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Saudi Arabia, Kazakhstan Sign 13 Agreements to Boost Investments

The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
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Saudi Arabia, Kazakhstan Sign 13 Agreements to Boost Investments

The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)

The Saudi-Kazakhstan forum, which kicked off on Sunday, saw the signing of 13 investment agreements in several sectors of common interest, including sports, media, health and medicine and agriculture.

The deals were signed in presence of Kazakh President Kassym-Jomart Tokayev, Saudi Minister of Investment Khaled Al-Falih, and representatives of the public and private sectors in the two countries.

The agreements seek to strengthen efforts to promote investments and increase joint projects between Saudi and Kazakh companies.

Tokayev said that during his meeting with Saudi Crown Prince Mohammed bin Salman at the Royal Court at Al Salam Palace in Jeddah, the two sides agreed to adopt major measures to boost bilateral investments, pointing to the signing of 13 agreements in several fields, which will further advance bilateral trade and technological cooperation.

In his speech, Al-Falih said that the 2050 plan for sustainable development in Kazakhstan was in line with the Saudi Vision 2030, noting that the opening of airlines would increase opportunities for cooperation in trade between the two countries.

Meanwhile, the Saudi Food and Drug Authority and the Veterinary Control and Supervision Committee of the Ministry of Agriculture in the Republic of Kazakhstan signed a cooperation agreement in the field of importing beef and sheep meat.

Similarly, the Saudi Stock Exchange (Tadawul) and Astana International Exchange signed an agreement of cooperation between the financial market in the two countries.

The forum also witnessed the signing of an investment agreement to support the sports sector, and a cooperation agreement in the media sector, while the Saudi News Agency (SPA) and the Television and Radio Complex of the President of the Republic of Kazakhstan signed a cooperation agreement in the field of media and news.

For its part, the Ajlan & Brothers Holding Group signed four agreements in the sectors of food, radiochemistry and the transfer of innovative technologies, as well as in the field of exchanging information and experience on trade issues and export promotion, in addition to an investment agreement to establish a sugar syrup production plant in the Almaty region of Kazakhstan.

Al-Rajhi International Investment Company signed an agreement with the National Investment Company of Kazakhstan to boost cooperation between the two parties.

The Saudi ACWA Power Company also signed an investment cooperation agreement with the Kazakh ministry of Energy to boost cooperation in the field of renewable energy.

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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.