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Saudi Arabia Signs Agreement to Develop Aviation-Grade Titanium Alloy Value Chains

The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Tasnee and Boeing to explore the potential investment. (Asharq Al-Awsat)
The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Tasnee and Boeing to explore the potential investment. (Asharq Al-Awsat)
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Saudi Arabia Signs Agreement to Develop Aviation-Grade Titanium Alloy Value Chains

The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Tasnee and Boeing to explore the potential investment. (Asharq Al-Awsat)
The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Tasnee and Boeing to explore the potential investment. (Asharq Al-Awsat)

The Saudi Ministry of Investment signed on Monday an investment cooperation agreement with Saudi Arabia’s Tasnee and Boeing to explore the potential investment and development collaboration opportunities to advance the aviation-grade titanium alloy value chain in the Kingdom for mid and downstream applications.

Tasnee CEO and board member Mutlaq al-Morished stressed that the agreement aims to explore potential cooperation investment and development opportunities between the two companies to enhance the titanium value chain to serve intermediate industries.

Morished told Asharq Al-Awsat that the Ministry of Investment supports the two parties by facilitating their collaboration with the relevant government sectors and addressing the challenges.

He indicated that Tasnee is the only company in the Middle East that manufactures titanium "sponge," used in manufacturing aircraft, nuclear submarines, missiles, and satellites. It produces 15,500 tons annually, equivalent to 10 percent of global production.

The CEO added that the metal is strategic and contributes to achieving Vision 2030 aimed at further localizing technology for advanced industries that raise the competitiveness of the national product and boost the contribution of the private sector and non-oil exports to the gross domestic product.

The Advanced Metal Industries Cluster (AMIC) was established jointly by Tasnee and Cristal in 2014 with a mandate to develop the Titanium Value chain in the Kingdom.

AMIC has established the Upstream projects by setting up a Titanium Sponge plant in Yanbu Industrial City through a JV with Toho – Japan.

The company has established a titanium smelter plant in Jazan City for primary and downstream industries which are considered the world's largest, with an annual capacity of 500,000 tons of titanium slag and 250,000 tons of pig iron.

In 2021, Tasnee announced that the Titanium Ilmenite Smelter Plant is forecast to start trial operations in Q4 of 2021. The first batch was produced in early December of the same year.

Tasnee announced that after implementing all required modifications by Metso Outotec and the relevant contractors, the mechanical completion was achieved in 2021, followed by start-up preparations and heat-up of the furnace.

The furnace load will ramp up from the current 18MW to 30 MW by mid-January 2022. It is the first holding point planned to last 90 days, to optimize the operating parameters of the furnace.

The success of the operation run at the first holding point will then be followed by ramping the load up gradually to around 45MW (70 percent of design capacity) by the end of Q2 2022, the target load for the execution of the sustainable operation test.

The operation was targeted to achieve this milestone in Q4 2022, and the furnace would increase its load to a design capacity of 60 MW.

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Business

As Trump Media Scraps Some Businesses, It's Doubling Down on Truth Social

Trump Media & Technology Company owns the Truth Social platform (Reuters)
Trump Media & Technology Company owns the Truth Social platform (Reuters)
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As Trump Media Scraps Some Businesses, It's Doubling Down on Truth Social

Trump Media & Technology Company owns the Truth Social platform (Reuters)
Trump Media & Technology Company owns the Truth Social platform (Reuters)

The president's media company has tried its hand at a half-dozen new lines of business to lift its stock, but nothing has worked.

Now it's getting back to its roots.

In a conference call with investors Monday, the company behind Truth Social said it will be unwinding much of its expansion and doubling down on its original media business by selling a form of White House access, a move that has raised big ethical questions among Democrats and government watchdogs, said The Associated Press.

Trump started Truth Social after he was kicked off Twitter and Facebook, but the two reinstated him more than three years ago, so the company has had to transform itself. Instead of a “free speech” forum, it now acts more like a “hear it here first” site, a second White House press office where people get scoops from the president on everything from the Iran war to tariffs to the future of the US central bank.

But shares of the parent company, Trump Media & Technology, kept falling so it decided to become more than a media company, and branched into unrelated industries like online betting, finance, investment funds, buying and storing bitcoin and nuclear energy.

Now it's returning to its original mission, with a twist: It's offering a special new service that grants fast access to President Trump's posts for a fee.

The new business could double or triple revenue

In a conference call with investors, the company's new chief executive, Kevin McGurn, said it had already signed up several high speed trading firms, each paying between $60,000 and $100,000 a month.

“We’re in the early innings,” said McGurn, noting that the potential market included data center companies, news organizations and developers of large language models, not just traders, and he was talking to them all.

McGurn has rejected the idea that the new business is an ethics quagmire as good-government groups have said, noting that other social media companies provide a similar service. As for the White House, it denies conflicts even exist between Trump the president and Trump the businessman where his private interests may influence his public policy.

Traders on Wall Street can make big money if they get White House news faster and so are signing up — 10 in the week since the service began, which may seem like a tiny number but translates into a major boost for the company. The monthly customers collectively are paying as much as $7 million and $12 million annually — two to three times the revenue the company took in for all its businesses last year.

Trump Media needs the money — and a lot more.

It's lost more than $1 billion since the start of last year, and its earnings report released Monday for the three months ended June 30 showed relief is not on the horizon. It lost another $238 million, though much of that was due to paper losses from the plunging value of its bitcoin holdings.

Time is running out

The clock is ticking to fix the company.

Trump Media depends partly on outside funding, specifically $1 billion raised from lenders with a special agreement that allows them to get paid back early. They can demand the company buy back their convertible notes on Nov. 30, 18 months before the loans mature.

That cashout date is just after the November midterms, which could impact the company should Democrats get control of Congress. Several current members, including Massachusetts Sen. Elizabeth Warren, say they will hold formal investigations of Trump's businesses, including Trump Media, should they take over.

A third deadline is farther out, but the most consequential — the end of Trump's presidency.

Trump is a big draw for the platform's users, but it's not clear how many will read his posts after he leaves office, much less why traders will pay as much $1.2 million a year for sneak peeks at his posts if he's no longer able to declare on the site that the Strait of Hormuz is open or that he's hiking tariffs on dozens of countries.

Would Vance in the White House help Truth Social? The special, high-speed service, called Truth API, includes posts from other top posters on the site, but no one comes near the president in popularity. He has 13 million followers. The second biggest poster, his son, Donald Jr., has 7.5 million.

Other heavily followed posters include Trump administration members who also may fall in popularity once out of office, including FBI director Kash Patel and Health Secretary Robert F. Kennedy Jr.

A wild card is JD Vance, who will be out of his vice presidential job in 2028 but, if he runs for president and wins, may continue to post on the site where he has five million followers.

The other business line that McGurn is choosing to hold onto is nuclear fusion, a technology still not commercially available but that is getting a big boost by the current administration.

The US government has a helping hand In June, the US Department of Energy released a “road map” committing to government funding to speed the development of nuclear fusion as a national priority and calling for public-private partnerships.

Despite the help, investors still aren't convinced Trump Media has a rosy future.

After closing at about $62 shortly after it went public in 2024, the stock has plunged into the single digits, wiping out billions in stock market value.

On Monday, Trump Media dove again, down 8% to $9.39 a share.

Business

Oil Prices Rise Further as Hopes for Hormuz Deal Fade

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Oil Prices Rise Further as Hopes for Hormuz Deal Fade

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Oil prices extended hefty gains Tuesday as hopes for a reopening of the Strait of Hormuz fade, fanning fresh inflation fears and ramping up bets on at least one US interest rate hike this year.

Crude has surged around 10 percent over the past week, with the United States and Iran appearing no closer to a deal on the crucial waterway despite upbeat comments from the White House earlier in the month, according to AFP.

In the latest blow, Donald Trump said Monday he would seek conflict compensation from Iran as part of any peace negotiations, citing attacks and killings stretching back decades allegedly backed or perpetrated by Tehran.

The US president's announcement was a direct response to Tehran's demand for US war reparations as a precondition to any resolution of the crisis.

Trump's remarks came a day after he said he was "low-keying" his approach to the conflict, suggesting he was prepared to let economic pressure mount in place of further military strikes.

However, the latest back and forth risks putting a quick agreement further out of reach, and on Monday both main crude contracts jumped around five percent. They extended the gains on Tuesday.

"In the absence of any positive headlines on negotiations to reopen the strait, pressure on oil prices has been upward," wrote Jason Wong at BNZ.

And Stephen Innes, global strategist at Quintex Intel, said: "In effect, both sides are trying to weaponize the oil barrel without firing another shot. Washington is trying to choke Iran's ability to get its crude out, while Tehran is squeezing the artery through which everybody else's crude gets through.

"It is quite the game of chicken."

The prospect of oil prices remaining elevated for the time being has revived concerns over inflation and boosted the chances of interest rate increases.

While a surprise loss of more than 20,000 jobs in the US economy last month eased fears of a Federal Reserve hike, a spike in price pressures could force the bank's hand.

Cleveland Fed boss Beth Hammack told Yahoo Finance on Monday: "I would say in general, one 25-basis-point move probably doesn't do a whole lot for the economy.

"So it's probably some number of (movements). But I don't want to prejudge what that number is going to be."

The US-Iran deadlock and rising crude costs comes as traders await the release of consumer price data on Wednesday, which could play a key role in guiding the Fed on its next move.

Asian equities were mixed following a tepid day on Wall Street.

Shanghai, Wellington, Taipei and Manila all edged down but there were gains in Hong Kong, Sydney, Singapore and Seoul.

Tokyo was closed for a holiday.

Business

Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)
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Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the tenth edition of the Future Investment Initiative (FII) Conference will take place in Riyadh from October 26 to 29.

Held under the theme “The Power of Legacy,” FII10 will bring together heads of state, investors, policymakers, innovators and business leaders to explore how today’s decisions can create lasting prosperity for future generations, said the FII Institute in a statement on Monday.

The program will focus on four pillars: capital that builds, technology that elevates, societies that thrive and leadership that inspires.

Princess Dr. Maha bint Mishari Al Saud, Chief Executive Officer of FII Institute, expressed her appreciation for the generous Royal Patronage of the tenth edition.

She noted that the Saudi leadership’s continued support for the Institute’s events and activities, together with the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, constitutes a fundamental pillar in advancing the comprehensive development envisioned by Saudi Vision 2030 and shaping a prosperous and sustainable economic future.

“For ten years, FII has brought together leaders who recognize the power of investment to advance human progress. FII10 invites our global community to consider the legacy of the choices we make, the partnerships we build and the innovations we support. Our goal is to turn these choices into lasting impact for people and future generations,” she added.

Across four days, FII10 will bring together a diverse global community of leaders, investors, policymakers, innovators, and changemakers for a wide-ranging program addressing the world’s most pressing economic and investment priorities.

Since its launch, FII has evolved into a leading global platform for dialogue, collaboration, and action, convening influential voices from around the world. Major agreements and commitments have been announced through the platform, further reinforcing Riyadh’s position as a global center for investment, collaboration, and action.