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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).

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Dollar Rises ahead of Fed; Turkish Lira Drop Reins in G10 Currencies

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
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Dollar Rises ahead of Fed; Turkish Lira Drop Reins in G10 Currencies

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. REUTERS/Florence Lo/Illustration/File Photo

The dollar rallied on Wednesday ahead of the Federal Reserve's decision on interest rates, but retreated from the day's highs after markets stabilized from an early shock caused by the detention

of Turkish President Tayyip Erdogan's main rival.

Traders are also digesting the Bank of Japan's earlier decision to hold interest rates steady, while the Fed's policy decision later will be crucial for investors eager to know what the central bank makes of Trump's policies and their impact on the US economy, and how that affects the rate outlook.

Fed policymakers are widely expected to keep rates on hold, and will also release new economic projections at the conclusion of the meeting later in the day, Reuters reported.

Feeding into an earlier rally in the dollar was news out of Turkey which saw the lira briefly tumble by the most in a day on record, rippling through major currencies as investors shifted into safe-haven assets.

By 1226 GMT, the euro was down 0.3% versus the dollar to $1.091, having fallen as much as 0.6% earlier. Even so, it remains near a five-month high of $1.0955 scaled in the previous session.

"The news from Turkey is having an impact on G10 currency markets and risk appetite in general," said Jane Foley, head of FX strategy at Rabobank.

"But I would think some of the initial impact of what's happened will begin to filter out from some of the euro trade once the market has become a bit more accustomed to it."

The yen weakened against the dollar, which rose 0.3% to 149.805 in volatile trade as investors mulled the BOJ decision to hold rates steady and comments from Governor Kazuo Ueda .

The widely expected BOJ decision underscored policymakers' preference to spend more time gauging how mounting global economic risks from higher US tariffs could affect Japan's fragile recovery.

"The decision to leave monetary policy unchanged itself is not a surprise, so its impact on exchange rates is limited. However, the earlier-than-usual timing of the announcement seems to have led financial markets to initially interpret that the BOJ (did not consider) bringing forward a rate hike," said Hirofumi Suzuki, chief FX strategist at SMBC.

Adding to nervousness among investors, Israeli airstrikes pounded Gaza overnight, while US President Donald Trump and Russian President Vladimir Putin failed to reach an agreement on a Ukraine ceasefire.

The more risk-sensitive currencies edged lower, with sterling down 0.2% at $1.29795, not far from the previous session's four-month high of $1.3010, while the Australian and New Zealand dollars fell 0.4% and 0.5%, respectively.

Against a basket of currencies, the dollar ticked up 0.2% to 103.55, coming off a five-month low of 103.19 on Tuesday.

The dollar has fallen nearly 4% for the month, pressured by Trump's erratic approach to tariffs and as fears mount of a recession in the world's largest economy.

Traders are currently pricing in nearly 60 basis points of Fed rate cuts by the year end.

"The March FOMC meeting will likely be all about policy uncertainty. The Fed will almost certainly stay on hold, emphasising patience over panic," said analysts at Bank of America Securities.

"The (Summary of Economic Projections) forecasts and distribution of risks are both likely to reflect stagflation: weaker growth and higher inflation."