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Saudi Industry Minister, European Commission Discuss Enhancing Economic Partnership

The meetings discussed cooperation between the two sides. SPA
The meetings discussed cooperation between the two sides. SPA
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Saudi Industry Minister, European Commission Discuss Enhancing Economic Partnership

The meetings discussed cooperation between the two sides. SPA
The meetings discussed cooperation between the two sides. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has held separate meetings with European Commissioner for the Mediterranean Dubravka Suica and European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels.

The meetings discussed on Friday cooperation between the two sides to strengthen the Kingdom's position as a pivotal partner in advancing economic security and integrating global supply chains, ensuring the smooth flow of international trade and securing supplies of critical minerals worldwide.

During his meeting with the European commissioner for the Mediterranean, the minister explored ways to strengthen bilateral economic cooperation and broaden the horizons of partnership between the Kingdom and the EU, affirming Saudi support for regional and global economic security and its commitment to enhancing coordination on issues of mutual interest, thereby reinforcing economic stability and resilience amid global changes and transformations.

In his meeting with the European commissioner for trade and economic security, Alkhorayef discussed prospects for trade, strengthening global supply chain security, securing supplies of critical minerals, exploring opportunities to integrate industrial value chains between the Kingdom and European Union countries, and expanding joint investments in priority sectors.

Alkhorayef’s visit to Belgium aims to exchange expertise, enhance cooperation with European countries in advanced industries, and attract high-quality investments to the Kingdom in support of the objectives of Saudi Vision 2030.

Earlier, he held a meeting with Belgium’s Deputy Prime Minister and Minister of Employment, Economy and Agriculture David Clarinval and Minister of the Middle Class, Self-Employed, and SMEs Éléonore Simonet to discuss strengthening economic ties and enhancing cooperation in the industrial and mining sectors.

The meeting underscored the distinguished bilateral economic relations between the two kingdoms and reviewed opportunities to expand investment partnerships in the industrial sector.

Discussions also explored avenues for cooperation in exchanging expertise, transferring knowledge, and adopting innovative solutions and advanced technologies in vital industries, as well as enabling SMEs to benefit from the opportunities offered by the National Industrial Strategy and the Strategy for the Mining Sector in the Kingdom, thereby promoting sustainable economic development and advancing shared interests.

 

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Business

Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
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Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict

FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo

Danish shipping group Maersk said on Thursday it was increasing its emergency fuel surcharge (EFS) on all export collections and import deliveries due to ⁠the ongoing conflict ⁠in the Middle East.

Oil prices rose on Thursday on worries about supply from ⁠the Middle East region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production.

Maersk ⁠said ⁠in a statement it was increasing its EFS to 20% as of October 12, and that it would continue to review the surcharge regularly.

Business

IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
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IMF Reaches Staff Deal with Pakistan, Potentially Unlocking $1.2 Bn

FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)
FILE - The logo of the International Monetary Fund is visible on its building, April 5, 2021, in Washington. (AP Photo/Andrew Harnik, File)

The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.

If the board approves the deal, Pakistan could access about $1 billion under the ⁠Extended Fund Facility ⁠and $210 million under the climate-focused Resilience and Sustainability Facility, bringing total disbursements under the two programs to around $5.7 billion.

Pakistan remains reliant on external financing to bolster foreign ⁠exchange reserves and meet debt repayments.

"Supported by the EFF, the authorities have successfully navigated the impact of the Middle East conflict, and strong policies have helped preserve macroeconomic stability," Reuters quoted the fund as saying.

Risks remain elevated, however, due to geopolitical tensions, volatile energy prices, tighter global financial conditions ⁠and ⁠trade disruptions, the IMF said.

Pakistan is the most vulnerable major Asia-Pacific economy to a prolonged Middle East conflict, given its dependence on Gulf energy imports, remittances and financing support from the region, Ahmad Mobeen, principal economist at S&P Global Market Intelligence, said earlier this year.

Business

Taiwan’s Foreign Minister Welcomes Partnership with Saudi Arabia to Support Vision 2030 and High-Tech Industries

Taiwanese Minister of Foreign Affairs Lin Chia-lung (X)
Taiwanese Minister of Foreign Affairs Lin Chia-lung (X)
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Taiwan’s Foreign Minister Welcomes Partnership with Saudi Arabia to Support Vision 2030 and High-Tech Industries

Taiwanese Minister of Foreign Affairs Lin Chia-lung (X)
Taiwanese Minister of Foreign Affairs Lin Chia-lung (X)

Taiwanese Minister of Foreign Affairs Lin Chia-lung emphasized that Taiwan attaches great importance to fostering strong economic and investment partnerships with Saudi Arabia and the broader Middle East.

He praised major regional development initiatives, led by Saudi Arabia's Vision 2030, and renewed Taiwan’s readiness to deploy its technological capabilities and resources to foster sustainable cooperation in advanced industries.

Lin made his remarks in response to questions posed by Asharq Al-Awsat newspaper, which covered prospects for economic and technological collaboration, investment opportunities under Vision 2030, Taiwan’s economic performance, as well as its position on regional geopolitical challenges and global energy security.

The Taiwanese Foreign Minister during the opening of a new Taiwan office in the city of Phoenix, Arizona (X)

Economic Cooperation with Saudi Arabia & Vision 2030

In response to a question regarding economic, industrial, and technological ties with the Kingdom, Lin highlighted the global transition from traditional oil-based economies toward digital technology, semiconductors, and artificial intelligence (AI).

"We are aware that Saudi Arabia is actively pushing forward with Vision 2030 and transitioning toward modern technologies. We believe Taiwan is the ideal partner for Middle Eastern nations in these sectors," Lin stated.

Addressing future investment plans, Lin noted: "We are currently looking for partner countries in the Middle East that are willing to engage in normal exchanges and interactions with us.”

“Whenever such engagement is established, we stand fully prepared to invest and allocate our resources—whether in Saudi Arabia, Oman, Qatar, or other friendly nations that maintain strong relations with our international allies,” he added.

Robust Economic Performance and Market Growth

Regarding Taiwan’s economic trajectory and challenges, Lin strong growth indicators, noting that Taiwan’s economy grew by 8.68% last year, with projections expected to exceed 11% this year, fueled by technological innovation and surging global demand for semiconductors and AI technology.

The minister further pointed out that Taiwan’s stock exchange has become the fourth largest in the world, outperforming major G7 economies such as France, the UK, and Italy.

In the semiconductor sector, he noted that major Taiwanese tech firms (such as TSMC) have secured orders stretching over the next five years, exceeding their current manufacturing capacity.

FILE - A worker walks past the logo of TSMC or Taiwan Semiconductor Manufacturing Corp., a Taiwanese multinational semiconductor contract manufacturing and design company, in Hsinchu, Taiwan, on Jan. 29, 2026. (AP Photo/Daniel Ceng, File)

Middle East Crises and Energy Security

Addressing questions regarding regional instability and energy supply routes through the Strait of Hormuz, Lin acknowledged that Middle Eastern conflicts affect Taiwan due to its reliance on imported energy.

However, he emphasized that Taiwan has taken proactive measures to diversify its energy sources by increasing purchases and investments from the United States and Australia, while expanding domestic investments in renewable energy to safeguard national energy security.

Lin reiterated that Taiwan has built significant resilience in risk management amidst geopolitical challenges, expressing the country’s eagerness to share these experiences and forge robust economic bonds with partners around the world.