Falih: Integration of Partners Achieved Waad City's Interim Objectives

Minister Falih with teams at the Waad al-Shamal City (Minister al-Falih official Twitter account)
Minister Falih with teams at the Waad al-Shamal City (Minister al-Falih official Twitter account)
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Falih: Integration of Partners Achieved Waad City's Interim Objectives

Minister Falih with teams at the Waad al-Shamal City (Minister al-Falih official Twitter account)
Minister Falih with teams at the Waad al-Shamal City (Minister al-Falih official Twitter account)

Achieving the goals of the construction phase of the development project of Waad al-Shamaal Industrial City would not have been possible without cooperation and integration between government and private institutions, according to Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih.

During his tour at the project in the northern area, Falih pointed out that to the achievements fulfilled in comparison to the challenges and difficulties facing the construction work and preparations.

He praised the great support of the government of the Custodian of the Two Holy Mosques, and the complementary work between ministries and their partners, as well as work of Maaden and its partners.

Accompanied by members of Maaden’s Board of Directors, Minister al-Falih started his visit by touring Saudi Industrial Property Authority (Modon) during which the director general Khalid al-Salem presented the future infrastructure plans.

Falih and his accompanying delegation were also briefed about the area allocated for Saudi Aramco projects, which will serve as a service area and support center for non-traditional gas sector in the northern border region.

In related news, the minister inspected the housing project where more than 480 units were completed before the planned date. The construction of the residential city and the industrial facilities will continue gradually according to the strategic vision of the project.

Falih also visited the construction site of Karan Hotel Waad al-Shamal, which is considered one of the most important investment opportunities in the city, located in the center of the city.

In addition, the minister visited Maaden al-Shamal Phosphate Company which includes five plants with their facilities, three of which are primary at the project site. Maaden and its partners, SABIC and Mosaic, world's largest phosphate producers, invested around 30 billion riyals in the project.

The tour also included the new administrative building of Maaden al-Shamal Phosphate Company during which the company president and the team gave a technical presentation on the factories' potentials, work mechanisms, training and employment programs.

Also, Saudi Ports Authority completed the construction of three new docks within Ras al-Khair port in order to increase the exportation of Waad al-Shamal products. The first phosphate consignment had been shipped from the port.

Technical and Vocational Training Corporation is also constructing the National Training Institute in the city, while the electric company has completed the construction and operation of the main station and residential substation within the city.

Minister Falih and his accompanying delegation also visited the power plant project in the city, which is being set up by the Saudi Electricity Company which will supply the city with electricity of total capacity of 1390 megawatts, 50 of which are generated by solar power.



India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.