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Khartoum Reviews Decision to Seize Lands Owned by Saudi Investors

Saudi investments in the country are estimated at more than USD 6 billion, according to the head of the Joint Saudi-Sudanese Business Council. (Asharq Al-Awsat)
Saudi investments in the country are estimated at more than USD 6 billion, according to the head of the Joint Saudi-Sudanese Business Council. (Asharq Al-Awsat)
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Khartoum Reviews Decision to Seize Lands Owned by Saudi Investors

Saudi investments in the country are estimated at more than USD 6 billion, according to the head of the Joint Saudi-Sudanese Business Council. (Asharq Al-Awsat)
Saudi investments in the country are estimated at more than USD 6 billion, according to the head of the Joint Saudi-Sudanese Business Council. (Asharq Al-Awsat)

Sudan’s Minister of Investment, Dr. Al-Hadi Muhammad Ibrahim, underlined on Monday a strategic plan to solve issues pertaining to Saudi investments in his country.

He said he was looking forward to activating the banking mechanisms between the two sides, after the removal of Sudan from the US list of countries sponsoring terrorism.

The minister also stressed the importance of Saudi investments in Sudan, as one of the most significant resources for the development of the Sudanese economy that provides job opportunities for the youth.

His remarks came during a virtual meeting with members of the Executive Committee of the Saudi-Sudanese Business Council to discuss the main obstacles facing Saudi investors in Sudan at the request of Eng. Hussein Saeed Bahri, Chairman of the Council.

Bahri told Asharq Al-Awsat that the meeting focused on the reality and size of Saudi investments, the obstacles facing such investments, and the need to develop a clear strategy to solve related problems.

He added that the discussions emphasized the need to find a solution to the problem of ports and the means to provide fuel, in addition to reconsidering recent decisions to reclaim some lands owned by Saudi investors in Sudan.

He also quoted the Sudanese Minister of Investment as saying that Saudi investments would receive great attention from his government, as they currently constitute the biggest share of investments in the country.

The head of the joint business council pointed out that Saudi investments in Sudan were estimated at more than USD6 billion in agriculture, industry and the services sector, with a particular focus on agricultural and livestock projects.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.