Kenya’s Trade Minister: Nairobi to Witness Qualitative Cooperation with Saudi Arabia

Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
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Kenya’s Trade Minister: Nairobi to Witness Qualitative Cooperation with Saudi Arabia

Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)
Kenya’s Minister of Trade and Industry Moses Kuria (Asharq Al-Awsat)

Kenya’s Minister of Trade and Industry Moses Kuria said that Africa, and his country in particular, would not allow its resources to be exploited in the US-Chinese trade war.

He noted that Kenya looked forward to strengthening economic ties with Saudi Arabia by reviving axes of cooperation.

In an interview with Asharq Al-Awsat, Kuria said that his recent visit to the Kingdom saw the signing of two agreements to increase bilateral trade and investments, which included the establishment of a joint business council and an e-commerce platform.

“In my discussions with the Saudis, I found vital ways to better bridge cooperation between the two countries, and we agreed to increase trade exchange, which amounts to $1.5 billion,” he underlined.

The Kenyan official pointed to his fruitful meetings with Dr. Majid Al-Qasabi, Minister of Commerce, Engineer Khaled Al-Falih, Minister of Investment, and Yasser Al-Rumayyan, CEO of the Public Investment Fund, as well as the heads of huge companies, such as Aramco, SABIC, Maaden and Aqua Power.

“Two agreements were signed to stimulate trade and launch commercial zones between a number of regions of the Kingdom in Riyadh, Jeddah and Dammam,” the minister revealed, adding that the agreements also sought to attract Saudi investments in Africa and launch cooperation in banking.

He expected his country to market Saudi products, such as petrochemicals and fertilizers, not only to Kenya, but also to promising African markets with a population of about 1.3 billion.

The logistics services center in Mombasa is one of the most important achievements of the Saudi-Kenyan agreements, Kuria emphasized, adding: “We are about to discover great opportunities and new areas for qualitative cooperation between the two countries.”

Expanding economic cooperation

The Kenyan Minister of Trade and Industry met with the Saudi business sector at the headquarters of the Federation of Saudi Chambers, where he discussed series of proposals to strengthen and develop his country’s economic ties with the Kingdom.

Those include the establishment of a joint business council, an e-commerce platform, an economic cooperation committee, and incentives for Saudi companies to invest in special economic zones, infrastructure and energy projects in Kenya.

Kuria stressed the importance of establishing a joint Saudi-Kenyan committee for trade and investment cooperation, calling on Saudi companies to invest in electricity, water, roads, housing, communications, mining, financial center, hotels, airports, animal production projects, and others.

Stimulating development opportunities

The Kenyan minister told Asharq Al-Awsat that he discussed with the Executive Director of the Operations Sector of the Saudi Fund for Development (SFD), Eng. Faisal Al-Qahtani, the Kingdom’s efforts to support development projects and programs in his country, with the aim of achieving sustainable development goals.

Saudi Arabia has provided, through the SFD, 13 projects and development programs in the transportation, communications, energy, agriculture, health and water sectors since 1978, through soft development loans with a total value exceeding $163 million, in addition to a grant provided by Riyadh to Nairobi through the Fund.

Kuria said he reviewed with the Federation of Saudi Chambers ways to develop systems and legislation, closely identify the needs of the private sector, and work to enhance the confidence of merchants and consumer protection.

He emphasized the most important challenges facing the private sector with regard to the implementation of technical regulations and standards and obtaining a certificate of conformity and a quality mark.

The US-Chinese trade war

Commenting on the US-Chinese race to acquire investment shares in African economic resources, Kuria stressed that African countries, including Kenya, have economic and investment relations with both Washington and Beijing, as is the case with other states in the world.

The minister said he believed that Washington’s prioritization of Africa in its policies, as seen in the recent American-African summit, was built on the huge natural and human potential available in the African Continent.

Similarly, Kuria noted that China found important economic and investment opportunities in African countries, expecting many Chinese companies to enter African markets with the aim to increase investments in the continent.

“There are no limits to African cooperation with China and America,” he said.

He continued: “Africa’s interest requires dealing with everyone without subjecting its will to one party at the expense of another.”

He stressed that the common objective was the exchange of interests and expertise, and benefiting from the capabilities available to all sides.

Kuria said that the world should deal with African countries according to the developments of the stage, as the continent is no longer just a bloc occupied by crises and diseases.

The world has finally discovered that Africa is very rich economically and enjoys great, diversified and vital investment opportunities thanks to its vast fertile lands and abundant water suitable for the largest agricultural and food production in the world, he underlined.



IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.


Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.