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Saudi Arabia, Côte d'Ivoire Seek to Cooperate In Rice Production

Saudi Arabia seeks to enhance sources of food security and benefit from external agriculture (Asharq Al-Awsat)
Saudi Arabia seeks to enhance sources of food security and benefit from external agriculture (Asharq Al-Awsat)
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Saudi Arabia, Côte d'Ivoire Seek to Cooperate In Rice Production

Saudi Arabia seeks to enhance sources of food security and benefit from external agriculture (Asharq Al-Awsat)
Saudi Arabia seeks to enhance sources of food security and benefit from external agriculture (Asharq Al-Awsat)

The Saudi embassy in Abidjan informed the Saudi private sector about a study of a strategic cooperation project between the Kingdom and the Republic of Côte d'Ivoire for the production and manufacture of rice, sources told Asharq Al-Awsat.

The project will allow the production of one million tons of rice within the first year of the agreement and around three million tons by 2025.

According to sources, the Saudi embassy expressed the desire of the Ivorian side that Saudi Arabia invest in this project.

Earlier this year, the two countries signed a general agreement for cooperation in the economic, commercial and investment fields, as well as in education, arts, culture, media, tourism, youth and sports.

The agreement reflects the Saudi government’s keenness to develop its external relations with countries around the world and to strengthen cultural bonds and common interests.

The study, which was examined by Asharq Al-Awsat, noted that rice was one of the strategic food sectors for the Republic of Côte d’Ivoire and Saudi Arabia, as well as for the majority of developing countries. It is also a sector that requires important water resources, a suitable climate and large investments.

The study underlined that the first two elements - water resources and a suitable climate for rice cultivation – were available in Côte d’Ivoire, while the Kingdom enjoys a private sector capable of investing in this strategic area with all institutional, regulatory and legal guarantees that reassure the investors.

According to the study, many entities have visited the country with the aim of exploring the important capabilities in the field of rice cultivation, including French, Indian and Israeli, without significant results that would allow reversing the trend of increasing dependence on rice imports.

But a large-scale giant project in this field can be proposed within the framework of cooperation between the Kingdom and the West African country that would allow the production of one million tons of rice one year after the beginning of the investment and up to 3 million tons in 2025.

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Syria Signs Landmark Offshore Oil Field Deal

Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
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Syria Signs Landmark Offshore Oil Field Deal

Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi

Syria ’s state-owned petroleum company signed a memorandum of understanding with the US and Qatar on Wednesday for the development of the country’s first offshore oil and gas field.

Syrian Petroleum Company's deal with US energy giant Chevron and the Qatar-based Power International Holding was signed in Damascus in the presence of the US's special envoy to Syria, Tom Barrack, The AP news reported.

Syria's state news agency, SANA, said that the agreement aims to strengthen strategic partnerships in the energy sector and will cover cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development.

The deal marks Syria’s first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners.

Syria’s oil and gas sectors were adversely impacted by the country’s nearly 15-year conflict that killed half a million people and caused wide destruction.

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Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold rose further on Wednesday after logging its biggest daily gain in 17 years in the previous session, as investors flocked to the safe-haven asset amid fresh US-Iran tensions.

Spot gold was up 2.2% at $5,046.47 per ounce, as of 1218 GMT, building on a 5.9% rise on Tuesday.

US gold futures for April delivery climbed 2.7% to $5,068.90 per ounce.

"It is a confluence of risk factors that's really driving the demand. One, there is that central bank independence question, and two, there's all the geopolitical risk aspects," said WisdomTree commodities strategist Nitesh Shah, Reuters reported.

The US military said on Tuesday it shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea. The incident came as diplomats sought to arrange nuclear talks between Iran and the United States.

Meanwhile, US President Donald Trump said on Monday that the investigation into Federal Reserve Chair Jerome Powell should be taken to the end, raising fresh concerns about the central bank's independence.

Gold is rebounding after tumbling nearly 10% on Monday, extending losses from Friday, in the sharpest two-day sell-off in decades. The rout was triggered by Trump's announcement of Kevin Warsh as his pick to lead the Fed and compounded by CME margin hikes. The metal is currently up over 17% for the year.

Market attention will be on the ADP private payrolls report, due later in the day, for clues into the Fed's policy path. Investors currently expect at least two rate cuts in 2026.

"With the Fed still expected to cut further rates this year, this should allow gold to reach $6,200/oz later this year," said UBS analyst Giovanni Staunovo.

Non-yielding bullion tends to perform better in low-interest-rate environments.

Meanwhile, spot silver rose 5.7% to $90 an ounce on Wednesday. The white metal hit a month-low of $71.33 on Monday following a record high of $121.64 on Thursday last week.

Spot platinum added 4% to $2,297.58 per ounce, while palladium gained 5.3% to $1,825.

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Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)
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Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)

The Turkish Treasury said on Wednesday it sold 2 billion euros ($2.37 billion) worth of its latest 8-year eurobond at a yield of ‌5.20%, adding ‌that ‌it ⁠had the lowest ‌spread among euro-denominated issuances over the past 15 years.

The bond will mature on March ⁠10, 2034, Reuters quoted it as saying, ‌adding that the ‍yield ‍was below the ‍fair value implied by the dollar yield curve and was priced at approximately MS +242 basis points.

With this ⁠transaction, the total amount of funds raised from international capital markets in 2026 has reached approximately $5.9 billion, the Treasury said.