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US-Saudi Business Council Chief: Crown Prince’s Visit to Washington Will Accelerate Strategic Partnership

Donald Trump and Crown Prince Mohammed bin Salman during the US president’s visit to Saudi Arabia in May 2025 (Bandar Al-Galoud)
Donald Trump and Crown Prince Mohammed bin Salman during the US president’s visit to Saudi Arabia in May 2025 (Bandar Al-Galoud)
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US-Saudi Business Council Chief: Crown Prince’s Visit to Washington Will Accelerate Strategic Partnership

Donald Trump and Crown Prince Mohammed bin Salman during the US president’s visit to Saudi Arabia in May 2025 (Bandar Al-Galoud)
Donald Trump and Crown Prince Mohammed bin Salman during the US president’s visit to Saudi Arabia in May 2025 (Bandar Al-Galoud)

Saudi Crown Prince Mohammed bin Salman’s visit to the United States comes at a pivotal moment, as US-Saudi relations gain renewed momentum driven by the Kingdom’s ambitious Vision 2030 agenda.

At the center of this engagement stands the US-Saudi Business Council, positioned as a strategic link between the public and private sectors in both countries and tasked with turning shared goals into long-term economic partnerships.

In an interview with Asharq Al-Awsat, President and CEO of the Council Charles Hallab outlined the strategic objectives of the Crown Prince’s high-level visit.

He said he expects the trip to deepen the two countries’ strategic partnership by accelerating cooperation across sectors central to Vision 2030, including defense, artificial intelligence, digital transformation, and quality-of-life industries.

According to Hallab, discussions will highlight expanding trade and investment flows, strengthening industrial and technological cooperation, and showcasing Saudi Arabia’s progress in building a more open, innovative, and competitive investment environment that welcomes long-term American participation.

He confirmed that a very large number of deals and memoranda of understanding will be unveiled during the US-Saudi Business and Investment Forum on Wednesday, which the Council is co-hosting with the Ministry of Investment.

The forum, titled “Leadership for Growth: Enhancing the US-Saudi Economic Partnership,” will be held at the John F. Kennedy Center for the Performing Arts and aims to explore new investment opportunities in energy, technology, financial services, infrastructure, and healthcare.

Hallab described the Crown Prince’s visit as taking place “at a moment of renewed momentum in US-Saudi relations,” adding that it reflects the Kingdom’s emergence as “one of the world’s most dynamic and forward-looking investment destinations.”

He said that the high-level engagement sends a message of “confidence, openness, and shared purpose,” reinforcing trust in the economic partnership.

He noted that this momentum is contributing to a more optimistic view among American investors regarding the breadth of partnership opportunities tied to Vision 2030.

Hallab stressed that US companies are showing strong and growing interest in sectors that align with Saudi Arabia’s long-term goals, particularly advanced manufacturing, energy, artificial intelligence, and digital infrastructure.

He also pointed to rising engagement in healthcare, tourism, and entertainment. American firms, he added, bring world-class expertise that complements the Kingdom’s ambitions in diversification and global competitiveness.

In addition, American financial institutions and investment funds are increasingly exploring opportunities in Saudi Arabia’s transformation projects, according to Hallab.

With their global experience, they are well-positioned to support major Vision 2030 initiatives in infrastructure, clean energy, tourism, and technology. This growing involvement reflects strengthening confidence in Saudi markets and reinforces the depth of the bilateral economic relationship.

Critical minerals have become a central pillar of US-Saudi economic cooperation. Hallab highlighted recent talks in Riyadh between Saudi Minister of Industry and Mineral Wealth Bandar Alkhorayef and US Secretary of the Interior Doug Burgum on deepening collaboration in mining and minerals. Their discussions focused on exploration, processing, and technology exchange.

Hallab emphasized that US-Saudi collaboration in advanced technologies could help transform the Kingdom into a regional hub for AI. He pointed to a new Saudi initiative under the entity Humain to build large-scale data centers and Arabic-language AI models with backing from major US tech companies including NVIDIA, AMD, Amazon Web Services, and Qualcomm.

These firms, he said, can help accelerate Saudi Arabia’s digital transformation and foster a sustainable innovation ecosystem that develops local talent.

Hallab stressed that the Council will continue to play a central role after the visit, working with government agencies and business leaders in both countries to follow up on commitments.

“Our goal is to keep the momentum and ensure that every dialogue leads to action and every partnership contributes to the long-term success of Vision 2030 and the continued growth of US-Saudi economic relations,” he stated.

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IEA, IMF and World Bank to Coordinate Response to Middle East War's Impact

A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
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IEA, IMF and World Bank to Coordinate Response to Middle East War's Impact

A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked
A displaced man prepares his shisha, at a temporary encampment for displaced people, amid escalating hostilities between Israel and Hezbollah, in Beirut, Lebanon, April 1, 2026. REUTERS/Raghed Waked

The heads of the International Energy Agency, International Monetary Fund, and World Bank on Wednesday said they will form a coordination group to maximize their response to the significant economic and energy impacts of the war in the Middle East.

In a joint statement, the three global bodies noted that the war had caused major disruptions in the region and triggered one of the largest supply shortages in global energy market history.

"At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments, ⁠align analysis, and coordinate ⁠support to policymakers to navigate this crisis," the heads of the IMF, IEA and World Bank said.

The new coordination group will assess the severity of impacts across countries, coordinate a response mechanism, and mobilize stakeholders to deliver support to countries in need, the international bodies said.

The response mechanism could include targeted policy advice, assessment of potential financing needs ⁠and related provision of financial support, including through low or zero-percent financing, as well as unspecified risk mitigation tools, they said.

Thousands of people have been killed across the Middle East in the war, which began when the US and Israel struck Iran on February 28, triggering Iranian attacks on Israel, US bases and the Gulf states, while opening a new front in Lebanon.

Now in its second month, the conflict has spread across the region, disrupting energy supplies and threatening to send the global economy into a tailspin.

"The impact is substantial, global, and highly asymmetric, disproportionately ⁠affecting energy ⁠importers, in particular low-income countries," Reuters quoted the IMF, IEA and World Bank as saying.

They noted that the war was already resulting in higher oil, gas and fertilizer prices, while triggering concerns about food prices and affecting global supply chains of helium, phosphate, aluminum, and other commodities. Tourism had also been hit.

"The resulting market volatility, weakening of currencies in emerging economies, and concerns about inflation expectations raise the prospect of tighter monetary stances and weaker growth," the organizations said.

"We are committed to working together to safeguard global economic and financial stability, strengthen energy security, and support affected countries and people on their path to sustained recovery, growth, and job creation through reforms," they said.

Business

Saudi Arabia: Mawani Announces Commencement of Container Terminal Operations at Jubail Port

Jubail Commercial Port. SPA
Jubail Commercial Port. SPA
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Saudi Arabia: Mawani Announces Commencement of Container Terminal Operations at Jubail Port

Jubail Commercial Port. SPA
Jubail Commercial Port. SPA

The Saudi Ports Authority “Mawani” has announced the commencement of container terminal operations at Jubail Commercial Port under a privatization contract with Saudi Global Ports (SGP), backed by private sector investments exceeding SAR2 billion ($533 million).

The new move is in line with the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030, Mawani said in a statement on Wednesday.

“The commencement of operations comes as part of the implementation of the privatization contract signed between the two parties, which includes the development of infrastructure and the modernization of operational equipment,” it said.

“This includes increasing berth length from 1,000 m to 1,400 m, deepening berths from 14 m to 18 m, increasing the number of STS cranes from 6 to 10, and raising the number of RTG cranes from 13 to 29 automated, environmentally friendly cranes,” the statement added.

According to Mawani, the launch will increase the container terminal’s handling capacity from 1.5 million TEUs to 2.4 million TEUs annually, across an area of 460,000 square meters.

This will enable the terminal to accommodate large next-generation vessels, enhance operational efficiency, and reinforce Jubail Commercial Port’s position as a key logistics gateway supporting the Kingdom’s sustainable growth.

It will also strengthen operational integration with the Group’s terminals across the Eastern Coast ports.

Business

Germany Growth Forecasts Slashed as Mideast War Hits Economy

Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
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Germany Growth Forecasts Slashed as Mideast War Hits Economy

Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File
Germany's economy is struggling with fierce Chinese competition in sectors from cars to chemicals © Ronny HARTMANN / AFP/File

Leading economic institutes more than halved their growth forecast for Germany on Wednesday, warning that the energy shock caused by the Middle East war would hit Europe's top economy hard.

A group of leading institutes slashed their joint GDP growth forecast for 2026 to 0.6 percent, down from a September prediction of 1.3 percent.

Inflation is now forecast to rise to 2.8 percent, up from 2.0 percent, "weighing on household purchasing power".

"The energy price shock triggered by the Iran war is hitting the recovery hard," said economist Timo Wollmershaeuser of the Ifo institute, adding that increased government spending was nevertheless "preventing a stronger slide", AFP reported.

Oil and natural gas prices have surged since the end of February, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war.

Iran has since closed the Strait of Hormuz to ships of countries it considers allied with the US and Israel, effectively blocking a sea lane that normally transports about a fifth of the world's oil and liquefied natural gas.

Higher inflation in Germany would hit consumer spending, the institutes said, weighing on an already weak economy that has barely grown since a burst of pent-up demand after the Covid pandemic in 2022.

The government on Wednesday introduced rules allowing petrol stations to only raise prices once a day, at noon.

But motorist Sebastian, a 49-year-old estate agent who did not want to give his surname, told AFP at a Frankfurt petrol station that this was not enough to protect his spending power.

"Whether the price of petrol changes once a day or 10 times a day doesn't really matter," he said, adding it was "certainly not enough" to lower his costs.

Germany's economy, struggling with fierce Chinese competition in sectors from cars to chemicals, was in the doldrums even before US President Donald Trump last year imposed sweeping new tariffs before starting the Mideast war in late February.

Chancellor Friedrich Merz, who took office last May, vowed to borrow and spend hundreds of billions through a special infrastructure fund over coming years in what was dubbed a spending "bazooka" aimed at getting the economy back on its feet.

But the economists said that much of the money was simply paying for day-to-day spending.

"Government expenditure on consumption is rising much more sharply than investment," economist Oliver Holtemoeller of the Halle Institute for Economic Research said. "That was not the idea behind changing the financing rules."

The outlook for the longer term was also dire.

Citing low productivity, industrial decline and an ageing population, the institutes warned that Germany's economy would soon be unable to grow sustainably.

"We have also reassessed the structural changes in the German economy and, in particular, revised our forecast for industrial growth downwards," Wollmershaeuser said.

In an era when "demographic change is hitting with full force", he said, "potential growth will come to a standstill by the end of the decade, and we will have to get used to average GDP growth rates of zero percent".

Speaking to broadcaster Welt TV, Economy Minister Katherina Reiche said the government was working on reducing labour taxes and energy costs but that Germans would have to get used to working more over the course of their lives.

"We need to make this country vigorous again," she said. "Germany needs to get its will to win back."