

Gold prices edged up on Friday and were set for a weekly gain on growing optimism about a September US rate cut, although expectations the Federal Reserve will ease aggressively have been tempered ahead of Chair Jerome Powell's upcoming speech.

Spot gold was up 0.3% at 2,462.82 per ounce, as of 1002 GMT and has gained more than 1% so far this week. US gold futures rose 0.3% to $2,500.50.

"Gold traders are proceeding with caution this week because US data has greatly lowered the chances of a 50 bps interest rate cut in September," said Zain Vawda, market analyst at MarketPulse by OANDA, Reuters reported.

US. inflation data indicates that gold may need additional catalysts to surpass $2,500, while this level could eventually be reached, it's unlikely in the near term, with gold expected to remain within the $2,360 to $2,480 range, Vawda added.

Recent data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also bolstered optimism regarding improving inflation, as evidenced by the July releases of the producer price index and consumer price index this week.

Traders are convinced the Fed will slash rates on Sept. 18, but had debated the size of the reduction. Odds currently stand at 25% for a 50 basis-point cut, down from 36% a day earlier, according to the CME Group's FedWatch Tool.

A low interest rate environment tends to boost non-yielding bullion's appeal.

Minutes of the Fed's July policy meeting are due on Wednesday and Powell will speak on the US economic outlook next Friday at the Jackson Hole symposium.

Elsewhere, spot silver fell 0.6% to $28.22 per ounce, and platinum dipped 0.2% to $951.05 after gaining as much as 4% to hit a two-week high on Thursday. Palladium shed 0.6% to $941.19.

All metals were on track for weekly gains.