Saudi Maaden Nears Completion of First Phase of ‘Phosphate 3’

Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
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Saudi Maaden Nears Completion of First Phase of ‘Phosphate 3’

Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)

The Saudi Arabian Mining Company (Maaden) has completed utilities commissioning on a $900 million ammonia plant in Ras al-Khair industrial City.

Construction completion is expected in the fourth quarter of 2021.

The ammonia plant is the first project in the $6.4 billion “Phosphate 3” expansion to Maaden’s phosphate fertilizer portfolio. It encompasses the full mine-to-market development process of phosphate fertilizers.

Maaden CEO Abdulaziz al-Harbi said described the project as a “tremendous milestone” for the company’s phosphate portfolio.

“The ammonia plant expansion will add over one million tons ammonia production to reach 3.3 million tons, making Maaden one of the largest ammonia producers east of the Suez Canal.”

The Phosphate 3 expansion will add three million tons of phosphate fertilizer production capacity to Maaden’s portfolio, bringing that to a total production capacity of more than 9 million tons.

The plan will put Maaden among one of the top three global phosphate fertilizer producers and Saudi Arabia the second largest phosphate fertilizer exporter worldwide.

Harbi asserted that Maaden has been moving ahead with the construction during the COVID-19 pandemic and thanks to the dedication of its team and partners, construction has been completed for the utility section and pre-commissioning activities started.

“Safety has remained a priority for us throughout the project and I am pleased to say that over 4,000 employees invested 14 million+ safe man-hours to deliver the construction on the Ammonia 3 project over 32 months,” Harbi added.

Maaden began commercial production of fertilizers in 2011 and has since become one of the top three largest producers of phosphate fertilizers globally, catering to the biggest fertilizer markets and meeting the food requirements of hundreds of millions of people.

It is committed to empowering farmers by providing high-quality products that improve crop quality and yield and supporting Saudi Arabia’s contribution to achieving global food security in line with the UN’s Sustainable Development Goals (SDG).

Maaden’s mine-to-market phosphate business consists of three mega projects: Waad al-Shamal which is the center of the Saudi phosphate industry; Ras al-Khair, a phosphate and bauxite processing superhub; and Phosphate 3.

In 2019, Maaden expanded its phosphate business in sub-Saharan Africa through the acquisition of fertilizer distribution company Meridian Group, enabling faster and better service for local customers in Africa.

In line with Maaden’s sustainability commitment, phosphate operations at Ras al-Khair Industrial City draw all its process water from one of the world’s largest desalination plants and utilize a natural engineered wastewater treatment (NEWT) system.

Between 60 to 80 percent of the treated water gets reused as process water and the rest for local landscape irrigation.

Separately, GE Renewable Energy’s Grid Solutions has won a deal from Doosan Heavy Industries and Construction to build a turnkey substation that will power the Yanbu-4 independent water producer (IWP) plant.

This is the first integrated, seawater reverse osmosis project in the Kingdom that uses clean energy and will be operational in 2023.

Yanbu-4 will have a capacity of 450,000 cubic meters per day of fresh water to be supplied to households in Makkah and Madinah.

CEO of GE’s Grid Solutions for the Middle East, North Africa, and Turkey Bernard Dagher noted that Yanbu-4 project is a major milestone in the development of the Kingdom’s water infrastructure.

“As a renewable energy-driven project, it meets the vision of the Saudi leadership to promote environmental sustainability, while meeting the growing demand for freshwater supply in the cities of Makkah and Madinah.”

Dagher indicated that the new project confirms the company’s ability to be a trusted partner in the infrastructure growth of the Kingdom, including in the delivery of turnkey substations for desalination plants

Desalination has proven a viable alternative to meet Saudi Arabia’s potable water requirements

A report by the UN University states that Saudi Arabia is the world’s largest desalination market, accounting for 22 percent of global production.

Reverse osmosis is the primary desalination process whereby water is pushed under high pressure through fine membranes to produce potable water.

The process of desalination is power-intensive, and GE’s Grid Solutions supports plants through its technology solutions.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


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.