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Saudi Industry Minister Discusses Cooperation with Indian Mining Leaders

Alkhorayef's meetings were part of his official visit to India that is focused on strengthening bilateral economic relations and attracting investments to the Kingdom's industrial and mining sectors. (SPA)
Alkhorayef's meetings were part of his official visit to India that is focused on strengthening bilateral economic relations and attracting investments to the Kingdom's industrial and mining sectors. (SPA)
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Saudi Industry Minister Discusses Cooperation with Indian Mining Leaders

Alkhorayef's meetings were part of his official visit to India that is focused on strengthening bilateral economic relations and attracting investments to the Kingdom's industrial and mining sectors. (SPA)
Alkhorayef's meetings were part of his official visit to India that is focused on strengthening bilateral economic relations and attracting investments to the Kingdom's industrial and mining sectors. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a series of bilateral meetings with leaders of prominent Indian mining companies to discuss mining investment opportunities in both countries, boost cooperation in exploration, production, and processing of critical metals, and foster knowledge exchange and innovation in the sector.

Alkhorayef held discussions with Vedanta regarding investment opportunities within the value chains of copper metal to pave the way for deeper cooperation in the development of this essential metal. Additionally, he explored promising investment opportunities in the iron sector with the company Bharat Forge, reported the Saudi Press Agency on Friday.

During a meeting with Aditya Birla, a company specializing in copper and aluminum, Alkhorayef discussed potential collaboration in the exploration and processing of key minerals.

The Indian company expressed its intention to establish a framework for identifying areas of joint cooperation in the natural and mineral resources sectors. The meeting also addressed shared opportunities in aluminum manufacturing.

Alkhorayef met with Essar Company to review opportunities in the iron and steel sector, as well as updates on the company's project in the Kingdom aimed at producing iron plates for construction purposes.

Alkhorayef's meetings were part of his official visit to India that is focused on strengthening bilateral economic relations and attracting investments to the Kingdom's industrial and mining sectors.

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EU Says China Confirms Nexperia Chip Export Resumptions

FILE PHOTO: The logo of computer chipmaker Nexperia is seen in Nijmegen, Netherlands April 12, 2024. REUTERS/Piroschka van de Wouw/File Photo
FILE PHOTO: The logo of computer chipmaker Nexperia is seen in Nijmegen, Netherlands April 12, 2024. REUTERS/Piroschka van de Wouw/File Photo
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EU Says China Confirms Nexperia Chip Export Resumptions

FILE PHOTO: The logo of computer chipmaker Nexperia is seen in Nijmegen, Netherlands April 12, 2024. REUTERS/Piroschka van de Wouw/File Photo
FILE PHOTO: The logo of computer chipmaker Nexperia is seen in Nijmegen, Netherlands April 12, 2024. REUTERS/Piroschka van de Wouw/File Photo

The European Commission said Saturday that Chinese authorities had confirmed a partial resumption of Nexperia chips, easing a blockage that has alarmed carmakers.

The dispute erupted in September when the Dutch government effectively took control of Nexperia, which is based in the Netherlands but whose parent company is China's Wingtech.

China responded by banning re-exports of the firm's chips, triggering warnings from automakers of production stoppages as the components are critical to onboard electronics.

But Beijing announced at the weekend it would exempt some chips from the export ban, reportedly part of a trade deal agreed by President Xi Jinping and his US counterpart Donald Trump.

EU trade commissioner Maros Sefcovic posted on X that he welcomed "the confirmation provided today... regarding the further simplification of export procedures for Nexperia chips destined for EU and global clients".

The exports will be allowed as long as the chips are only for "civilian use", Sefcovic added, saying the measure would take effect "immediately".

Talks are continuing with China on finding a "lasting, stable, predictable framework that ensure the full restoration of semiconductor flows", he added.

Germany's Aumovio, a major automotive supplier, had already said Friday it had received permission from Chinese authorities to resume the Nexperia chip exports.

The chips are made in Europe but then sent to China for finishing, before being re-exported to clients in Europe and other markets.

Volkswagen, Europe's biggest carmaker, had warned of production stoppages if the crisis dragged on, while smaller firms were reported to be preparing to cut working hours.

The Netherlands cited national security concerns when it moved to take control of Nexperia, accusing the firm's CEO of mismanagement.

Business

Saudi Arabia Targets Broader Tourist Market, Minister Says

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Targets Broader Tourist Market, Minister Says

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia is building up its mid- and upper-mid-range tourism options and plans to increase access to hotel accommodation for religious pilgrimages after years focused on developing expensive luxury resorts, the kingdom's tourism minister said.

"We started with building luxury destinations for luxury travellers. And we have already started building destinations for the middle class and upper middle class," Saudi Tourism Minister Ahmed Al-Khateeb told Reuters.

"We will not ignore this segment," he said on the sidelines of the UN's yearly tourism conference, being hosted in Riyadh for the first time.

Khateeb said Saudi Arabia planned to nearly double the number coming to the kingdom for pilgrimage to the holy cities of Makkah and Medinah to 30 million by 2030, enabled by tens of thousands of new hotel rooms.

Khateeb said that should become available "in 2026, maximum 2027".

Business

Germany to Re-examine 'Security-relevant' China Trade Policies

A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
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Germany to Re-examine 'Security-relevant' China Trade Policies

A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer

Germany's coalition government plans to re-examine its trade policies towards China including on energy, raw material imports and Chinese investment in critical German infrastructure and will set up a committee of experts to report to parliament.

The plan comes after a recent rise in trade tensions between the world's second and third biggest economies. The committee will examine "security-relevant trade relations between Germany and China" and make recommendations to the government, according to a motion submitted by Chancellor Friedrich Merz's conservatives and their Social Democratic coalition partners, seen by Reuters on Saturday.

The motion is likely to be passed next Friday and the committee - which will be staffed by a dozen academics, industry associations, labour representatives and think tank members - will be established shortly afterwards.

For decades, Germany saw China, another major exporter, as a natural ally in advocating for the open global trading system that helped Germany's manufacturing sector flourish. But a series of recent blows - including Chinese restrictions on rare earth exports that threatened to paralyse Germany's crucial car industry - have prompted a rethink.

The new committee will report to parliament twice a year.

"The aim of the committee is to examine from a legal, economic and political perspective the need for changes to foreign trade rules," the motion read. The committee will also look at other countries' trade ties with China.

Last month, German Foreign Minister Johann Wadephul, who has criticised China's rare earth export restrictions and tacit backing for Russia in its war against Ukraine, postponed a trip to China at the last minute after Beijing confirmed only one of his requested meetings.

This week Chancellor Merz broke with decades of German free trade dogma by calling for Europe to adopt protectionist measures to sustain Europe's steel industry in the face of a Chinese competitive onslaught.

Social Democrat Finance Minister Lars Klingbeil talked of the need for "a little more European patriotism".