US Goes on the Offensive in Central Asia

 US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)
US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)
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US Goes on the Offensive in Central Asia

 US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)
US Secretary of State Marco Rubio speaks with members of the media before boarding a plane en route to Uzbekistan, at Joint Base Andrews, Md., Saturday, Oct. 17, 2026. (Kylie Cooper/Pool Photo via AP)

It's dealmaking time: despite the roiling geopolitical tensions embroiling Washington on several fronts, US Secretary of State Marco Rubio headed to Central and South Asia late Saturday to boost commercial ties -- and gain an edge over Russia and China.

With the United States mired in its war with Iran, and the conflict in Ukraine showing no signs of abating, Rubio has stepped up his foreign travel with recent trips to Europe and Latin America, smack in the middle of the US midterm election campaign.

He has largely ceded control of the contentious Iran, Ukraine and Gaza situations to US President Donald Trump's special envoys Steve Witkoff and Jared Kushner.

Rubio was instead leading a massive delegation of 200 business leaders to Uzbekistan, where he will take part on Monday in a ministerial meeting of five Central Asian countries.

"This is an important relationship," Rubio said shortly before his departure, calling the trip a strategic visit. "There's countries you'd like to get to because we want to build our relationships with them."

A senior State Department official told reporters on Friday that Rubio was demonstrating Washington's goodwill toward the "deepening partnership across Central Asia," especially in the energy sector.

Central Asia is a resource-rich region as vast as the European Union but only boasts a population of about 80 million people.

"We've been planning this for several months, and it's an incredible opportunity to bring the United States into a region of the world that is vitally important," said a second senior US official, on condition of anonymity.

During his visit to the Uzbek city of Samarkand, an emblematic stop on the historic Silk Road, Rubio will participate in a C5+1 meeting with ministers from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

In November 2025, Trump welcomed the leaders of those countries to the White House.

The former Soviet republics remain linked to Moscow by energy pipelines, as well as security and migratory networks, but Russian influence has eroded since the start of the war in Ukraine -- with China reaping the benefits.

Beijing is the main trade partner of all five Central Asian nations.

Chinese companies have signed a number of energy-related deals, seeking to buy natural gas in Turkmenistan, uranium in Kazakhstan and rare earths in Tajikistan.

The United States also has made sourcing rare earths and improving its energy mix key parts of its foreign policy.

The US ambassador to India, Sergio Gor -- who also serves as the special envoy for Central and South Asia -- has repeatedly emphasized the need for Washington to have better ties across the region.

- Trade deal -

After his visit to Uzbekistan, Rubio will head to India, with stops in Mumbai and Jamnagar in Gujarat state. Both are industrial hubs and major international port cities.

It will be the secretary of state's second official visit to India this year, after a May trip to New Delhi and Kolkata, signifying Washington's push in the region.

"We're very close" to a trade deal with India, the second senior US official said of negotiations that have dragged on for months.

Last February, the two sides reached a provisional agreement aimed at reducing US tariffs on Indian products.

But just a few days later, the US Supreme Court struck down many of Trump's tariffs, which fueled uncertainty about when a bilateral trade deal could take effect.

Ever since, Washington and Delhi have been locked in negotiations.

Relations were rattled when Trump imposed 25 percent tariffs on Indian goods in retaliation for Delhi's purchases of Russian oil, but those duties have since been lifted.

In Mumbai and Jamnagar, Rubio will offer the new US brand of so-called "commercial diplomacy" in his meetings with Indian business leaders.

He will notably raise plans by the Indian conglomerate Reliance Industries to finance a refinery in Texas. Reliance is led by billionaire Indian tycoon Anant Ambani.



Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
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Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)

Saudi Arabia's real estate market continues to attract investment despite geopolitical challenges weighing on economic activity worldwide, supported by new housing developments and efforts to expand residential supply.

The Ministry of Municipalities and Housing announced that more than 15,000 residential land plots had been made available through the Sakani platform across the Kingdom between the beginning of 2026 and the end of October, alongside additional projects launched by private-sector developers.

The developments underscore the sector's continued momentum and its importance to the Saudi economy.

Government initiatives and private-sector projects aim to expand housing supply and meet growing demand, reinforcing real estate's position as a key driver of economic growth and diversification.

Strong domestic demand and ongoing urban development projects continue to underpin the market's appeal, attracting investment from both Saudi and international investors.

Against a backdrop of geopolitical uncertainty and war-related disruptions to trade, supply chains, financing costs and construction expenses, the real estate sector has gained importance as an industry driven largely by domestic demand and capable of sustaining economic activity.

Private-Sector Investment

Despite mounting global economic volatility and geopolitical tensions, Saudi Arabia's real estate market continues to attract international investment, supported by clear economic policies, expanding development opportunities and strong housing demand.

Real estate developer Arada recently announced its entry into the Saudi market through a partnership with local company XTOPIA, backed by a SAR 50 billion ($13.3 billion) portfolio of land and development opportunities.

The partnership's first project is a SAR 14 billion residential development in Riyadh's Al Rimal district.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP also recently announced the launch of the expression of interest, prequalification and proposal submission stages for a joint land investment project.

The initiative involves developing a municipal land plot in northern Riyadh through a 50-year partnership with the private sector, marking the municipality's first project under the joint investment model.

Real estate specialists described the initiative as an important step toward enabling private investors to develop property assets into sustainable projects with significant economic value.

They said the extended investment period would encourage developers to improve construction quality and services, strengthen project feasibility, diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Balancing the Real Estate Market

The importance of releasing more residential land lies in achieving greater balance in the property market, a government objective outlined by Crown Prince and Prime Minister Mohammed bin Salman.

The strategy seeks to increase housing supply by making more land available, broadening the options accessible to Saudi citizens and enabling more households to move from searching for a home to building and owning one.

Increasing the availability of residential land, particularly in cities and governorates experiencing rising demand, could ease pressure on land prices over the medium term, provided that plot locations and sizes correspond to actual market needs.

The release of additional land also creates opportunities for real estate developers, contractors, engineering firms and building materials suppliers to benefit from anticipated demand for construction projects.

As a result, businesses across the real estate and construction supply chain could see stronger activity despite the impact of the geopolitical crisis on other economic sectors in the region.

The initiative also expands housing choices, supports efforts to increase homeownership rates and improve quality of life, and encourages urban development beyond major metropolitan centers.

Lowering Prices

Real estate developer Ahmed Omar Basoudan believes the main challenge facing Saudi Arabia's property market in the coming period will not simply be increasing the number of land plots and housing units available.

Rather, he said, the priority must be ensuring that homes reach buyers at prices they can afford, while providing adequate infrastructure and services and keeping development and construction costs under control.

Speaking to Asharq Al-Awsat, Basoudan explained that genuine balance in the real estate market depends on the availability of housing that meets buyers' needs in terms of price, location and quality, rather than simply increasing overall supply.

He said the release of more than 15,000 residential land plots during the first 10 months of the year, together with recently announced private-sector projects, reflected the government's continued commitment to expanding housing supply and providing more residential options.

Basoudan stressed that the latest real estate developments represent an important step toward addressing one of the market's most pressing challenges: achieving a sustainable balance between supply and demand, particularly amid the Kingdom's population growth and continued urban expansion.


Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.