Kenya’s Trade Minister: Nairobi to Witness Qualitative Cooperation with Saudi Arabia

Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
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Kenya’s Trade Minister: Nairobi to Witness Qualitative Cooperation with Saudi Arabia

Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)

Kenya’s Minister of Trade and Industry Moses Kuria said that Africa, and his country in particular, would not allow its resources to be exploited in the US-Chinese trade war.

He noted that Kenya looked forward to strengthening economic ties with Saudi Arabia by reviving axes of cooperation.

In an interview with Asharq Al-Awsat, Kuria said that his recent visit to the Kingdom saw the signing of two agreements to increase bilateral trade and investments, which included the establishment of a joint business council and an e-commerce platform.

“In my discussions with the Saudis, I found vital ways to better bridge cooperation between the two countries, and we agreed to increase trade exchange, which amounts to $1.5 billion,” he underlined.

The Kenyan official pointed to his fruitful meetings with Dr. Majid Al-Qasabi, Minister of Commerce, Engineer Khaled Al-Falih, Minister of Investment, and Yasser Al-Rumayyan, CEO of the Public Investment Fund, as well as the heads of huge companies, such as Aramco, SABIC, Maaden and Aqua Power.

“Two agreements were signed to stimulate trade and launch commercial zones between a number of regions of the Kingdom in Riyadh, Jeddah and Dammam,” the minister revealed, adding that the agreements also sought to attract Saudi investments in Africa and launch cooperation in banking.

He expected his country to market Saudi products, such as petrochemicals and fertilizers, not only to Kenya, but also to promising African markets with a population of about 1.3 billion.

The logistics services center in Mombasa is one of the most important achievements of the Saudi-Kenyan agreements, Kuria emphasized, adding: “We are about to discover great opportunities and new areas for qualitative cooperation between the two countries.”

Expanding economic cooperation

The Kenyan Minister of Trade and Industry met with the Saudi business sector at the headquarters of the Federation of Saudi Chambers, where he discussed series of proposals to strengthen and develop his country’s economic ties with the Kingdom.

Those include the establishment of a joint business council, an e-commerce platform, an economic cooperation committee, and incentives for Saudi companies to invest in special economic zones, infrastructure and energy projects in Kenya.

Kuria stressed the importance of establishing a joint Saudi-Kenyan committee for trade and investment cooperation, calling on Saudi companies to invest in electricity, water, roads, housing, communications, mining, financial center, hotels, airports, animal production projects, and others.

Stimulating development opportunities

The Kenyan minister told Asharq Al-Awsat that he discussed with the Executive Director of the Operations Sector of the Saudi Fund for Development (SFD), Eng. Faisal Al-Qahtani, the Kingdom’s efforts to support development projects and programs in his country, with the aim of achieving sustainable development goals.

Saudi Arabia has provided, through the SFD, 13 projects and development programs in the transportation, communications, energy, agriculture, health and water sectors since 1978, through soft development loans with a total value exceeding $163 million, in addition to a grant provided by Riyadh to Nairobi through the Fund.

Kuria said he reviewed with the Federation of Saudi Chambers ways to develop systems and legislation, closely identify the needs of the private sector, and work to enhance the confidence of merchants and consumer protection.

He emphasized the most important challenges facing the private sector with regard to the implementation of technical regulations and standards and obtaining a certificate of conformity and a quality mark.

The US-Chinese trade war

Commenting on the US-Chinese race to acquire investment shares in African economic resources, Kuria stressed that African countries, including Kenya, have economic and investment relations with both Washington and Beijing, as is the case with other states in the world.

The minister said he believed that Washington’s prioritization of Africa in its policies, as seen in the recent American-African summit, was built on the huge natural and human potential available in the African Continent.

Similarly, Kuria noted that China found important economic and investment opportunities in African countries, expecting many Chinese companies to enter African markets with the aim to increase investments in the continent.

“There are no limits to African cooperation with China and America,” he said.

He continued: “Africa’s interest requires dealing with everyone without subjecting its will to one party at the expense of another.”

He stressed that the common objective was the exchange of interests and expertise, and benefiting from the capabilities available to all sides.

Kuria said that the world should deal with African countries according to the developments of the stage, as the continent is no longer just a bloc occupied by crises and diseases.

The world has finally discovered that Africa is very rich economically and enjoys great, diversified and vital investment opportunities thanks to its vast fertile lands and abundant water suitable for the largest agricultural and food production in the world, he underlined.



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.