عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Germany Look to Expand Qualitative Investments

Minister of Investment Eng. Khalid Al-Falih Friday outlined the unparalleled Saudi investment opportunities that are available to German businesses (Asharq Al-Awsat)
Minister of Investment Eng. Khalid Al-Falih Friday outlined the unparalleled Saudi investment opportunities that are available to German businesses (Asharq Al-Awsat)
TT
TT

Saudi Arabia, Germany Look to Expand Qualitative Investments

Minister of Investment Eng. Khalid Al-Falih Friday outlined the unparalleled Saudi investment opportunities that are available to German businesses (Asharq Al-Awsat)
Minister of Investment Eng. Khalid Al-Falih Friday outlined the unparalleled Saudi investment opportunities that are available to German businesses (Asharq Al-Awsat)

Presenting the mega investment opportunities available in Saudi Arabia, Investment Minister Khalid Al-Falih on Friday stressed that investment prospects in the Kingdom are characterized by quality and match the potentials of prominent German companies.

According to Al-Falih, this will expand the investment and trade partnerships between both Saudi Arabia and Germany.

Saudi Arabia has been mobilizing to strengthen mutual investment relations with strategic partners for more than a month.

In late August, Al-Falih went on an official visit to the UK to discuss major opportunities and benefits from opening the prospects for economic relations to the private sector in the two countries.

In an event hosted by the Ministry of Investment of Saudi Arabia (MISA), the North Africa Middle East Initiative of German Business (NMI), and the German-Saudi Arabian Liaison Office for Economic Affairs (GESALO), the minister outlined how Vision 2030 is driving the Kingdom’s economic transformation and unlocking investment opportunities.

Al-Falih explained that German, international and Saudi companies operating in the Kingdom benefit from the Kingdom’s strategic geographical location, which is not limited to being in the heart of the Middle East, but in a linking location between three continents, Asia, Europe, and Africa.

Saudi Arabia’s location enables companies to reach and serve more than 50% of the world’s population within five hours of travel only.

Germany is a key trade and investment partner for Saudi Arabia. It was the 4th largest source of imports to the Kingdom in 2020, and Saudi Arabia is home to several leading German companies — including Siemens and Bosch.

Al-Falih also pointed out that Vision 2030 leads the economic transformation in the Kingdom and works to provide new investment opportunities for a wide range of international and Saudi investors.

Key sectors open for investment highlighted by Al-Falih included renewable energy, green finance, automotive, petrochemicals, healthcare, life science, supply-chain, information communication technology, and digitization.

Most Viewed

 
 
Business

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
TT
TT

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.

Business

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
TT
TT

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.

Business

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)
TT
TT

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.