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Saudi Arabia Partners with Local, Global Firms to Market Investments

Riyadh, Saudi Arabia (Asharq Al-Awsat)
Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Partners with Local, Global Firms to Market Investments

Riyadh, Saudi Arabia (Asharq Al-Awsat)
Riyadh, Saudi Arabia (Asharq Al-Awsat)

The Saudi government has granted the new Investment Marketing Authority the authorization to enlist experts and specialists from both local and global companies and institutions.

This move aims to provide professional tools and products, leveraging their expertise in their respective fields. Additionally, it seeks to foster partnerships that align with development goals between local and foreign investors.

Last week, the Cabinet approved the regulation of the Saudi Investment Marketing Authority.

This decision is part of efforts to position the Kingdom as a world-class investment hub in line with the goals of Vision 2030, which seeks to diversify the economy, enhance its international competitiveness, and build a prosperous and sustainable economy in alignment with the National Investment Strategy’s plans and objectives.

According to sources, the Board of Directors of the Saudi Investment Marketing Authority will exercise its role in determining financial charges in coordination with the Ministry of Finance and the Non-Oil Revenue Development Center.

This will remain in effect until the issuance of governance regulations for imposing such fees for services and activities offered by entities authorized by law to levy them.

The authority will prepare general policies related to its activities, develop a strategy for investment marketing, and devise the necessary plans and programs for implementation. It will also raise issues requiring further procedural actions.

The authority will begin work on marketing investment opportunities both within the Kingdom and internationally, highlighting the advantages, opportunities, and incentives of local investments. The authority is empowered to delegate tasks related to investment marketing to the relevant entities.

Additionally, the authority will manage a unified national identity for investment marketing and attraction to Saudi Arabia, in coordination with the Ministry of Investment and other relevant bodies. This will ensure consistent messaging, marketing, and media efforts, and propose amendments to relevant regulations within its mandate, submitting them for legal processing.

Among its duties, the new authority will propose amendments to related regulations, support investment marketing activities carried out by ministries, relevant entities, and the private sector, and develop and implement media plans both domestically and internationally.

Minister of Investment Eng. Khalid Al-Falih said that the authority will contribute to stimulating foreign direct investment flows. He said it will work as an important tributary enhancing the national efforts made to support the investment environment.

“The authority will undertake the task of marketing investment opportunities inside and outside the Kingdom and in various sectors, in cooperation and partnership with all the leading entities in these sectors. The authority will adopt the latest technologies and strategies in the field of investment marketing,” he said.

Al-Falih stressed that the authority will contribute to stimulating foreign direct investment flows, as well as to enhance national investments, and support national investors.

“This will support economic growth, provide quality job opportunities, and enhance innovation and knowledge transfer, which will positively reflect on the sustainability of development in the Kingdom and the competitiveness of its economy,” he said.

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Business

S&P Warns African Sovereign Credit Rating Risks Likely to Worsen

Central Bank of Egypt building (A.P.)
Central Bank of Egypt building (A.P.)
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S&P Warns African Sovereign Credit Rating Risks Likely to Worsen

Central Bank of Egypt building (A.P.)
Central Bank of Egypt building (A.P.)

S&P Global Ratings warned on Thursday that the risks to African sovereign credit scores were likely to worsen the longer the Middle East war drags on.

The ratings agency said that higher fuel and fertilizer import costs would increase inflation and fiscal strains for countries, "potentially leading to rating pressure".

Egypt, Mozambique and Rwanda are among the "most exposed" the agency said, although Egypt's deep domestic capital markets and Rwanda's high levels of concessional debt provide some offset, according to Reuters.

Less exposed are net-oil exporters Nigeria, Angola and Congo-Brazzaville as well as Morocco, due to stronger foreign-currency reserves.

S&P's "base case" assumed that the conflict will peak and that the Strait of Hormuz will gradually reopen but related disruptions will likely persist for months. A resumption of hostilities and a more prolonged conflict would present a greater threat to many African sovereigns.

The ratings agency said it expected Africa's borrowing costs to increase due to war's impacts and as a result of global risk aversion.

S&P in recent weeks kept Egypt's credit rating on a "stable" outlook and affirmed ratings for Morocco, Ghana and Mozambique.

Business

Gold Slips on Inflation Concerns as High Oil Prices and Stronger Dollar Weigh

An image made with a drone shows oil gas and fuel storage units at the Navigator Terminal in Grays, Britain, 14 April 2026. EPA/NEIL HALL
An image made with a drone shows oil gas and fuel storage units at the Navigator Terminal in Grays, Britain, 14 April 2026. EPA/NEIL HALL
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Gold Slips on Inflation Concerns as High Oil Prices and Stronger Dollar Weigh

An image made with a drone shows oil gas and fuel storage units at the Navigator Terminal in Grays, Britain, 14 April 2026. EPA/NEIL HALL
An image made with a drone shows oil gas and fuel storage units at the Navigator Terminal in Grays, Britain, 14 April 2026. EPA/NEIL HALL

Gold prices fell on Thursday, pressured by a stronger dollar and elevated oil prices that stoked inflation worries, as investors tried to assess the conflict direction from stalled US-Iran talks.

Spot gold was down 0.9% at $4,696.71 per ounce, as of 1135 GMT. US gold futures for June delivery fell 0.8% to $4,714.0.

The dollar inched higher, making greenback-priced bullion more expensive for holders of other currencies, while benchmark 10-year US Treasury yields rose to an over one-week high, raising the opportunity cost of holding non-yielding bullion.

"Gold continues to take its cues from the oil market, with rising energy costs keeping the risk of near-term dollar strength and elevated inflation in focus," said Ole Hansen, head of commodity strategy at Saxo Bank.

Iran seized two ships in the Strait of Hormuz as it tightened its grip on the strategic waterway after US President Donald Trump announced he was indefinitely calling off attacks, with no sign of peace talks restarting.

Iranian officials did not say they had agreed to any extension of the truce, accusing Washington of violating it by maintaining a blockade on Iranian trade by sea.

Brent crude oil prices rose above $100 a barrel on the stalled peace talks and as both nations maintained their restrictions on the flow of trade through the strait.

Higher crude oil prices can add to inflationary pressures, increasing the likelihood that interest rates remain elevated. While gold is often seen as an inflation hedge, higher rates dampen bullion’s appeal as it offers no yield.

Meanwhile, a Reuters poll of economists showed the US Federal Reserve will likely wait at least six months before cutting interest rates this year as war-driven energy shocks reignite already-elevated inflation.

"The current consolidation appears more a pause driven by rate uncertainty than a structural shift, and we maintain the view that gold is likely to reach a fresh record high later this year or in early 2027," Hansen added.

Spot silver fell 3.9% to $74.63 per ounce, while platinum lost 3.2% to $2,007.98, a more than one-week low for both metals. Palladium was down 4.8% at $1,470.79, a more than two-week low.

Business

UK Budget Deficit for 2025/26 Narrows to Six-year Low

Skyscrapers in London's financial district (Reuters)
Skyscrapers in London's financial district (Reuters)
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UK Budget Deficit for 2025/26 Narrows to Six-year Low

Skyscrapers in London's financial district (Reuters)
Skyscrapers in London's financial district (Reuters)

Britain's budget deficit for the last financial year narrowed to a six-year low as a percentage of economic output although borrowing for March alone exceeded forecasts, official data showed on Thursday.

The Office for National Statistics reported 132.0 billion pounds ($178.1 billion) of public sector net borrowing in the 2025/26 financial year that ⁠ended in March.

That ⁠was 0.7 billion pounds less than the most recent forecast from the Office for Budget Responsibility and down from 151.9 billion pounds in 2024/25.

Equivalent to 4.3% of ⁠economic output - in line with the OBR prediction - the deficit was the smallest since the 2019/20 financial year, which ended just as the response to the COVID-19 pandemic caused debt to soar.

Debt interest spending in 2025/26 was 97.6 billion pounds, up from 85.4 billion pounds a year ⁠previously ⁠and marking the second-highest figure in cash terms since 2022/23, when inflation soared after Russia's invasion of Ukraine.

Last week, the International Monetary Fund cut Britain's economic growth forecasts for 2026 by more than for any other Group of Seven nation due to the country's exposure to higher energy prices with its heavy use of natural gas.

"A more stagflationary backdrop is forecast to take shape, with speculation already building about the impact of weaker growth on the Chancellor's headroom," Nabil Taleb, economist at PwC UK, said, referring to Reeves' ability to meet her borrowing target.

"Recent moves in bond markets, with gilt yields briefly touching 5% for the first time since 2008 before easing, also highlight the UK's vulnerability to uncertainty."

In March alone, the ONS reported public sector net borrowing of 12.6 billion pounds. Economists polled by Reuters had a median forecast of a 10.3 billion-pound deficit for the month.