EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
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EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)

Chair of the European Parliament’s Foreign Affairs Committee David McAllister said the European Union is ready to resume free trade negotiations with the countries of the Gulf Cooperation Council (GCC).

In an interview to Asharq Al-Awsat, he said Europe, along with the rest of the world, was shocked by US President Donald Trump’s 20% tariffs on European imports.

He stressed that the partnership with Saudi Arabia was stronger than ever, noting that the European Parliament is seeking to elevate ties to the level of strategic partnership agreement in various fields.

McAllister stressed that Saudi Arabia is a main bilateral and regional partner to the EU in the Gulf region and beyond.

The partnership is stronger than ever, he stated, while hailing Saudi Arabia’s growing regional and international diplomatic role.

He also noted untapped potential in bilateral relations between the EU and the Kingdom.

The European Parliament supports the development of the relationship towards the level of strategic partnership, he added. This will provide a binding political and legal framework to bolster cooperation between the EU and Saudi Arabia in several fields beyond the economy.

The European Commission agreed on April 1 to launch negotiations and the issue is awaiting approval from the parliament to officially kick them off.

On Saudi Arabia’s diplomatic role, McAllister described Riyadh as a main player in the region.

On its position on Gaza, he underscored the Saudi leadership’s participation in the international coalition for the implementation of the two-state solution and its support for the Arab recovery and reconstruction plan.

He also highlighted Saudi Arabia’s constructive role in backing the reconstruction of Syria after the ouster of President Bashar al-Assad. He also noted its role in facilitating talks between Lebanon and Syria in resolving border issues.

Moreover, McAllister said Saudi Arabia played a successful role in achieving a ceasefire in Yemen and it recently hosted complex negotiations between the United States and Russia.

The official expressed Europe’s appreciation for the hosting of the negotiations, saying, however, that it is important for Ukraine to be present at ceasefire talks because its future is at stake. The EU must also be present because peace in Ukraine also affects it.

Asked about Saudi Arabia’s Vision 2030, McAllister said Brussels believes it has promising opportunities to explore in the Kingdom.

The EU appreciates the ambitious economic goals set by Vision 2030 and that aim to diversify the economy and ease the reliance on oil and gas, he went on to say.

He said opportunities for cooperation were available and they can pave the way for the establishment of a strategic partnership agreement and a platform for high-level bilateral cooperation in various fields, such as trade, innovation, energy, security and others.

He added that the EU welcomes the shift towards modernization set out by Vision 2030, while also understanding the challenges related to it.

The EU is ready to support Saudi Arabia’s economic and environment projects, McAllister stressed.

On the free trade talks, he said the EU is ready to resume negotiations with the GCC.

The EU is committed to bolstering bilateral ties with the Gulf to meet the commitments set out during the EU-Gulf meeting in October, he stressed.

The work program reached during the meeting covered security, climate, communications and trade.

McAllister stressed that Europe supports the signing of an ambitious free trade agreement that would help in achieving Vision 2030.

He pointed to negotiations that have been kicked off with the United Arab Emirates to reach a bilateral free trade agreement.

A free trade agreement with the Gulf will be very beneficial, he stressed. Long discussions to that end have been held, but the world has become more complicated and unpredictable, he said.

Asked about when Saudi citizens will be relieved of the Schengen visa requirement, McAllister replied that he understands that this is important to them, adding however, that the issue is complicated and hinges on the adoption of a new European strategy and the approval of all members.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.