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Oman, Saudi Arabia Hold Joint Workshop on Digital Economy

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
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Oman, Saudi Arabia Hold Joint Workshop on Digital Economy

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries
The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries

Oman and Saudi Arabia held a joint workshop on the digital economy on Monday.

The three-day workshop aims at strengthening cooperation, discussing joint initiatives and projects, and exchanging expertise between the two countries.

Dr. Ali bin Amer Al Shethani, undersecretary for Communications and Information Technology at Ministry of Transport, Communications and Information Technology, stressed in his speech the importance of the digital economy.

He further reviewed the Sultanate’s indicators and related initiatives and projects.

Dr. Ibrahim bin Mahmoud Babli, the undersecretary of the Ministry of Communications and Information Technology of Saudi Arabia for Planning and Vision Realization, spoke about the importance of the workshop and the joint working sessions.

This would identify investment opportunities in the ICT sector, he added.

The two countries have made great strides to boost economic cooperation since the visit of Oman's Sultan Haitham bin Tarik to the Kingdom and his meeting with Custodian of the Two Holy Mosques King Salman bin Abdulaziz in July.

The visit witnessed the establishment of the Saudi-Omani Coordination Council.

In August, Muscat hosted the Saudi-Omani Investment Forum and the meetings of the joint Saudi-Omani business council to introduce the investment opportunities between the two countries and to reinforce investment in various fields.

Last month also witnessed signing several MoUs to encourage joint investment between Saudi Arabia and Oman.

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US-Saudi Business Council President: Critical Minerals Cooperation Enhances Supply Chain Resilience

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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US-Saudi Business Council President: Critical Minerals Cooperation Enhances Supply Chain Resilience

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

President and CEO of the US-Saudi Business Council Charles Hallab affirmed that cooperation between the Kingdom and the US in critical minerals is gaining significant momentum.

This growth is fueled by strategic investment opportunities and long-term industrial partnerships aimed at localizing value chains and strengthening global supply chain resilience.

In a statement to the Saudi Press Agency, he noted that the interest shown by US companies reflects a practical desire to expand partnerships and explore investment opportunities, including supply arrangements and long-term offtake agreements that support the economic interests of both countries.

Hallab’s remarks came following a high-level roundtable organized by the US-Saudi Business Council in Riyadh to discuss critical minerals and industrial supply chains, as part of the Future Minerals Forum 2026.

He pointed out that the roundtable was attended by more than 120 senior officials, decision-makers, and business leaders from both sides. The participants were led by a high-level US government delegation, as well as officials from Saudi and US entities, companies, and industrial leaders.

Business

Gold Flashes Past $4,700/oz as Trump Threats Dampen Global Sentiment

(FILES) Gold wafers are displayed at Galeri 24, a state-owned gold retailer, in Surabaya, East Java, on October 16, 2025, as Indonesia's gold price stays near record highs and demand for safe-haven assets remains strong. (Photo by Juni KRISWANTO / AFP)
(FILES) Gold wafers are displayed at Galeri 24, a state-owned gold retailer, in Surabaya, East Java, on October 16, 2025, as Indonesia's gold price stays near record highs and demand for safe-haven assets remains strong. (Photo by Juni KRISWANTO / AFP)
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Gold Flashes Past $4,700/oz as Trump Threats Dampen Global Sentiment

(FILES) Gold wafers are displayed at Galeri 24, a state-owned gold retailer, in Surabaya, East Java, on October 16, 2025, as Indonesia's gold price stays near record highs and demand for safe-haven assets remains strong. (Photo by Juni KRISWANTO / AFP)
(FILES) Gold wafers are displayed at Galeri 24, a state-owned gold retailer, in Surabaya, East Java, on October 16, 2025, as Indonesia's gold price stays near record highs and demand for safe-haven assets remains strong. (Photo by Juni KRISWANTO / AFP)

Gold jumped past $4,700 per ounce for the first time on Tuesday, while silver traded near a record high, as US President Donald Trump's threats to slap extra tariffs on European allies soured global sentiment and sparked a rush into safe-haven assets.

Spot gold gained 0.7% to $4,699.93 per ounce by 0514 GMT, having hit an all-time high ‌of $4,701.23 earlier. ‌US gold futures for February delivery climbed ‌2.4% ⁠to $4,706.50 per ​ounce, Reuters said.

Spot ‌silver fell 0.4% to $94.27 an ounce, after hitting a record high of $94.72 earlier in the session.

Trump has intensified his push to wrest sovereignty over Greenland from fellow NATO member Denmark, prompting the European Union to weigh hitting back with its own measures.

"Trump's 'disruptive' policy approach to international affairs and desire to see lower interest ⁠rates suit precious metals very well, as reflected by gold and silver's rampant run," ‌said Tim Waterer, KCM Trade's chief ‍market analyst.

"Trump's second term ‍thus far has been a boon for precious metals, with ‍his unconventional approach to politics playing into the hands of gold and silver."

Gold prices have rallied more than 70% since Trump began his second term a year ago.

On Tuesday, gold also found support ​as concerns lingered around the Federal Reserve's independence with the US Supreme Court this week expected to hear ⁠a case around Trump's attempt to fire Fed Governor Lisa Cook.

The Fed is broadly expected to maintain interest rates at its January 27-28 meeting despite Trump's calls for cuts. Gold, which does not yield interest, typically performs well during periods of low interest rates.

Kelvin Wong, a senior market analyst at OANDA, expects the Fed to continue its rate-cut cycle into 2026, citing a sluggish labor market and lackluster consumer sentiment, with the next reduction now being priced further down the calendar in either June or ‌July.

Among other precious metals, spot platinum slid 0.8% to $2,355.60 an ounce, while palladium dropped 0.7% to $1,828.58.

Business

IMF Raises Saudi Arabia’s Growth Forecast to 4.5% in 2026

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)
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IMF Raises Saudi Arabia’s Growth Forecast to 4.5% in 2026

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)

For the third time in six months, the International Monetary Fund (IMF) has raised its forecast for Saudi Arabia's economic growth for 2025 and 2026, in a sign of a growing robust economy.

The fund is now forecasting the Kingdom's economy, the largest in the Arab world, to grow by 4.3% in 2025 and 4.5% in 2026. This is 0.3 percentage points and 0.5 percentage points respectively higher than the October forecast, according to the IMF’s latest World Economic Outlook Update.

These projections are close to the Saudi government's estimates of 4.4% growth in 2025 and 4.6% this year, stated in the Kingdom’s Pre-Budget Statement for Fiscal Year 2026.

The IMF forecast came after Fitch Ratings affirmed Saudi Arabia’s sovereign credit rating at A+ with a stable outlook, reflecting the Kingdom’s strong fiscal and the momentum of social and economic reforms, according to a report issued by the agency last Friday.

It said the Saudi economy will benefit from higher oil production, as well as the “healthy” prospects for non-oil activities, underpinned by reform, high levels of government and GRE spending, new projects coming on stream and buoyant consumer spending.

Earlier this month, the IMF said next year will be pivotal for the Kingdom thanks to deeper reforms implemented throughout the past years.

It said the resilience shown in 2025 underscores the progress already achieved in reducing the economy’s exposure to oil fluctuations and the sustainability of the Kingdom's financial stability.

Saudi Arabia also built a more diversified and solid economic base, and maintained the growth momentum in its non-oil sector even as oil production falls.

This reflects the ability of the Saudi economy to face market fluctuations, and regional and global challenges.