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Saudi Arabia, UK Seek Quality Investments in Key Development Sectors

Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih ends an official visit to the United Kingdom to present opportunities for cooperation. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih ends an official visit to the United Kingdom to present opportunities for cooperation. (Asharq Al-Awsat)
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Saudi Arabia, UK Seek Quality Investments in Key Development Sectors

Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih ends an official visit to the United Kingdom to present opportunities for cooperation. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih ends an official visit to the United Kingdom to present opportunities for cooperation. (Asharq Al-Awsat)

Saudi Investment Ministry officials have completed a tour of the UK, where they met British counterparts and agreed to bolster qualitative investments. Both sides also agreed to support British companies willing to open regional headquarters in Saudi Arabia.

Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih concluded his visit to the UK on Friday evening. He held meetings with several British officials and heads of major companies.

Al-Falih met with British Minister of Investment Lord Gerry Grimstone, Secretary of State at the Department of Business, Energy and Industrial Strategy Kwasi Kwarteng, and the Prime Minister’s Special Representative for Education Sir Steve Smith.

During the meetings, they discussed ways to enhance cooperation between the two countries in the sectors of industry, health, food processing, financial services, education, environmental protection, and technology, and the development of the main components of supply and value chains for a number of sectors.

Al-Falih also met the heads of a number of major British companies in different investment sectors and discussed their existing investments in Saudi Arabia and investment opportunities available to them in the Kingdom.

The investment minister said Saudi Arabia aims to double its investments in the UK’s healthcare sector, pointing to the Kingdom’s tendency to expand the clinical tests of new medicines in cooperation with London.

Moreover, Riyadh aims to reach neighboring markets to turn into a global financial hub, Al-Falih explained, stressing the importance of strengthening mutual ties between Riyadh and London in the financial services sector.

Al-Falih discussed several initiatives that aim to boost the investment partnership between the two sides, increase mutual investments and encourage existing projects.

The minister said that more than 600 British companies were operating in Saudi Arabia and expressed aspirations that the meetings will increase the volume of UK investments in Saudi Arabia.

Al-Falih said Saudi Vision 2030 “is an ambitious development plan that offers unprecedented investment opportunities for investors, whether they are governments, companies or individuals.”

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Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The US dollar rose on Tuesday, recovering from its biggest daily percentage drop in 14 months after President Donald Trump suggested the US could impose tariffs on Canada and Mexico by Feb. 1, countering expectations he might take a gradual approach.

Trump told reporters he was thinking about implementing tariffs of around 25% on imports from Canada and Mexico at the start of February over illegal immigrants and fentanyl crossing into the country. He also raised the possibility of a universal tariff but said the US was "not ready" for that yet.

The dollar fell sharply on Monday after Trump's first day in office passed with no specific plans on tariffs and officials said any new taxes would be imposed in a measured way, a major relief for trade-exposed currencies, Reuters reported.

"What you're seeing here, too, is just how crowded long dollar positioning is, so all you need is some ambiguity on the tariff front, and you get these kind of moves," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto.

"The bigger outside moves are going to come now if we see some deals happening, some stuff being negotiated and some of this fear getting priced out. The dollar positioning is long enough that you're going to see some smart people trying to bet on a turn."

The dollar index, which measures the dollar against a basket of currencies, rose 0.32% to 108.33 after dropping 1.24% on Monday. It was up as much as 0.68% earlier in the session.

The euro was down 0.22% at $1.0391. The EU is also seen as a likely target for Trump's tariff policies. Sterling weakened 0.26% to $1.2291.

Talking to reporters on Monday, Trump said he would remedy the trade imbalance either through tariffs or by Europe buying more US oil and gas.

A subsequent trade memo directed agencies to investigate and remedy persistent trade deficits. Analysts at Jefferies said the memo should be seen as a "blueprint for what to expect next on tariffs," and April 1 will be an important date as the agency reports are due by that date.

The Canadian dollar weakened 0.8% versus the greenback to C$1.44 per dollar while the Mexican peso was down 0.86% versus the dollar at 20.698.

The inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal.

In his first term in office, Trump had a history of announcing imminent plans for policy proposals, including on healthcare and infrastructure, only for nothing to take shape.

Against the Japanese yen, the dollar weakened 0.11% to 155.42.

The yen has strengthened against the dollar in three of the last four sessions, supported by growing expectations the Bank of Japan will raise interest rates on Friday.

Japan's top currency diplomat Atsushi Mimura said on Tuesday at a Reuters NEXT Newsmaker event that a weak yen would increase inflation by boosting import costs. Mimura said the government and the central bank were communicating closely every day through various channels.

Markets are pricing an 86.2% chance of a quarter-point increase.

The dollar strengthened 0.23% against the offshore Chinese yuan to 7.278. Trump has threatened China with tariffs of up to 60% but did not detail any plans on Monday.

Beijing later set a stronger fix for the yuan, suggesting it was still inclined to take steps to prop up the currency.