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Saudi Arabia, Thailand Sign 5 Agreements, Establish Business Council

Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia, Thailand Sign 5 Agreements, Establish Business Council

Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)
Gatherers at the Saudi-Thai Business Forum at the Federation of Saudi Chambers in Riyadh. (Asharq Al-Awsat)

Saudi Arabia and Thailand signed in Riyadh on Monday five commercial agreements and established the Saudi-Thai Business Forum.

Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit confirmed that the two countries would advance towards the most comprehensive cooperative scope, covering all vital sectors.

Laksanawisit addressed the Saudi-Thai Business Council at the Federation of Saudi Chambers in Riyadh, saying his meetings with Saudi officials resulted in the signing of three important agreements in free trade, facilitating commercial procedures, and establishing a joint business council.

Speaking to Asharq Al-Awsat, Laksanawisit said the Kingdom's Vision 2030 is a strong foundation for Saudi Arabia's success and development.

He stressed that the Thai government and the business sector aspire to participate in the projects and investment opportunities the Vision offers.

Trade exchange between Saudi Arabia and Thailand increased by 29 percent in 2021, said the official, noting that the approval of the establishment of a joint business council is essential to boost cooperation between the countries.

He called on Saudi businessmen to invest in various Thai economic sectors and take advantage of the opportunities, the investment environment, and the facilities it offers foreign investors.

Over 350 senior officials and business leaders from Saudi Arabia and Thailand participated in the Saudi-Thai Business Forum organized by the Federation of Saudi Chambers to discuss prospects for economic cooperation.

Governor of the Saudi Standards, Metrology, and Quality Organization (SASO), Saad al-Qasabi, delivered a speech at the council on behalf of Saudi Minister of Commerce, Majid al-Qasabi.

Saad al-Qasabi said Saudi-Thai relations are witnessing unprecedented development and outstanding achievements.

The forum boosts the partnership with Thailand, valued at $7 billion in 2021, he added, noting that intra-regional trade is expected to increase by nearly 30 percent to exceed $9 billion.

President of the Federation of Saudi Chambers, Ajlan al-Ajlan, stressed the importance of the forum in bringing about a qualitative transformation in trade and investment between the Kingdom and Thailand.

Ajlan reviewed the Kingdom's economic potential through Vision 2030 and its efforts to increase non-oil exports by developing several economic sectors.

He explained that the government supports Saudi-Thai economic relations, which helped increase the trade volume by 29 percent in 2021, while the total volume of trade exchange amounted to $34.9 billion during the past five years.

The official supports providing an appropriate investment and commercial climate, including establishing a joint council and activating the agreements signed between the two countries to promote relations to the level of strategic economic partnership.

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World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
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World Bank Projects Lebanon Economy to Contract by 6.4% Due to War

People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)
People inspect a damaged building after an Israeli airstrike on the village of Ansar, southern Lebanon, 15 August 2026. (EPA)

The World Bank on Friday projected that Lebanon's economy would contract by 6.4 percent this year, as the latest Israel-Hezbollah war derailed the country's efforts at recovery.

Lebanon has been dealing with an unprecedented financial crisis since 2019 and was still reeling from the 2024 Israel-Hezbollah war when the Iran-backed group drew it into the Middle East conflict by attacking Israel in March.

Israel responded with a heavy air campaign and ground invasion that Lebanese authorities say have killed more than 4,300 people.

Due to the war, "real GDP is projected to contract by 6.4 percent in 2026, reflecting the collapse in tourism, weaker consumption, disrupted supply chains, heightened insecurity, and prolonged displacement," the World Bank said in a report.

Inflation is also expected to rise to 17.5 percent this year, according to the report.

The World Bank said Lebanon's economy had strengthened before the latest conflict, with an estimated real GDP growth of 4.2 percent in 2025, "the fastest since the onset of the 2019 financial crisis".

"Advancing reforms -- particularly on banking sector restructuring and fiscal management -- will be critical to restoring confidence, protecting stability, and mobilizing the financing needed for reconstruction and recovery," Dahlia Khalifa, the World Bank's Middle East director, said.

The international community has been demanding that Lebanese authorities enact financial reforms in order to secure much-needed economic aid.

Last week, parliament passed amendments to a bank resolution law aimed at restructuring troubled banks and addressing the country's banking crisis.

The International Monetary Fund welcomed the law, describing it as "a very good step that reflects Lebanon's commitment to aligning its legislation with the best international practices".

Lebanon has been in discussions with the IMF, which said it would resume its meetings in Beirut next month.

Business

Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
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Tunisia Olive Oil Exports Surge 55%, Bringing in $1.6 billion

Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui
Tunisian olive oil producer, Mustapha Mtiraoui, displays olives to be pressed at his oil mill in Kairouan, Tunisia February 24, 2024. REUTERS/Jihed Abidellaoui

Tunisia's olive oil exports surged 55.3% to a record 368,000 metric tons in the first nine months of the 2025/26 season, bringing in $1.6 billion in export revenue, up 44.4% from a year earlier, official data showed on Friday.

The surge in olive oil shipments, a vital source of foreign currency and Tunisia's top agricultural export, will provide a much-needed boost to the country's finances as the government grapples with persistent economic and fiscal pressure.

The jump in exports was driven by strong global demand during the first nine months of the season, which began in November.

Extra virgin olive oil accounted for 83.6% of total shipments, the National Observatory of Agriculture said, Reuters reported.

The European Union remained the biggest destination, taking 57.1% of Tunisian olive oil exports, while North America accounted for 24%. More than 70 countries imported Tunisian oil during the period.

Exports to other markets included Saudi Arabia, which took 4.6%, Jordan with 3.1% and African markets at 3.8%, with Egypt accounting for 3.3%.

Bottled olive oil exports rose 50.8% to 51,500 tons, but bulk oil still accounted for the vast majority of shipments, underscoring Tunisia's challenge in capturing more value from one of its most important export products.

Business

South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
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South African Rand Hits Strongest Level since Start of Iran War

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold prices and a weaker dollar boosted the commodity-linked currency.

At 1229 GMT, the rand traded at 15.9925 against the dollar , about 0.8% stronger from its previous close.

Gold, one of South Africa's main exports, rose to a more than three-month high on Friday and was on track for a third straight weekly gain.

The precious metal was supported by a weaker dollar and the US Treasury's announcement that it would increase buybacks of longer-dated securities, Reuters reported.

US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. That came after the Treasury said it would double the size of buybacks on longer-dated securities over the next quarter.

The US dollar was set to end a bumpy week lower, making greenback-priced bullion more affordable for buyers overseas.

Like other emerging market currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the Iran war.

On the Johannesburg Stock Exchange, the Top-40 index was last up 2.2%.

South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 0.5 basis points to 8.56%.