US Officials: Riyadh, Washington Paving the Way for Greater Economic Investments 

US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
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US Officials: Riyadh, Washington Paving the Way for Greater Economic Investments 

US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)

Former US officials predicted that the Saudi talks at the White House will focus on three main pillars that would pave the way for regional stability and stimulate economic investments.

Scott Pruitt, former Administrator of the Environmental Protection Agency (EPA), said the first pillar is “security and regional architecture. Second is energy, not only oil and gas, but also hydrogen, ammonia, and critical minerals that will power the next generation of industry. The third is investment and technology.”

Prince Mohammed bin Salman, Crown Prince and Prime Minister, had arrived in the US on Tuesday where he held talks with President Donald Trump that focused on consolidating the strategic partnership between their countries. Numerous agreements were announced on the sidelines of the visit.

Pruitt told Asharq Al-Awsat that the relationship between Saudi Arabia and the US “has moved from transactional to strategic.”

“When I first engaged on these issues in government, the focus was largely energy supply and security guarantees. Today, we see structured strategic dialogues, US companies embedded in Saudi mega-projects, two-way investment flows, and growing cooperation in space, digital infrastructure, and advanced industry,” he added.

“The Kingdom’s reforms and Vision 2030 agenda have opened new sectors, tourism, entertainment, logistics, where American firms are natural partners. In short, the cooperation is deeper, more diversified, and more forward-looking than at any other time in our history,” he stressed.

“Visits at this level do two critical things: they set direction and they de-risk action,” Pruitt went on to say. “This meeting can give political backing to move from talking points to term sheets, advancing joint ventures in defense and space, localizing manufacturing in the Kingdom, and forming long-term offtake and investment agreements.”

“As a former regulator, I also see a crucial opportunity for the US and Saudi Arabia to shape the standards and ‘rules of the road’ for these new energy and technology sectors together, instead of leaving that space to others. If that happens, trade, co-investment, and technology transfer will not just increase, but will be anchored in a shared strategic framework that benefits both nations for decades,” he stressed.

Strategic industries

Brian D. Ballard, founder of Ballard Partners, told Asharq Al-Awsat that the Crown Prince’s visit “underscores the renewed strength and shared vision of Saudi-American relations under Trump’s leadership. This visit comes at a pivotal moment as both nations advance a common agenda of security, investment, and innovation.”

“Trump and the Crown Prince are expected to focus on deepening cooperation in defense, trade, and energy - pillars of a partnership that continues to drive prosperity and stability across both nations,” he continued.

“The US-Saudi relationship has reached new heights, grounded in mutual respect and economic opportunity. Under Trump’s leadership, we’ve seen exceptional momentum in technology transfer, energy diversification, and private-sector engagement aligned with Vision 2030,” he remarked.

“This visit will further expand collaboration in strategic industries - from defense and space to renewable energy and hydrogen - cementing the US-Saudi partnership as one of the most consequential alliances shaping the global future,” he added.

Emerging technologies

Edward Mermelstein, former New York City Commissioner for International Affairs, said the Crown Prince’s visit “has the potential to accelerate cooperation” between the Kingdom and the US.

In remarks to Asharq Al-Awsat, he noted that “Saudi Arabia is advancing some of the world’s most ambitious green energy projects, including major investments in hydrogen and ammonia production.”

“Security and energy will always remain essential pillars of the relationship, but the most forward-looking conversations will center on emerging technologies, supply-chain resilience, advanced manufacturing, and economic diversification,” he went on to say.

“The US offers unparalleled expertise in advanced technology, clean energy engineering, defense innovation, and space science,” he said.

“During my tenure as Commissioner for International Affairs in New York City, I saw significant Saudi interest in our city’s leadership in artificial intelligence, life sciences, and urban innovation. At the same time, American companies are increasingly drawn to the scale and ambition of projects underway in the Kingdom.”

“A stronger federal relationship will accelerate what is already happening at the city level. New York and Riyadh are natural partners in creating tech ecosystems, supporting investment platforms, and building the next generation of sustainable and digital infrastructure,” Mermelstein remarked.

“The Crown Prince’s visit adds political support to these efforts and will speed the movement of capital, talent, and technology,” he said.

“This visit arrives at a moment when both countries are looking to deepen cooperation that delivers practical results. Throughout my years of working closely with the Saudi Consulate in New York and engaging with Saudi delegations across business, culture, and technology, I witnessed how Vision 2030 has already reshaped conversations in the United States,” he stated.

“The Crown Prince’s visit elevates that progress to the national level. It signals that both governments are ready to translate shared ambitions into action. For major cities like New York and Riyadh, this creates new opportunities to expand collaboration in technology, investment, education, cultural exchange, and sustainable development. It reinforces a partnership that is already producing real impact on the ground,” he added.



IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.


Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Advances on US–Iran Tensions as Markets Weigh Fed Policy Path

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold prices extended gains on Thursday after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve's monetary policy path.

Spot gold rose 0.2% to $4,989.09 per ounce by 1227 GMT. US gold futures for April delivery held steady at $5,008.60.

"Geopolitical concerns are front and centre with reports that, if the US were to take military action against Iran, it could go on for several weeks," said Jamie Dutta, market analyst at Nemo.money, Reuters reported.

Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.

FED LARGELY UNITED

Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.

Meanwhile, the Fed's January minutes showed it largely united on holding interest rates steady, but divided over what comes next, with "several" open to rate hikes if inflation remains elevated, while others were inclined to support further cuts if inflation recedes.

The weekly jobless claims data, due later in the day, and Friday's Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, will provide further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to CME's FedWatch Tool.

Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver rose 0.9% to $77.87 per ounce after climbing more than 5% on Wednesday.

Silver is "supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86," said Ole Hansen, head of commodity strategy at Saxo Bank.

Spot platinum fell 0.6% to $2,059.55 per ounce, while palladium lost 1.7% to $1,686.47.