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Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM
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Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The Executive Council of Dubai, witnessed the signing of a Memorandum of Understanding (MoU) between Dubai’s Roads and Transport Authority (RTA) and US-based firm The Boring Company to study the implementation of the “Dubai Loop” tunnel project.

The proposed 17-kilometer tunnel, featuring 11 stations, is designed to transport over 20,000 passengers per hour. It is part of a long-term plan to construct a citywide loop transportation network.

Signed during the 2025 World Governments Summit (WGS), the MoU aims to strengthen the partnership between both parties in tunnel excavation and construction.

The MoU was signed by Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA; and John Hering, Lead Investor and Senior Advisor to The Boring Company, in the presence of senior officials from both sides.

The MoU “aims to implement cutting-edge technologies, foster innovative transport solutions, and create a dynamic ecosystem for the advancement of transportation technologies,” said Al Tayer.

“The agreement facilitates knowledge and expertise exchange to develop transportation systems tailored to the city’s evolving needs,” he stated.

He added that the technology used in the system offers rapid execution, lower costs than conventional tunneling methods, and minimal impact on existing infrastructure and road networks.

The MoU, Al Tayer noted, involves conducting studies and exchanging information on the specifications and standards required by the RTA for innovative transport systems, as well as insights into current and future trends in the mobility market. It also focuses on gathering data on system developments, pilot routes, and applied safety standards.
Hering highlighted the advantages of the loop system. “The Boring Company aims to transform the transportation sector by constructing safe, fast, and cost-efficient tunnels for passenger transit, utilities, and freight.”

He noted that the loop system incorporates innovative and sustainable technologies. “The loop system offers rapid connectivity solutions, enhancing passenger mobility and reducing travel time thanks to the speed and seamless flow of tunnel transportation.”

Hering added: “The company adopts a fully integrated vertical approach to streamline operations and reduce costs. It designs and manufactures its own Tunnel Boring Machines (TBMs), engineers tunnel structures and stations, operates tunnel excavation machinery, and manages the underground loop transportation system.”

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Business

BlackRock Executes First Riyal Bond Trades via Tradeweb ATS

The logo of the Saudi Capital Market Authority displayed on a building in Riyadh. (Asharq Al-Awsat)
The logo of the Saudi Capital Market Authority displayed on a building in Riyadh. (Asharq Al-Awsat)
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BlackRock Executes First Riyal Bond Trades via Tradeweb ATS

The logo of the Saudi Capital Market Authority displayed on a building in Riyadh. (Asharq Al-Awsat)
The logo of the Saudi Capital Market Authority displayed on a building in Riyadh. (Asharq Al-Awsat)

BlackRock has executed the first Saudi riyal-denominated bond trades on Tradeweb Markets Inc.’s newly launched Alternative Trading System (ATS), marking a key milestone for the Kingdom’s fixed-income market.

The inaugural transactions were completed between BlackRock and BNP Paribas, followed by another trade with Goldman Sachs. The platform is licensed and regulated by Saudi Arabia’s Capital Market Authority, enabling electronic trading of sukuk and bonds outside the main exchange.

Billy Hult, CEO of Tradeweb, said the launch represents “not just a technological milestone” but also “a foundational moment for fixed income market structure in the Kingdom, preparing the ground for greater international participation.”

Yudhveer Chaudhry, Global Head of Emerging Markets, FX, Commodities & Digital Assets Trading at BlackRock, noted that the move reflects growing international interest in the Kingdom’s markets.

“As Saudi Arabia continues to make great strides in developing its capital markets, fixed income opportunities hold great strategic interest for international investors,” he said.

“This inaugural transaction on Tradeweb’s new Alternative Trading System, in collaboration with our Global Emerging Markets Debt team, not only marks a technological milestone for the Kingdom’s fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure,” he added.

Tradeweb was selected by the CMA in early 2024, after a competitive tender, to build and operate the Kingdom’s first regulated electronic bond trading platform. The initiative is part of a broader national strategy to expand capital markets, attract global investment, and accelerate economic growth.

Raed AlHumaid, Deputy of Market Institutions at the CMA, described the launch as “an important step in enhancing the secondary market for debt instruments, while broadening the investor base and expanding the range of products available in the Saudi capital market.”

He stated: “This initiative aligns with CMA’s strategic direction to position the Kingdom’s capital market among its leading global counterparts. Enriching market access, enhancing transparency, and strengthening post-trade infrastructure will contribute to this initiative.”

The launch comes shortly after Saudi Arabia’s inclusion on the watch list for J.P. Morgan Emerging Market Government Bond Index, a move expected to attract around $5 billion in foreign inflows.

Tradeweb’s ATS, part of its global multi-asset platform, supports trading in more than 20 currencies. The system targets professional investors and can expand to corporate bonds, repos, and derivatives pending regulatory approval.

Business

China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
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China Overtakes US as Germany’s Top Trading Partner 

A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)
A drone view shows ships and containers at the port in Qingdao, Shandong province, China October 20, 2025. (China Daily via Reuters)

China overtook the US as Germany's largest trading partner in the first eight months of 2025, regaining the top spot as higher tariffs weighed on German exports to the United States, preliminary data from the German statistics office showed.

German imports and exports with China totaled 163.4 billion euros ($190.7 billion) from January to August, while trade with the US amounted to 162.8 billion euros, according to Reuters calculations.

The US was Germany’s top trading partner in 2024, ending an eight-year streak for China. The shift came as Germany sought to reduce its reliance on China, with Berlin citing political differences and accusing Beijing of unfair practices.

Trade dynamics shifted again this year, however, with Donald Trump’s return to the White House and renewed tariffs.

US TARIFFS TAKE THEIR TOLL ON GERMAN EXPORTS

Tariffs have pushed down German exports to the United States, which fell 7.4% in the first eight months of the year compared with 2024 to 99.6 billion euros. In August, exports to the US fell 23.5% year-on-year, showing that the trend is accelerating.

"There is no question that US tariff and trade policy is an important reason for the decline in sales," said Dirk Jandura, president of the BGA foreign trade association.

Jandura said that US demand for classic German export goods, such as cars, machinery and chemicals, had fallen.

With the ongoing tariff threat and the stronger euro, German exports to the US are unlikely to rebound any time soon, said Carsten Brzeski, global head of macro at ING.

CHINESE IMPORTS TO GERMANY SURGE

Exports to China fell even more sharply than those to the United States, dropping 13.5% year-on-year to 54.7 billion euros in the first eight months of 2025.

By contrast, imports from China rose 8.3% to 108.8 billion euros.

"The renewed import boom from China is worrying," said Brzeski. "Particularly as data shows that these imports come at dumping prices."

He warned that this not only increased German dependence on China but could add to stress in key industries where China has become a major rival.

"In the absence of economic dynamism at home, some in Germany may now be troubled by any shifts on world markets," said Berenberg economist Salomon Fiedler.

Business

Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
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Lubna Olayan, Jane Fraser Appointed Co-Chairs of Saudi-US Business Council 

A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)
A view of Riyadh, Saudi Arabia on August 29. 2025 (Reuters)

The Saudi-US Business Council announced on Tuesday the appointment of Olayan Group’s founding board chair Lubna Suliman Olayan, and Citigroup chief executive Jane Fraser as co-chairs of the council’s board of directors, representing Saudi Arabia and the United States, respectively.

The council said Olayan brings extensive experience in advancing Saudi-US economic relations. In addition to her role at the Olayan Group, she serves as chair of the board of directors of Saudi Awwal Bank (SAB) and sits on several international advisory boards.

The two co-chairs will lead efforts to define the strategic direction of the council's work as a key platform supporting bilateral business and investment between Saudi Arabia and the US, added the council.

Their leadership comes at a pivotal time as the Kingdom continues to expand economic and investment opportunities under Saudi Vision 2030.