Saudi Arabia, Kyrgyzstan to Sign 30 Cooperation Agreements During President's Visit to Riyadh

Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
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Saudi Arabia, Kyrgyzstan to Sign 30 Cooperation Agreements During President's Visit to Riyadh

Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)
Kyrgyzstan Ambassador Ulukbek Maripov. (Saad al-Anzi)

The upcoming visit of Kyrgyz President Sadyr Japarov to Saudi Arabia will witness the signing of 30 new draft agreements and 23 international treaties and deals to enhance comprehensive cooperation with Saudi Arabia.

The third meeting of the Kyrgyz-Saudi Joint Intergovernmental Committee on high-level cooperation is scheduled to be held during the summer of 2022.

Kyrgyzstan Ambassador to the Kingdom Ulukbek Maripov told Asharq Al-Awsat that coordination is underway with the Saudi Foreign Ministry to prepare for the President's first official visit to Saudi Arabia between August and September.

"The visit will boost the Kyrgyz-Saudi relations," said Maripov.

In March, Saudi Foreign Minister Prince Faisal bin Farhan visited Kyrgyzstan, where he held talks with Japarov and Prime Minister Akylbek Japarov.

Kyrgyzstan's Foreign Minister Ruslan Kazakbaev is scheduled to visit the Kingdom in June, announced the ambassador.

Maripov said 2022 marks the 30th anniversary of the establishment of Kyrgyz-Saudi diplomatic relations.

In 2007, his country established its embassy in Riyadh, which paved the way for developing relations, remarked the diplomat, indicating that a general cooperation agreement was signed on January 8, 2014.

He stressed his country's intention to develop consistent cooperation with the Kingdom in the political, parliamentary, trade, economic, investment, cultural and humanitarian fields.

Political cooperation between the two sides is characterized by agreement on various issues amid mutual readiness to upgrade relations to a strategic partnership.

It also includes multilateral cooperation within the framework of international financial organizations and institutions, such as the UN, the Organization of Islamic Cooperation (OIC), the Islamic Development Bank (IsDB), and the Saudi Development Fund (SDF).

Maripov acknowledged that there are significant untapped potentials between their countries in trade, industry, agriculture, investment, joint ventures, energy, green economy, health care, education, and tourism.

He noted that the volume of trade exchange between the two countries is small, but there is an opportunity to increase it.

Trade exchange in 2021 reached more than $500,000, while it was about $4 million before the coronavirus pandemic.

The first Saudi-Kyrgyz business forum was held in Riyadh in February to support small and medium-sized enterprises (SMEs) in the two countries.

The two sides also signed agreements, Maripov said, announcing that another business forum will be held this summer in Kyrgyzstan along with the business council of both countries.

The ambassador indicated that tourism boosts trade relations, noting that Arab tourists regularly visit Kyrgyzstan.

A visa-waiver system has been established, with 8,000 Saudi tourists visiting Kyrgyzstan annually.

Maripov pointed out that direct charter flights between the two countries began in February.

Separately, President Japarov announced earlier this month the signing of an agreement between the Kyrgyz government and Canada's Centerra Gold to resolve disputes over the management of the gold mining company.

According to the document, the Kyrgyz government wholly owns the Kumtor gold mine.

Maripov stated that Kumtor is valued at $3 billion and can generate revenues amounting to $5 billion in the next decade, based on experts' estimates.

He concluded that between 160 and 200 tons of gold would be extracted from the mine, benefiting and supporting the country's budget.

Regarding the impact of the Russian-Ukrainian crisis on his country's economy, Maripov said Kyrgyzstan is following with concern the developments in Ukraine.

Maripov explained that Moscow is his country's largest trade and economic partner, which means that Kyrgyzstan has been affected by the sanctions against Russia and many regional countries have already started to suffer.

The diplomat indicated that Kyrgyzstan is concerned about its food and energy security, while fluctuations in food prices have already been observed, noting that it is still unknown how the costs of energy supplies will change.



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.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.


Bitcoin Falls 8% and Asian Shares Mostly Slip after Wall Street is Hit by Tech Stock Losses

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Falls 8% and Asian Shares Mostly Slip after Wall Street is Hit by Tech Stock Losses

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

US futures and Asian shares traded mostly lower on Friday, tracking Wall Street’s losses as technology stocks again dragged on markets.

Bitcoin sank to roughly half its record price, giving back all it gained since US President Donald Trump won the White House for his second term.

Tokyo’s Nikkei 225 was up 0.8% to 54,253.68, recovering from losses earlier this week, with technology-related stocks leading gains. SoftBank Group rose 2.2% and chipmaker Tokyo Electron rose 2.6%. Japan will also be holding its general election on Sunday, in which Prime Minister Sanae Takaichi expects to win a stronger public mandate for her policies.

Shares of Toyota Motor were up 2%. The carmaker said Friday its CEO Koji Sato will be stepping down in April, and is to be replaced by Chief Financial Officer Kenta Kon, The Associated Press said.

South Korea’s Kospi lost 1.4% to 5,089.14, weighed down by tech shares. Samsung Electronics, the country’s biggest listed company, fell 0.4%. Chipmaker SK Hynix was also down 0.4%.

Hong Kong’s Hang Seng fell 1.4% to 26,519.60. The Shanghai Composite index was down 0.3% to 4,065.58.

In Australia, the S&P/ASX 200 shed 2% to 8,708.80.

Taiwan’s Taiex was mostly flat. India's Sensex traded 0.1% lower.

Against the backdrop of the technology sell-off this week, bitcoin, the world’s largest cryptocurrency, saw dimming enthusiasm and was trading about 8% lower at just under $65,000 early Friday, after it briefly sank over 12% to below $64,000 on Thursday. That’s down from a record of above $124,000 in October.

The future for the S&P 500 was 0.2% lower, while that for the Dow Jones Industrial Average fell 0.1%.

On Thursday, the S&P 500 fell 1.2% to 6,798.40, its sixth loss in the seven days. The Dow Jones Industrial Average fell 1.2% to 48,908.72. The Nasdaq composite dropped 1.6% to 22,540.59.

Technology stocks were among the worst hit as concerns persist over whether massive AI investments by many of the Big Tech firms will pay off.

Chipmaker Qualcomm sank 8.5% despite better-than-expected quarterly revenues. Alphabet lost 0.5% as investors were focused on its huge spendings on AI.

Amazon fell 11% in after hours trading Thursday after it announced plans to boost capital spending by more than 50% to $200 billion in AI and other areas.

American artificial intelligence startup Anthropic ’s new AI tools also fueled the sell-off of software stocks on Wall Street this week, as its sophistication means many traditional software development services and products could be disrupted or replaced.

Gold and silver prices have been volatile this week following a monthslong rally as investors moved into safe haven assets prompted by factors including elevated geopolitical tensions. Gold prices fell 0.6% on Friday to $4,858.60 per ounce, after nearing $5,600 last week.

Silver prices dropped 5.5% to $72.52 per ounce after rising earlier this week. It lost more than 31% last Friday.

In other dealings early Friday, US benchmark crude oil gained 35 cents to $63.64 a barrel. Brent crude, the international standard, rose 36 cents to $67.91 a barrel.

The US dollar fell to 156.74 Japanese yen from 157.03 yen. The euro was trading at $1.1789, up from $1.1777.