عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Omani Ambassador to Asharq Al-Awsat: Riyadh, Muscat to Announce Joint Industrial Zone Soon

Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
TT
TT

Omani Ambassador to Asharq Al-Awsat: Riyadh, Muscat to Announce Joint Industrial Zone Soon

Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)

Saudi Arabia and Oman aim to announce joint industrial and economic zones soon, Oman’s ambassador revealed to Asharq Al-Awsat.

Faisal bin Turki Al Said noted that 2022 would witness increased efforts to achieve the planned partnerships.

The ambassador indicated that both sides are discussing partnerships in joint industrial zones and special economic zones, which will be announced after determining the general framework that achieves mutual benefits.

The Omani diplomat said that efforts are underway, and both sides are holding meetings to determine the needed locations and the type of industries that will be localized.

Al Said added that the first visit abroad by Oman’s Sultan Haitham bin Tariq was to Saudi Arabia, where he met the Custodian of the Two Holy Mosques and the Crown Prince, confirming the partnership strategy.

He indicated that the new stage enhances integration in various fields, achieves aspirations, and boosts bilateral cooperation and Gulf collaboration.

The visit of Oman’s Sultan to Riyadh was followed by a trip made by Saudi Crown Prince Mohammed bin Salman to Muscat.

Last year, the two countries inaugurated the first checkpoint on their border, the Empty Quarter Entry Point, which is crucial for commercial and economic mobility and investment in the coming stage.

The Omani embassy will focus in 2022 on economic blocs, strategic sectors, tourism, and food industries said the diplomat, adding that efforts will boost Saudi-Omani relations.

Al Said pointed out that Oman primarily attracts Saudi, Arab, and foreign investments headquartered in the Kingdom as a significant part of the Gulf economic integration system.

The Omani ambassador explained that after the AlUla summit and the focus on economic integration, observers could see all parties working in the same system.

The past year witnessed the signing of many agreements and partnerships at the ministerial level, in the transport, logistics, technology, oil, gas, or energy sectors.

The partnership between Riyadh and Muscat will help boost the service of small and medium enterprises (SMEs) and the related sectors in industry and agriculture, concluded the ambassador.

Most Viewed

 
 
Business

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
TT
TT

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.