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Saudi Arabia Develops 33 Tools to Protect National Products

The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Develops 33 Tools to Protect National Products

The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)
The Saudi Minister of Industry and Mineral Resources speaks during a dialogue session on the sidelines of the Industry Week activities in Riyadh. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the Saudi market has contributed to building strong local industries that compete in international markets, adding that work was underway to develop 33 tools that limit unfair competition practices.

Saudi Arabia joined the World Trade Organization (WTO) in 2005 in a historic step aimed at increasing domestic and foreign investments, creating job opportunities for citizens, and facilitating the access of Saudi products and services to international markets.

Al-Khorayef pointed to the presence of several incentive programs and initiatives that support entrepreneurs to enter the industrial sector, highlighting opportunities offered by the industry and mineral wealth system to SMEs to enable entrepreneurs to conduct their business with ease.

The minister’s comments came on Sunday during the activities of the Industry Week, which is organized by the General Authority for Small and Medium Enterprises in Riyadh.

During the dialogue session, the minister of Industry and Mineral Resources revealed opportunities and possibilities offered by the system to SMEs and women entrepreneurs to launch their projects in the industrial sector.

He also underlined the efforts deployed by the government and private sectors to push the pace of work in the industrial sector, in addition to the programs and initiatives presented to this sector by various relevant government agencies.

Meanwhile, a report issued by the Saudi Ministry of Investment showed that the number of new foreign investment licenses recorded an increase of 673.4 percent during the second quarter of 2022 on an annual basis.

It noted that the number of investment licenses issued in the second quarter of 2022 amounted to 4,455, compared to 576 licenses in the same period in 2021.

According to the report, the number of investment licenses reached 9,383 in the first quarter of 2022, compared to 2,085 licenses in the fourth quarter of 2021.

The increase in the number of licenses is a result of the state’s efforts to promote foreign direct investment, in addition to correcting the conditions of violators of the anti-commercial cover-up system, as part of a program launched by the Ministry of Commerce to eliminate commercial concealment and limit the spread of commercial fraud in cooperation with 10 government agencies, according to the report.

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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
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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.