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Saudi Arabia, Indonesia Boost Cooperation in Mining Sector

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT
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Saudi Arabia, Indonesia Boost Cooperation in Mining Sector

File photo of the Saudi capital Riyadh - File/AAWSAT
File photo of the Saudi capital Riyadh - File/AAWSAT

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef signed in Jakarta a memorandum of understanding with Minister of Energy and Mineral Resources of Indonesia Bahlil Lahadalia to boost strategic cooperation and facilitate the exchange of expertise between the two countries in the mining and minerals sector.

The MoU aims to transfer knowledge in the field of mining, mineral production and processing, mining exploration, geological surveys, and sustainable mining practices, SPA reported.
The signing of the MoU takes place during Alkhorayef's official visit to Indonesia, where he is leading a high-level delegation from the industry and mining sector to strengthen economic ties, attract quality investments to the Kingdom, and explore mutual investment opportunities across the mining, food, pharmaceuticals, and automotive sectors.

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Lenovo: Saudi Arabia Capable of Hosting High-Value Industries

A view of a Lenovo event in Saudi Arabia. (Lenovo)
A view of a Lenovo event in Saudi Arabia. (Lenovo)
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Lenovo: Saudi Arabia Capable of Hosting High-Value Industries

A view of a Lenovo event in Saudi Arabia. (Lenovo)
A view of a Lenovo event in Saudi Arabia. (Lenovo)

China’s Lenovo is betting big on Saudi Arabia, naming Riyadh as its regional base for the Middle East, Türkiye, and Africa as it ramps up manufacturing and research investments to boost the Kingdom’s non-oil economy.

The partnership is set to inject fresh momentum into Saudi Arabia’s non-oil gross domestic product through a large-scale manufacturing facility and an integrated research and development ecosystem aimed at localizing knowledge and building national talent capabilities.

This was outlined by Tareq Alangari, Senior Vice President and President of Lenovo for the Middle East, Türkiye, and Africa, who described the company’s investments in Saudi Arabia as among its most critical global commitments, reflecting a long-term partnership with the Kingdom in digital transformation and economic diversification.

The move is part of a strategic collaboration with “Alat”, covering advanced manufacturing, talent development, innovation, and strengthening regional presence, under a vision that extends beyond the local market to serve broader regional markets.

Market support

Alangari told Asharq Al-Awsat that this commitment rests on two main initiatives that underpin Lenovo’s strategy in the Kingdom.

The first is the establishment of an advanced manufacturing facility spanning 200,000 square meters in Riyadh’s Integrated Logistics Special Zone, scheduled to begin production in 2026. The facility will become a global site producing millions of devices annually, including laptops, smartphones, desktop computers, and servers manufactured in Saudi Arabia.

The second initiative is the establishment of Lenovo’s regional headquarters in Riyadh, which will serve as the leadership center for the Middle East, Türkiye, and Africa.

The headquarters will house leadership, research and development, marketing, retail strategy, and customer engagement functions to support government, commercial, and consumer markets across the region, streamlining decision-making and strengthening proximity to customers and partners.

The company has previously projected that these combined investments could contribute up to $10 billion to Saudi Arabia’s non-oil GDP by 2030, while creating extensive direct and indirect job opportunities and accelerating the development of local skills in advanced technologies and artificial intelligence.

Supply chain resilience

Alangari said the company’s approach in Saudi Arabia is not based on short-term deals, but on a transformational vision aimed at strengthening regional supply chain resilience, deepening local partnerships, and supporting Saudi Arabia’s ambition to become a global hub for innovation and the manufacturing of sustainable technologies and AI-driven solutions.

Assessing the investment environment, he said Saudi Arabia represents a high-growth market of exceptional strategic importance, driven by economic diversification, rapid adoption of modern technologies, and the expansion of advanced sectors.

This growth, he noted, aligns with Lenovo’s strengths in cloud computing, artificial intelligence, infrastructure modernization, and the digital sector.

In the supply chain, Lenovo’s factory in the Integrated Logistics Special Zone is expected to play a key role in enhancing resilience at the local and regional levels.

Having a production line in the Kingdom, at the heart of the Middle East and Africa, will help reduce delivery times, ease logistical complexities, and improve the ability to respond quickly to market needs, according to Alangari.

Technology localization

In parallel, Lenovo is seeking to localize advanced technologies by building local capabilities, transferring advanced manufacturing expertise, embedding sustainability standards, and developing a supplier ecosystem that supports the Kingdom’s long-term technological leadership.

The company places the development of Saudi talent at the core of its investments. It has launched a national program to develop capabilities in cooperation with Alat, the Human Resources Development Fund, and the Ministry of Industry and Mineral Resources.

The program aims to train Saudi graduates in advanced manufacturing, engineering, AI-enabled operations, and digital technologies through a mix of theoretical education and hands-on training inside the Kingdom and at global manufacturing sites.

As its operations expand, Alangari expects Lenovo’s investments to create thousands of direct and indirect jobs, supported by production growth and the expansion of research and development, manufacturing, and customer experience activities.

He said this integrated ecosystem would boost local innovation, expand the range of advanced technologies manufactured in Saudi Arabia, and help build a sustainable technology environment in line with the Kingdom’s economic and industrial ambitions.

Business

Fitch Revises Türkiye's Outlook to Positive

A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
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Fitch Revises Türkiye's Outlook to Positive

A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)

Global credit ratings agency Fitch revised Türkiye’s outlook to “positive” from “stable” on Friday, citing a faster-than-expected buildup in foreign exchange reserves that has reduced external vulnerabilities.

The agency also affirmed the country’s long-term foreign-currency rating at “BB-.”

Annual inflation dipped to 30.89% in December, slightly below expectations. Consumer prices rose 30.9% year-over-year, with a 0.89% monthly increase.

On Thursday, Türkiye’s central bank lowered its key interest rate by a less-than-expected 100 basis-points to 37%, citing firming inflation, pricing behavior and expectations that threaten the disinflation process.

At its first policy meeting of the year, chaired by Governor Fatih Karahan, the bank also lowered the overnight lending rate from 41% to 40% and the overnight borrowing rate from 36.5% to 35.5%.

The cut to the one-week repo rate at the Monetary Policy Committee (MPC) meeting marked its fifth consecutive easing move since last July.

In December, the Central Bank cut its policy rate by 150 basis-points to 38%, amid softer-than-expected November inflation.

In October, the country’s central bank slowed its easing cycle with a 100 basis-point cut in its policy interest rate to 39.5%, flagging renewed inflation risks that pointed to a slowdown in a longer-term disinflation process.

Business

Trump Threatens Canada with 100% Tariff Over Pending Trade Deal with China

Container loading cranes are seen at the Port Jersey Container Terminal in Jersey City, New Jersey on January 23, 2026. (AFP)
Container loading cranes are seen at the Port Jersey Container Terminal in Jersey City, New Jersey on January 23, 2026. (AFP)
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Trump Threatens Canada with 100% Tariff Over Pending Trade Deal with China

Container loading cranes are seen at the Port Jersey Container Terminal in Jersey City, New Jersey on January 23, 2026. (AFP)
Container loading cranes are seen at the Port Jersey Container Terminal in Jersey City, New Jersey on January 23, 2026. (AFP)

US President Donald Trump said on Saturday he would impose a 100% tariff on Canada if it follows through on a trade deal with China and warned Canadian Prime Minister Mark Carney that a deal would endanger his country.

"China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life," Trump wrote on Truth Social.

"If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the USA."

In a video on Saturday, Carney urged Canadians to buy domestic products, but did not directly mention Trump's tariff threat.

"With our economy under threat from abroad, Canadians have made a choice to focus on what we can control," Carney said. "We can’t control what other nations do, we can be our own best customer."

The Canadian prime minister this month traveled to China to reset the countries' strained relationship and reached a trade deal with Canada's second-biggest trading partner ‌after the United States.

Immediately ‌after Carney's China trip, Trump sounded supportive. "It's a good thing for him to sign ‌a ⁠trade deal," Trump told ‌reporters at the White House on January 16. "If you can get a deal with China, you should do that."

"There is no pursuit of a free trade deal with China. What was achieved was resolution on several important tariff issues," Dominic LeBlanc, the minister responsible for Canada-US Trade, said on Saturday in a post on X.

US-Canada tensions have grown in recent days following Carney's criticism of Trump's pursuit of Greenland.

MORE PRESSURE ON CANADIAN INDUSTRIES

Trump on Saturday suggested China would try to use Canada to evade US tariffs. "If Governor Carney thinks he is going to make Canada a 'Drop Off Port' for China to send goods and products into the United States, he is sorely mistaken," Trump said, using a title for Carney that ⁠refers to Trump's past calls for Canada to become the 51st US state.

In a second Saturday post, Trump said, "The last thing the World needs is to have China take ‌over Canada. It’s NOT going to happen, or even come close to happening!"

If Trump ‍makes good on Saturday's threat, the new tariff would greatly increase ‍US duties on its northern neighbor, adding pressure to Canadian industrial sectors such as metal manufacturing, autos and machinery.

Relations between Carney and ‍Trump seemed relatively placid until the Canadian leader this week spoke out forcefully against Trump's pursuit of Greenland.

Carney subsequently at the World Economic Forum called on nations to accept that a rules-based global order was over and pointed to Canada as an example of how "middle powers" might act together to avoid being victimized by American hegemony.

Carney, during his speech in Davos, Switzerland, did not directly call out Trump or the United States by name. However, the prime minister argued that "middle powers must act together because if you are not at the table, you are on the menu."

Many world leaders and industry titans present at the Switzerland confab responded with a standing ovation.

Trump shot back ⁠in his own Davos speech and said Canada "lives because of the United States," a statement that Carney rejected on Thursday.

"Canada and the United States have built a remarkable partnership in the economy, in security and in rich cultural exchange," Carney said in Quebec. "Canada doesn't live because of the United States. Canada thrives because we are Canadian." Since then, Trump has dug in against Canada, revoking its invitation to his Board of Peace that he wants to deal with international conflicts and Gaza’s future.

After Carney’s election last year, Trump and Carney shared a congenial tone. "I think the relationship is going to be very strong," Trump said at the time.

But Trump this month dismissed the mega trade deal between the United States, Canada, and Mexico — up for renegotiation in July — as "irrelevant."

Trump has issued many tariff threats since returning to the presidency, though in several cases he has paused them or relented entirely during negotiations. This week, Trump backed off his recent threat to impose stiff tariffs on European allies after the NATO chief and other leaders promised to step up security in the Arctic.

"We hope the two governments can come to a better understanding quickly that ‌can alleviate further concerns for businesses who face the immediate consequences of torqued up uncertainty," the Canadian Chamber of Commerce's Matthew Holmes said in a statement.