Saudi Arabia, Italy to Boost Comprehensive Strategic Partnership

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
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Saudi Arabia, Italy to Boost Comprehensive Strategic Partnership

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)
The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities. (Saad al-Enezi)

Saudi Arabia and Italy underscored on Monday their strategic relations and determination to further expand their economic partnership.

Addressing the Saudi-Italian Investment Forum being in Riyadh, Saudi Finance Minister Mohammad al-Jadaan discussed the national economy and the "enormous" investment opportunities available.

He said his country is going through an economic transformation that creates investment opportunities in many areas in various sectors.

Saudi Arabia is going through an economic transformation with different companies capable of attracting Italian expertise, capabilities, and innovation.

Bilateral trade between the two nations topped $8.6 billion, a 32.9 percent increase in 2020.

Italy is Saudi Arabia's seventh-largest supplier of goods, and the Kingdom ranks 21 in goods supplied to Italy. Saudi Arabia provides approximately 9 percent of Italy's oil imports.

Speaking at the inauguration of the 12th session of the Saudi-Italian Joint Commission, Jadaan explained that Saudi Arabia is undergoing an economic transformation with the diversification of its economy by concentrating more on non-oil sectors.

He explained that the national economic transformation opens horizons for investors and innovative creativity, calling on Italian investors to be part of this.

"Italian investors with expertise, experience, and innovation are invited to be a part of our transformation," the minister added.

Moreover, Jadaan indicated that Saudi Arabia is increasing its renewable energy resources and creating a series of services, creating great investment opportunities in the Kingdom.

Italy is a leading country in energy investment, said the minister, noting that Italian investors have the opportunity to participate in the Saudi economic transformation.

He addressed culture and tourism, noting that Saudi Arabia is making significant efforts to develop the two sectors by encouraging investors and creating long-term opportunities.

Speaking at the event, Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio stressed that his country is fully prepared to support Saudi Arabia's Vision 2030.

Riyadh and Rome share common interests and strategic priorities that have provided the foundations of a long-term relationship spanning more than nine decades, he remarked.

Italian high-tech companies will contribute to the Kingdom's goals of achieving a more diversified economy, especially in sustainability and energy transition, he continued.

Di Maio acknowledged the Saudi achievements in transforming society and business, asserting that Italy is fully prepared to provide the support the Kingdom needs to implement its reforms.

At the forum, representatives of the private sector emphasized a large number of investment opportunities, leveraging the human and natural resources boasted by their countries and developing programs for partnerships in the economic, commercial, and industrial fields.

Several agreements between Saudi and Italian companies to launch joint businesses were signed at the forum.

Chairman of the Saudi-Italian Business Council, Kamel al-Munajjed, said the efforts made in economic transformation have gone a long way in converting the Saudi economy from an oil-based economy to a prosperous knowledge-based economy.

The economy provided opportunities for millions of Saudi youths, mobilizing untapped potentials in revitalizing the entire society with the dynamism and stimulus the Kingdom's economy enjoys.

Munajjed explained that Vision 2030 contributed to creating innovative job opportunities, placing the Kingdom at the forefront of the green economy countries through the initiatives and renewable energy projects.

He called on Italian investors and companies to double the trade exchange, which ranges from $7 to $8 billion annually, urging the authorities in the two countries to support the partnerships through agreements that prevent double taxation and protect the investment.

He pointed out that Italy is the Kingdom's top partner in the small and medium-sized companies.

Furthermore, he noted that Italy could explore vast potential and opportunities in archaeology and cultural and tourism projects in AlUla.

Italian banks and investment companies are welcome to launch their business in the Saudi market, said Munajjed.

The Saudi-Italian Investment Forum saw the participation of a range of private sector representatives from both nations to explore mutually beneficial investment opportunities.

With a focus on finance, infrastructure and mobility, tourism and culture, and renewable energy, the forum featured interactive presentations spotlighting how a world of opportunity awaits Italian investors as Saudi Arabia's globally recognized reform agenda continues to progress.

The forum concluded with bilateral business meetings and the opportunity for Italian investors to explore the world-leading support services available from Invest Saudi, the Kingdom's investment promotion platform.



Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
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Iraq in Talks with Gulf States on Pipeline Exports beyond Hormuz

Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 
Workers carry out maintenance on a pipeline at a gas separation station in the Zubair oil field near Basra (AP). 

Iraq is in talks with Gulf countries to use their pipeline networks to secure alternative oil export routes beyond the Strait of Hormuz, the state oil marketer SOMO said Thursday.

The move is part of an emergency strategy by the oil ministry to tap regional infrastructure and bypass maritime chokepoints, ensuring Iraqi crude continues to reach global markets while offsetting higher transport costs linked to the current crisis.

Ali Nizar al-Shatari, head of the State Organization for Marketing of Oil (SOMO), said the ministry is prioritizing negotiations to access Gulf pipeline systems extending beyond the Strait of Hormuz and into the Arabian Sea, allowing exports to avoid areas of military tension.

“The goal is to secure stable routes that guarantee efficient flows of Iraqi oil at lower transport costs,” Shatari said, adding that Iraq generated about $2 billion in oil revenues in March, up 28 percent from February.

He said SOMO exported around 18 million barrels of crude from Basra, Kirkuk and the Kurdistan region by using all available outlets, including southern ports that operated until early March and northern routes to Türkiye’s Mediterranean port of Ceyhan.

As part of efforts to diversify export options, Shatari revealed that the first shipments of fuel oil and Basra Medium crude successfully reached Syrian ports.

He noted that Iraq had signed a deal to export 50,000 barrels per day via this route, describing cooperation with Syria as “very significant,” with storage and security provided to ensure safe delivery to the port of Baniyas.

The route has proven effective and could become a permanent option after the crisis, he added.

Shatari further noted that the oil ministry is close to completing repairs on the Iraq-Türkiye pipeline, which suffered extensive damage in previous years.

Technical teams have inspected the most difficult terrain, with about 200 kilometers (125 miles) still to be assessed in the coming days before full pumping of Kirkuk crude resumes.

In a notable logistical move, Iraq has begun pumping Basra crude northwards for export via Ceyhan.

Flows started at 170,000 barrels per day and are expected to stabilize between 200,000 and 250,000 bpd, helping offset disrupted southern exports and supply energy-hungry markets in Europe and the Americas.

Shatari said Iraq has benefited from rising global prices by selling Kirkuk crude — a medium-grade oil — at strong premiums.

He also confirmed the reactivation of an agreement with the Kurdistan region to reuse the pipeline through the region to Ceyhan, helping lift total exports to 18 million barrels in March.

This came despite a drop in production in Kurdistan fields to about 200,000 bpd due to security threats, he added.

 

 


World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

 A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

The war in the Middle East has pushed food commodity prices higher due to higher energy and fertilizer costs, the UN's food agency said Friday. 

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, had increased 2.4 percent in March from February. 

It was the second rise in a row, which the agency said was largely due to higher energy prices linked to conflict in the Middle East. 

Within the index, the category of vegetable oil saw the sharpest rise, of 5.1 percent over February, as palm oil prices reached their highest point since the middle of 2022, due to effects from spiking crude oil prices, FAO said. 

However, a "broadly comfortable" supply of cereal has cushioned the damaged from the conflict, FAO said. 

"Price rises since the conflict began have been modest, driven mainly by higher oil prices and cushioned by ample global cereal supplies," said FAO Chief Economist Maximo Torero in a statement. 

But he warned that if the conflict goes on beyond 40 days and the high prices on fertilizer continue, "farmers will have to choose: farm the same with fewer inputs, plant less, or switch to less intensive fertilizer crops". 

"Those choices will hit future yields and shape our food supply and commodity prices for the rest of this year and all of the next." 

Disruptions to production and supply chain routes had also introduced "additional uncertainty" into the outlook for wheat and maize, FAO found. 


Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.