Saudi Arabia, Kyrgyzstan to Sign 30 Cooperation Agreements During President's Visit to Riyadh

Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
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Saudi Arabia, Kyrgyzstan to Sign 30 Cooperation Agreements During President's Visit to Riyadh

Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)

The upcoming visit of Kyrgyz President Sadyr Japarov to Saudi Arabia will witness the signing of 30 new draft agreements and 23 international treaties and deals to enhance comprehensive cooperation with Saudi Arabia.

The third meeting of the Kyrgyz-Saudi Joint Intergovernmental Committee on high-level cooperation is scheduled to be held during the summer of 2022.

Kyrgyzstan Ambassador to the Kingdom Ulukbek Maripov told Asharq Al-Awsat that coordination is underway with the Saudi Foreign Ministry to prepare for the President's first official visit to Saudi Arabia between August and September.

"The visit will boost the Kyrgyz-Saudi relations," said Maripov.

In March, Saudi Foreign Minister Prince Faisal bin Farhan visited Kyrgyzstan, where he held talks with Japarov and Prime Minister Akylbek Japarov.

Kyrgyzstan's Foreign Minister Ruslan Kazakbaev is scheduled to visit the Kingdom in June, announced the ambassador.

Maripov said 2022 marks the 30th anniversary of the establishment of Kyrgyz-Saudi diplomatic relations.

In 2007, his country established its embassy in Riyadh, which paved the way for developing relations, remarked the diplomat, indicating that a general cooperation agreement was signed on January 8, 2014.

He stressed his country's intention to develop consistent cooperation with the Kingdom in the political, parliamentary, trade, economic, investment, cultural and humanitarian fields.

Political cooperation between the two sides is characterized by agreement on various issues amid mutual readiness to upgrade relations to a strategic partnership.

It also includes multilateral cooperation within the framework of international financial organizations and institutions, such as the UN, the Organization of Islamic Cooperation (OIC), the Islamic Development Bank (IsDB), and the Saudi Development Fund (SDF).

Maripov acknowledged that there are significant untapped potentials between their countries in trade, industry, agriculture, investment, joint ventures, energy, green economy, health care, education, and tourism.

He noted that the volume of trade exchange between the two countries is small, but there is an opportunity to increase it.

Trade exchange in 2021 reached more than $500,000, while it was about $4 million before the coronavirus pandemic.

The first Saudi-Kyrgyz business forum was held in Riyadh in February to support small and medium-sized enterprises (SMEs) in the two countries.

The two sides also signed agreements, Maripov said, announcing that another business forum will be held this summer in Kyrgyzstan along with the business council of both countries.

The ambassador indicated that tourism boosts trade relations, noting that Arab tourists regularly visit Kyrgyzstan.

A visa-waiver system has been established, with 8,000 Saudi tourists visiting Kyrgyzstan annually.

Maripov pointed out that direct charter flights between the two countries began in February.

Separately, President Japarov announced earlier this month the signing of an agreement between the Kyrgyz government and Canada's Centerra Gold to resolve disputes over the management of the gold mining company.

According to the document, the Kyrgyz government wholly owns the Kumtor gold mine.

Maripov stated that Kumtor is valued at $3 billion and can generate revenues amounting to $5 billion in the next decade, based on experts' estimates.

He concluded that between 160 and 200 tons of gold would be extracted from the mine, benefiting and supporting the country's budget.

Regarding the impact of the Russian-Ukrainian crisis on his country's economy, Maripov said Kyrgyzstan is following with concern the developments in Ukraine.

Maripov explained that Moscow is his country's largest trade and economic partner, which means that Kyrgyzstan has been affected by the sanctions against Russia and many regional countries have already started to suffer.

The diplomat indicated that Kyrgyzstan is concerned about its food and energy security, while fluctuations in food prices have already been observed, noting that it is still unknown how the costs of energy supplies will change.



SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
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SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration

Asset managers eager to roll out leveraged exchange-traded funds tied to SpaceX on its first trading day have been told to delay the launch until Monday, four sources familiar with the matter said.

The setback denies speculators and traders a chance to capture what many expect could be a strong first-day pop in the shares of the blockbuster IPO, while managers will have to wait for the influx of capital into their products, Reuters said.

"We had really wanted to be out on Friday," said Matt Markiewicz, head ‌of product and ‌capital markets at Tradr ETFs, declining to comment on the ‌delay. ⁠The firm's 2x ⁠long and 2x short ETFs will now debut Monday on Cboe Global Markets .

"There is a lot at stake; these products could end up holding a total of more than $10 billion" in assets, Markiewicz added.

Asset managers seeking SEC approval to launch the ETFs had hoped to trade in lockstep with SpaceX's market debut, several of the issuers said.

Instead, exchanges told them on Wednesday the listings would need to be pushed to the first trading day following ⁠the IPO, according to four sources. The exchanges cited SEC concerns ‌that coupling the ETF launches with leveraged products could complicate ‌the SpaceX debut, three sources said.

The SEC did not respond to requests for comment. ‌A spokesman for the Nasdaq Stock Market, which will be home to the SpaceX IPO ‌as well as some of the ETFs, declined comment. Cboe Global Markets and the New York Stock Exchange could not immediately be reached for comment.

While there is no precedent for leveraged funds - introduced in the US less than four years ago and surging in number over the past ‌12 months - to launch alongside an underlying stock, asset managers had hoped to gain an edge in what analysts say could be ⁠a multibillion-dollar race ⁠for assets in the first weeks of trading.

"There are billions at stake in the first few weeks alone," said Todd Sohn, an ETF analyst at Strategas.

Major players in the leveraged stock arena, including Direxion, GraniteShares, ProShares and Defiance, plan to roll out 2x leveraged long ETFs as soon as they are permitted to do so, according to their filings and advertisements on investment forums and social media sites.

"Investors will have multiple options; they will be able to get SpaceX exposure because of early entry on the part of passive index providers, or through the stock itself, or through the leveraged (ETF) ecosystem, which adds up to a pretty robust mechanism for price discovery," said Simeon Hyman, global investment strategist at ProShares.

He said his firm had no plans to launch early and was comfortable waiting until Monday. "The intent of everybody is to have this (IPO) work smoothly."


Türkiye Central Bank Commits to Continued Disinflation Path

 A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
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Türkiye Central Bank Commits to Continued Disinflation Path

 A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)

Turkish Central Bank Governor Fatih Karahan said on Friday that price stability remains the top priority and that the disinflation process will continue despite recent ‌geopolitical tensions.

The ‌governor said ‌policy ⁠tools and strong ⁠reserves provide the means to sustain disinflation, and that a rebalancing in domestic demand is ⁠expected to continue ‌supporting ‌the process.

Governor said ‌the central bank ‌will continue to monitor all factors affecting the inflation outlook.

Loan ‌growth is moving toward a more ⁠balanced ⁠path, the governor said, citing the latest policy measures.

Strong reserves alongside policy tools act as buffers against geopolitical risks to disinflation.


Dollar Steadies as Traders Weigh Prospects for Iran Ceasefire

A US $100 dollar bill is seen on December 17, 2009. (Reuters)
A US $100 dollar bill is seen on December 17, 2009. (Reuters)
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Dollar Steadies as Traders Weigh Prospects for Iran Ceasefire

A US $100 dollar bill is seen on December 17, 2009. (Reuters)
A US $100 dollar bill is seen on December 17, 2009. (Reuters)

The dollar found its footing on Friday after sliding the previous day as traders waited for confirmation that a ceasefire deal in the Middle East could be imminent.

The euro bounced around and was last very slightly higher at $1.158, near its strongest in a week after the European Central Bank's first interest rate hike in three years on Thursday.

The US dollar was up 0.1% against Japan's currency at 160 yen, keeping it around a key level at which traders tend to get nervous about intervention from Tokyo.

The British pound fell very slightly to $1.341. Data showing the economy contracted in April appeared to have little impact, with the focus on Iran ‌talks.

US President Donald ‌Trump said on Thursday the United States and Iran could ‌sign ⁠a peace deal ⁠as soon as this weekend that would reopen the Strait of Hormuz to shipping. Brent crude slid 3.6% to $87 a barrel on Friday.

Iran's semi-official Mehr news agency said on Friday the memorandum, which contained US commitments to lifting sanctions and its naval blockade, required finalization by the relevant authorities.

Yet analysts and investors sounded a skeptical note, saying potential breakthroughs have previously failed to materialize.

"There's a question around the hopes of a deal, ⁠and questions around whether it will be met and agreed upon ‌by Iran and the United States," said Michael ‌Wan, senior currency analyst at Mitsubishi UFJ Financial Group in Singapore.

"It sounds like it's quite ‌close, but they're not exactly at the finish line."

The US dollar index, which ‌measures the greenback's strength against a basket of six currencies, was flat at 99.68 after slumping to its weakest in a week on Thursday.

Investors have flocked to the safe-haven dollar when tension in the Iran war has flared, and sold it to buy stocks when peace talks ‌have appeared to make progress.

"For today, the market will again be headline-driven. Will Vice President JD Vance be getting ⁠on a plane ⁠to Europe to sign some kind of agreement?" asked Chris Turner, global head of markets at ING.

"And more importantly, will we receive confirmation from Iran that it is happy with a deal and will also be sending a delegation to Europe this weekend? Expect the dollar to be bounced around."

Data on Thursday showed US producer prices increased more than expected in May, ahead of Kevin Warsh's first rate-setting meeting as chair of the Federal Reserve next week.

Traders expect the Fed to keep rates steady at 3.5% to 3.75%but see a more than 50% chance that it raises them by the end of the year, with pricing pulled slightly lower on Thursday by Trump's comments about a potential deal.

In cryptocurrencies, bitcoin was up 0.1% at $63,430 but down 13% for the month so far.