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Saudi Arabia, Kazakhstan Sign 13 Agreements to Boost Investments

The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
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Saudi Arabia, Kazakhstan Sign 13 Agreements to Boost Investments

The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)
The Saudi-Kazakh forum saw the signing of 13 investment agreements in several sectors of common interest. (Photo: Ghazi Mehdi)

The Saudi-Kazakhstan forum, which kicked off on Sunday, saw the signing of 13 investment agreements in several sectors of common interest, including sports, media, health and medicine and agriculture.

The deals were signed in presence of Kazakh President Kassym-Jomart Tokayev, Saudi Minister of Investment Khaled Al-Falih, and representatives of the public and private sectors in the two countries.

The agreements seek to strengthen efforts to promote investments and increase joint projects between Saudi and Kazakh companies.

Tokayev said that during his meeting with Saudi Crown Prince Mohammed bin Salman at the Royal Court at Al Salam Palace in Jeddah, the two sides agreed to adopt major measures to boost bilateral investments, pointing to the signing of 13 agreements in several fields, which will further advance bilateral trade and technological cooperation.

In his speech, Al-Falih said that the 2050 plan for sustainable development in Kazakhstan was in line with the Saudi Vision 2030, noting that the opening of airlines would increase opportunities for cooperation in trade between the two countries.

Meanwhile, the Saudi Food and Drug Authority and the Veterinary Control and Supervision Committee of the Ministry of Agriculture in the Republic of Kazakhstan signed a cooperation agreement in the field of importing beef and sheep meat.

Similarly, the Saudi Stock Exchange (Tadawul) and Astana International Exchange signed an agreement of cooperation between the financial market in the two countries.

The forum also witnessed the signing of an investment agreement to support the sports sector, and a cooperation agreement in the media sector, while the Saudi News Agency (SPA) and the Television and Radio Complex of the President of the Republic of Kazakhstan signed a cooperation agreement in the field of media and news.

For its part, the Ajlan & Brothers Holding Group signed four agreements in the sectors of food, radiochemistry and the transfer of innovative technologies, as well as in the field of exchanging information and experience on trade issues and export promotion, in addition to an investment agreement to establish a sugar syrup production plant in the Almaty region of Kazakhstan.

Al-Rajhi International Investment Company signed an agreement with the National Investment Company of Kazakhstan to boost cooperation between the two parties.

The Saudi ACWA Power Company also signed an investment cooperation agreement with the Kazakh ministry of Energy to boost cooperation in the field of renewable energy.

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Business

China’s Trade Surplus Soars Past $1 Trillion as AI Boom Powers Exports

In this aerial photo, new Tesla electric vehicles wait for shipment to overseas markets in a port in Shanghai on Tuesday, Nov. 10, 2026. (Chinatopix via AP)
In this aerial photo, new Tesla electric vehicles wait for shipment to overseas markets in a port in Shanghai on Tuesday, Nov. 10, 2026. (Chinatopix via AP)
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China’s Trade Surplus Soars Past $1 Trillion as AI Boom Powers Exports

In this aerial photo, new Tesla electric vehicles wait for shipment to overseas markets in a port in Shanghai on Tuesday, Nov. 10, 2026. (Chinatopix via AP)
In this aerial photo, new Tesla electric vehicles wait for shipment to overseas markets in a port in Shanghai on Tuesday, Nov. 10, 2026. (Chinatopix via AP)

China's trade surplus surged past $1 trillion in the first 10 months as a global race to build AI infrastructure buoyed sales of high-tech products and helped offset weak domestic demand, a dynamic likely to sharpen tensions with major trading partners.

The data comes ahead of next week's Asia-Pacific Economic Cooperation summit in Shenzhen, where Chinese President Xi Jinping and US President Donald Trump are expected to meet for the third time this year, putting broader economic ties and tariff policy squarely in focus.

The figures highlight Beijing's growing reliance on overseas demand to support an economy hobbled by subdued consumption and a protracted property slump. But while the global AI investment boom is expected to keep demand for Chinese technology products strong into 2027, analysts warn that deeper dependence on external markets could leave China more vulnerable to protectionist measures abroad while masking persistent weakness at home.

Exports rose sharply by 35.2% in October from the ‌same month last year ‌in US dollar terms, customs data showed on Tuesday, only a touch slower than the ‌36.3% ⁠surge in September ⁠and comfortably ahead of economists' forecast for an increase of 33.5%.

That helped lift China's trade surplus to $1.04 trillion in the first 10 months, topping $1 trillion for a second consecutive year and reaching the milestone a month earlier than in 2025.

The swelling surplus could fuel further tensions with the European Union, where leaders have called for more trade curbs with China after reaching an agreement with Beijing to limit Chinese exports of hybrid vehicles to the bloc over the next few years. Because the measures have yet to take effect, factories are expected to bring forward shipments, bolstering exports in the near term.

"The risk of additional tariffs and other trade barriers will remain elevated ⁠in 2027, particularly as Chinese manufacturers continue expanding their presence in overseas markets," said Joe ‌Peissel, lead macroeconomist at Trivium China.

China's trade surplus with the US narrowed slightly ‌to $32.71 billion in October from $34.01 billion the previous month, though the broader imbalance remains a source of friction between the world's two largest ‌economies.

Beijing and Washington on Monday formally extended by two months a trade truce that had been due to expire ‌on Tuesday. China said last week that any expansion of purchases of US farm goods would hinge on the implementation of agreed reciprocal tariff reductions.

Imports rose 41.6% in October from a year earlier, beating the 32% increase forecast in the Reuters poll and accelerating from the 31% growth in September. Customs data also showed rare-earth exports edged higher from the previous month, while crude oil imports climbed to their highest level ‌since March as buyers adjusted to supply disruptions in the Middle East.

"The contraction in rare-earth export volumes eased last month, suggesting that China may have begun to relax enforcement of ⁠some export controls," said ⁠Nguyen Hoang Nam, China economist at Capital Economics. "This may reflect continued pressure from the US on Beijing to improve rare-earth supplies."

The data elicited little market response, with China's blue-chip CSI300 Index and the Shanghai Composite Index both edging up 0.1% by the lunch break.

HEADWINDS

One big worry for Beijing is that consumers remain reluctant to spend, constrained by a property market downturn that has battered household wealth and dented confidence in the economic outlook.

Sluggish demand at home has pushed Chinese automakers to seek sales in overseas markets. China's car exports maintained a solid pace of growth in October, while domestic vehicle sales recorded a 12th straight month of declines, separate data released by an industry association showed.

Greater reliance on exports, however, leaves China's economy increasingly exposed to any slowdown in global demand, with some analysts cautioning that shipment growth could cool once the AI investment cycle matures.

For now, most industry observers expect AI-related demand to remain robust. China's exports of semiconductors surged 111.1% year-on-year in the first 10 months in US dollar value terms, while overall shipments of high-tech products jumped 47.9%.

"We may see trade growth moderate next year, given the base effect," said Lynn Song, chief economist for Greater China at ING.

"But AI-related trade is expected to remain strong in the months ahead despite recent equity market volatility."

Business

Tech Leads Stock Rally as Traders Track Wall St Rebound

Chip titans SK hynix and Samsung rallied as Seoul led gains across Asian stock markets. GREG BAKER / AFP
Chip titans SK hynix and Samsung rallied as Seoul led gains across Asian stock markets. GREG BAKER / AFP
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Tech Leads Stock Rally as Traders Track Wall St Rebound

Chip titans SK hynix and Samsung rallied as Seoul led gains across Asian stock markets. GREG BAKER / AFP
Chip titans SK hynix and Samsung rallied as Seoul led gains across Asian stock markets. GREG BAKER / AFP

Stocks rallied Tuesday to extend a Wall Street surge led by technology firms as investors took advantage of lower prices following last week's rout, while another plunge in oil prices added to the upbeat mood.

AI-linked firms led gains across the region, in stark contrast to the battering in reaction to last Tuesday's Democratic sweep of Congress that stoked regulatory concerns.

However, traders remain on edge about profitability in light of the vast sums pumped into the sector, while they were also keeping tabs on Nvidia after boss Jensen Huang's admission of an affair amid speculation of a Chinese espionage plot.

Titans including Amazon, Microsoft and Apple were among the big gainers Monday in New York as tech bounced back with help from bargain-hunting, with observers pointing out that confidence in the AI outlook remained solid.

The Nasdaq's 2.7 percent spike led a strong day on Wall Street, and Asian investors took up the baton.

Seoul surged 4.5 percent thanks to strong advances in chipmakers SK hynix and Samsung, while Tokyo jumped almost three percent on the back of rallies in Kioxia, SoftBank and Tokyo Electron.

Taiwan's TSMC and MediaTek climbed more than two percent to drag the Taiex 2.5 percent higher.

Hong Kong, Shanghai, Sydney, Singapore, Bangkok, Jakarta and Wellington were also higher.

London, Paris and Frankfurt opened with big gains to extend Monday's jump.

However, SPI Asset Management's Stephen Innes said the gains did not suggest markets were back in rude health.

"The market rallied because the sellers stepped away, not because the entire buy-side suddenly rediscovered its courage," he wrote in a commentary.

"For the second consecutive session, the companies receiving the enormous capital expenditure cheques dramatically outperformed the businesses writing them. That is a potentially important development after last week's indiscriminate liquidation," he said.

- 'Positive momentum' -

"The hyperscalers remain central to the AI investment cycle, but the market is increasingly questioning the returns on the extraordinary sums being committed to new infrastructure.

"Equipment providers, optical networking companies and selected data-center suppliers can still benefit from existing spending programs, even as investors become more selective about the ultimate economics for the companies funding those projects."

Oil prices continued their retreat on hopes the United States and Iran will eventually bring an end to the Middle East crisis.

Both main contracts fell around one percent Tuesday, extending the previous day's drop that saw Brent give up almost six percent.

They have lost around 20 percent this month as traders bet on a resolution to the seven-month-old conflict, which has sent inflation soaring and forced central banks to hike interest rates.

US President Donald Trump said Monday there was "positive momentum" towards ending the war after meeting Qatar's prime minister at the White House.

"I had an excellent conversation with Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani," Trump said on Truth Social, adding that "much was discussed with respect to the Islamic Republic of Iran".

While expectations had grown ahead of last week's midterms that he would resume strikes on Iran this month, Trump has talked down such a move while leaving the door open to them.

In his post on Monday, Trump reiterated that the United States was "locked and loaded", but that he believed further strikes were "quite unlikely" given that key US allies in the Gulf "would prefer the status quo".

His comments echoed early statements to CNN over the weekend when he said it was "highly unlikely" fighting would resume.

Business

China’s October Crude Oil Imports Rise to Highest Level Since March Amid Middle East War

A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
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China’s October Crude Oil Imports Rise to Highest Level Since March Amid Middle East War

A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)

China's October oil imports fell 13.3% from a year earlier but reached the highest level since March this year after the US-Israeli war on Iran disrupted supplies from the Middle East, official data showed on Tuesday.

China, the world's biggest oil buyer, imported 41.94 million metric tons of crude oil ‌in October, ‌or 9.88 million barrels ‌per day, ⁠with the daily ⁠import rate up 9.4% from September, according to data from the General Administration of Customs.

China’s oil product exports, including gasoline, diesel, jet fuel and fuel oil, fell to 5.18 million ⁠tons in October from 7.16 million ‌tons in ‌September, but were up 14.6% from a ‌year earlier, according to the data.

Refined ‌oil product exports in the first 10 months of the year totaled 46.59 million tons, down 2% from a year earlier.

Oil ‌product imports rose to 3.15 million tons in October from ⁠1.85 ⁠million tons in September. January-to-October imports fell to 27.15 million tons from 34.19 million tons a year earlier.

Data also showed that natural gas imports, including liquefied natural gas and pipeline gas, rose 2.4% from a year earlier to 10.01 million tons in October.

January-to-October natural gas imports totaled 99.22 million metric tons, down 2.8% from a year earlier.