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Saudi Defense Ministry Concludes 10 Agreements with Local, Int'l Companies

The World Defense Show features latest technologies in the fields of land, sea, air, space and information security. (Asharq Al-Awsat)
The World Defense Show features latest technologies in the fields of land, sea, air, space and information security. (Asharq Al-Awsat)
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Saudi Defense Ministry Concludes 10 Agreements with Local, Int'l Companies

The World Defense Show features latest technologies in the fields of land, sea, air, space and information security. (Asharq Al-Awsat)
The World Defense Show features latest technologies in the fields of land, sea, air, space and information security. (Asharq Al-Awsat)

On the third day of Saudi Arabia’s World Defense Show, which coincided with International Women’s Day, participants focused on stimulating the role of female leaders in defense and security worldwide.

Saudi ambassador to the United States, Princess Rima bint Bandar bin Sultan bin Abdulaziz said on Monday that empowering Saudi women was at the heart of Vision 2030, underlining the importance of sustaining this momentum at the global level.

She added that the Women in Defense program, which was unveiled during the major defense event hosted in Riyadh, provided a unique platform that highlight the importance of achieving equality and enhancing the role of women in the sector.

The program inauguration ceremony was held in the presence of Phebe Novakovic, CEO of General Dynamics, and Marion Blakey, former President and CEO of Rolls-Royce North America and Director of the Federal Aviation Administration, and a member of the Supervisory Committee of the World Defense Show.

Other prominent female attendees included Dana Stroul, Deputy Assistant Secretary of Defense for the Middle East, Heidi Grant, Vice President of Business Development for Boeing and former President of the US Defense Security Cooperation Agency, Dr. Moudhi Al-Jamea, Vice President of the Saudi Telecom Company, and Mashael Al-Shammari, a consultant in the field of space technology and the first female aeronautical engineer in the GCC.

Penny MacPherson, head of the Women in Defense program at the World Defense Show, said that the exhibition comes at an appropriate time for both Saudi Arabia and the global defense industry, adding that the presence of women leaders from all over the world will support their advancement at the local and international levels.

Meanwhile, the Saudi Ministry of Defense signed a number of agreements on Monday, including a contract with Naval Group Arabia Ltd. Worth more than 800 million riyals ($213 million), to provide technical and logistical support services for the Royal Saudi Navy. The contract was signed by Dr. Khaled Al-Biyari, Assistant Minister of Defense for Executive Affairs, and Didier Fouilly, CEO of Naval Group Arabia.

The ministry also signed a contract worth SR3 billion with Hanwha, a Korean defense company. The contract was signed for the Riyal Saudi Land Forces to support its defense capabilities, in addition to localization and supply chain services.

The Ministry of Defense also concluded three different contracts worth SR1.7 billion with Alsalam Aerospace Industries for providing maintenance services for the Royal Saudi Air Force.

With an amount exceeding 400 million riyals ($106 million), the ministry concluded a contract with the Saudi Aircraft Maintenance and Configuration Company, for the Royal Air Force, for technical support services for C-130 aircraft. The contract was signed by Ibrahim Al-Suwaid, Undersecretary of the Ministry of Defense for Procurement and Armament, and Engineer Muneer Bakhsh, CEO of the company.

Moreover, a deal worth more than SR430 million was signed with Norinco, a Chinese company, aimed at securing different types of ammunition for the General Directorate of Arms and Ammunitions.

The Ministry of Defense also signed an SR460 million contract with Poongsan Corporation to secure various types of ammunition for the General Directorate of Arms and Ammunitions.

Another deal was signed with Korean LIG Nex1, amounting to more than 250 million riyals ($66 million), to acquire defense capabilities and electro-optical equipment for the Saudi Royal Navy.

In comments, Al-Biyari said: “The contracts concluded by the Ministry of Defense come in accordance with the directives of Crown Prince Mohammad bin Salman bin Abdulaziz, and the follow-up of Prince Khalid bin Salman, Deputy Minister of Defense, with the aim of raising the readiness of the armed forces, sustaining systems, localizing military industries and maximizing the use of local content.”

He added that contracts forged with local and international companies confirmed the Saudi leadership’s great support and attention to the armed forces, whether in the field of systems manufacturing or assigning.

The Ministry of Defense is participating in the World Defense Show 2022 as the main partner. The exhibition discussed over three days the latest technologies in the fields of land, sea, air, space and information security, and showcased the capabilities of integrated and innovative defense solutions.

Founded by the General Authority for Military Industries, the event featured some of the world’s most cutting-edge, futuristic defense equipment. Almost 600 global companies are taking part in the event, representing over 40 countries.

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Business

Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
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Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo

Syria and the World Bank have agreed to set up a multi-donor ‌trust ‌fund focused ‌on ⁠recovery and reconstruction, they ⁠said in a joint statement on ⁠Sunday, as Damascus ‌aims to ‌rebuild after ‌a ‌more than decade-long civil war.

The fund aims ‌to provide concessional financing, ⁠investment guarantees, technical ⁠support, and capacity building, said Reuters.

Business

China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
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China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)

China's economic growth bounced off three-year lows in the third quarter, as roaring exports offset consumers' tight grip on their wallets, though analysts warn the growing reliance on external drivers is deepening structural imbalances.

The 4.5% pace beat consensus forecasts and analysts expect Beijing to reach its 2026 target of 4.5%-5.0% without resorting to additional stimulus, helped by a strong start to the year and some recent modest fiscal and monetary support.

Monday's data showed retail sales again lagging industrial output, while the property market was still in a downturn, having significantly eroded household wealth for the past five years.

Together with last week's releases showing soft consumer inflation and exports soaring by more than a third, a picture emerges of an economy increasingly dominant in global markets but struggling to generate prosperity at home.

Weak domestic demand has pushed Zhang Chao's motorbike headlights company to all but abandon selling in China to focus on export markets, where orders have doubled this year.

"It's too competitive and there's no profit," Zhang, who manages Southeast Asia operations for his firm, ‌said of China. "The ‌barrier to entry is a bit lower overseas."

Weak consumer demand has intensified price wars, forcing companies to ‌slash ⁠costs, including on ⁠payroll.

Having lost her sales job in June, Laura Shi still road-tripped through China's week-long national holidays in October, but slept in her car on most nights to save on hotels.

"The downside was that I couldn't shower, and there was noise outside," she said.

China's increasingly lopsided growth is prompting the rest of the world to react.

The European Union and China have agreed to limit hybrid car exports to the bloc, but Brussels is planning further curbs as data last week showed September's trade surpluses with Germany and France each jumping more than 200% year-on-year.

"This year’s growth figures highlight a deeper rebalancing challenge for the medium term," ANZ analysts said in a note on Monday's data.

"Rising trade tensions, protectionist measures and geopolitical frictions pose significant risks to future growth," they said, adding "the economy is exposed ⁠to changes in the external environment to a greater extent than policymakers would prefer."

The yuan firmed to its ‌strongest level since July 2022 on Monday.

EXPORT TSUNAMI

China is on track to top last year's $1.2 ‌trillion trade surplus despite rising global tensions.

Exports ranging from chicken meat and beauty products to electric cars and prefabricated homes have surged.

Some manufacturers that moved production abroad ‌are coming back, as US tariffs on Chinese goods are now closer to those on rivals such as Vietnam.

"High-tech manufacturing, chip output, new energy ‌vehicles, and export delivery values reflect a competitive industrial upgrading that is real and accelerating," said ITC Markets analyst Andy Ji.

"However, the growth composition remains deeply unbalanced... Growth is export- and state-led. Domestic demand is not yet self-sustaining, and the property sector shows no floor."

Industrial output rose 5.5% in September.

Statistics bureau official Mao Shengyong said the 4.6% growth in the first nine months of the year was "hard won," acknowledging "unbalanced and inadequate development." High-end manufacturing, "the digital economy" and "modern services" contributed more than 40% of the growth over ‌the period.

Even so, Beijing has rolled out fresh support measures, underscoring concerns over lingering weakness beyond the factory sector.

Measures since late September include cheaper credit for infrastructure and tech, modest mortgage subsidies, and more funds for ⁠local governments, whose tight finances contributed ⁠to a 7.2% fall in fixed-asset investment in January-September.

Economists say the measures are enough to dispel fears of missing the growth target, but remain tilted to the supply side.

"China's export expansion is not without limits," Societe Generale economist Michelle Lam said.

"Without a decisive policy shift toward supporting household incomes and consumption, China is likely to remain trapped in a prolonged period of low inflation and sub-par growth."

On the demand side of the ledger, October's holiday saw average spending per trip fall to four-year lows, while social media flare-ups over gruelling work schedules, low pay and weak labor protections are becoming more frequent.

Retail sales were up 1.1% in September, marking the quickest growth in six months, though off a low base.

In the eastern city of Ningbo, a restaurant owner surnamed Dai said many diners now bring their own drinks rather than ordering from the menu.

"Everyone is cutting jobs these days," Dai said. "Sometimes I wonder whether I should let one or two staff members go and do more work myself."

Unemployment inched lower to 5.2% in September, but economists say the figures are flattered by a growing gig economy. Anyone working even one hour a week is considered employed.

In Hangzhou, 26-year-old accountant Carol Huang is angry that her employer almost halved her bonus. But she says similar jobs in the city offer 3,000-6,000 yuan ($449-$897) per month, much less than she earns, so she is staying put.

"What on earth happened to the job market?" Huang said.

Business

Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
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Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) ended Sunday's session up 0.82 percent at 10,189 points, with trading turnover reaching SAR 2.3 billion ($613 million).

The index hit an intraday high of 10,215 points and a low of 10,107 points.

Among sectors, energy led the gains, rising 1.99 percent, supported by a 2.06 percent increase in Saudi Aramco shares, which closed at SAR 25.80.

Al Arabia, Ladun and Saudi Vitrified Clay Pipe Co. were the top gainers, advancing between 7 and 9 percent to close at SAR 42.12, SAR 1.99 and SAR 16.90, respectively.

On the losing side, Watani Iron Steel topped the list of decliners, falling 8 percent to SAR 3.22, followed by Najran Cement, which dropped 2.32 percent to SAR 5.47, and SAICO, which shed 2.12 percent to close at SAR 9.25.