Saudi-Greek Map Establishes Effective Economic, Trade Partnership

Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
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Saudi-Greek Map Establishes Effective Economic, Trade Partnership

Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)
Saudi Minister of Investment Khaled al-Falih speaking at the Saudi-Greek Investment (Asharq Al-Awsat)

Saudi Arabia and Greece aim to increase their economic, investment, and trade cooperation.

The Saudi Ministry of Investment organized Sunday the Saudi-Greek Investment Forum in Riyadh, with top officials, executive directors of several large Saudi and Greek companies, and representatives of the private sector from both sides.

The event aims at introducing investment opportunities and reviewing aspects of the development of the business environment in the Kingdom.

Saudi Minister of Investment Khaled al-Falih confirmed to Asharq Al-Awsat that the Saudi economy is experiencing steady growth during the first five years of Vision 2030, coupled with fundamental reforms.

Falih said that the National Investment Strategy will allow local and foreign investors to take advantage of available opportunities through sectoral activities, noting that the volume of investments predicted in the following years, until 2030, is about $3.3 trillion, fully available for foreign investors.

Overcoming crises

The Minister pointed out that the Kingdom was able to overcome several crises that struck the whole world over the past few years, especially the health crisis triggered by the coronavirus pandemic with its impact on the economic situation in 2020.

The Saudi economy is moving towards more development and growth, said the Minister.

Greek cooperation

Falih addressed the Saudi-Greek cooperation, saying Athens' economy is based on tourism, energy, marine industries, and construction sectors which are the four most important sectors and the center of the Saudi-Greek Investment Forum.

The Forum was held Sunday over four sessions bringing together leaders from the private and public sectors.

The official expects the Forum to yield investment opportunities to benefit both countries.

Investment Incentives

The Greek Minister of Development and Investment Adonis Georgiadis and Greek deputy minister for economic diplomacy Kostas Fragogiannis affirmed that the political will in the two countries seeks to push bilateral relations to a broader economic and political scale, in light of incentives and guarantees to encourage and protect mutual investments.

The two officials stressed the partnership strategy between Riyadh and Athens given the available opportunities in the two countries, stressing that Greece is ready to move Saudi exports to European markets and nearby regions.

They noted that both governments launched several initiatives and reforms to attract investments, expecting trade growth during the coming period.

Framework for Cooperation

"We have reached a map that clearly and effectively frames our economic, investment, and trade cooperation with the Saudi side," said Greek Deputy Minister of Tourism, Sophia Zacharaki.

Zacharaki told Asharq Al-Awsat: "We look forward to working in the coming period to sustain development, develop tourism, and digitize the sector."

She noted that now is a suitable time for developing bilateral relations to broader horizons, especially in a post-coronavirus time.

The Deputy Minister announced a significant Saudi investment in the Greek tourism sector and other industries, with facilities that increase the number of tourists, exchanged visits, and direct flights between the two countries.

She stressed that the Kingdom had demonstrated great seriousness in implementing the Vision 2030 programs, noting that her country is already seeking to deepen and grow partnerships.

Targeted Sector

Zacharaki expects the tourism sector to recover and increase its growth to eight percent, which means the recovery of €15 billion in direct income following the development of the industry and the establishment of new hotels.

"In 2021, revenues increased by six percent compared to 2019, which means that €11 billion were obtained directly from those who chose Greece as their destination," said the official, adding that despite the geopolitical and geospatial conditions in the region, "the sector grew about 80 percent compared to before the [coronavirus] pandemic."

Real Partnership

For his part, Chairman of Saudi Chambers Ajlan al-Ajlan stressed that the size of investment, commercial, and economic opportunities in the Kingdom and Greece made the Investment Forum a real opportunity for a strong partnership.

In an interview with Asharq Al-Awsat, Ajlan stated that the volume of trade exchange between the two countries grew by 61 percent to reach $1.8 billion, which means there is a great scope for increasing trade exchange, especially in vital sectors, topped by tourism, logistics, and agriculture.

The Chairman pointed out that Greece supports investment in light of the firm will of the leadership and the government in the two countries to advance bilateral cooperation to broader and more wide horizons.

The two leaderships also seek to support the private sector in both countries, which means strengthening their cooperation with an integrated and precise plan.

Investment Strategy

The Saudi Ministry of Investment disclosed at the Forum that 14 Greek companies are investing in the Saudi market in energy, renewable energy, and tourism.

The Forum included sessions to discuss the future of energy, renewable energy, transportation and services, logistics, the future of tourism, construction, and innovation sectors.

Saudi and Greek top investment officials held talks in the Saudi capital to discuss cooperation.

Several bilateral meetings between government agencies and the private sector from both sides were held on the sidelines of the Forum to discuss opportunities for cooperation, partnership, and the promising investment opportunities available in the two countries.



Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
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Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo

European Central Bank President Christine Lagarde has attempted to calm speculation about her stepping down early that has called into question the central bank's separation from politics, telling the Wall Street Journal she expects to complete her term.

Lagarde's status as leader of Europe's most important financial institution
was plunged into doubt this week after the Financial Times reported she planned to leave her job ahead of next spring's French presidential election, giving outgoing leader
Emmanuel Macron a say in picking her successor.

In an interview with the WSJ on Thursday, Lagarde dampened speculation about an imminent exit but still left the door slightly ajar to the possibility that she might leave before the end of her contract in October 2027.

“When I look back at all these years, I ‌think that we have ‌accomplished a lot, that I have accomplished a lot,” she told the ‌paper. “We ⁠need to consolidate ⁠and make sure that this is really solid and reliable. So my baseline is that it will take until the end of my term.”

Reuters exclusively reported that Lagarde had sent a private message to fellow policymakers reassuring them that she was still concentrating on her job and that they would hear it from her, rather than the press, if she wanted to step down.

The ECB has said that Lagarde has not made a decision about the end of her term, but stopped short of denying the FT report.

Some analysts thought an ⁠early exit risked tangling the ECB up in European politics as it could ‌give the impression of trying to make sure France's eurosceptic far ‌right, which could win next year's presidential vote, had no say in her succession.

Lagarde said last year she intended ‌to complete her term, a commitment she has conspicuously failed to repeat this week.

Bank of France Governor Francois ‌Villeroy de Galhau announced plans to step down from his job last week, in a move that gives President Macron a chance to pick the next French central bank chief, drawing sharp criticism from the far-right who called the move anti-democratic.

Villeroy's early departure and the confusion about Lagarde's future come just as US President Donald Trump is attacking the Federal Reserve, ‌further stoking debates about central bank independence from politics.

"After the recent events in the US, this is another reminder that although central banks are nominally ⁠independent, who leads them and ⁠their worldview is a matter for high politics," economists at Oxford Economics wrote on Friday.

As the head of the euro zone's second largest economy, the French president plays an important role in wider negotiations to select the head of the ECB.

Polls show either far-right National Rally leader Marine Le Pen, or her protege Jordan Bardella, could win the French presidency.

While the party has long dropped a call for France to leave the euro, it is still seen as something of an unknown quantity in central banking circles.

According to Reuters, Lagarde told the WSJ that she viewed her mission as price and financial stability, as well as "protecting the euro, making sure that it is solid and strong and fit for the future of Europe."

She also said that the World Economic Forum was "one of the many options" she was considering once she left the central bank.

When Lagarde's name first emerged as a possible candidate for ECB president in 2019, she said she had no interest in the job and would not leave the International Monetary Fund, where she was the managing director.


Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.


Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.