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Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
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Türkiye Agrees with Russia Request to Lift Fertilizer Export Obstacles

Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)
Turkish Foreign Minister Mevlut Cavusoglu meets his Russian counterpart Sergei Lavrov in Ankara, Türkiye April 7, 2023. (Russian Foreign Ministry/Handout via Reuters)

Türkiye’s foreign minister said on Friday he agreed with Russia's request to lift obstacles to Russian fertilizer and grain exports, and that this needed to be addressed to extend the overall Black Sea grain deal involving Ukraine.

Mevlut Cavusoglu told a news conference in Ankara, alongside Russian Foreign Minister Sergei Lavrov, that Türkiye was committed to extending the UN-sponsored deal ensuring safe passage of grains and other commodities from Ukrainian ports.

"We attach importance to the continuation of the agreement...not only for Russia and Ukraine's grain and fertilizer exports, but also for stopping the world food crisis," Cavusoglu said.

"We also agree that the obstacles to the export of Russian grain and fertilizer should be removed. Issues need to be addressed for the grain deal to be extended further," he said.

Lavrov said the two top diplomats discussed the grain deal, a potential gas hub in Türkiye, the conflict in Syria, and Ukraine.

NATO member Türkiye has positioned itself as an intermediary between Kyiv and Moscow in the 13-month conflict, brokering with the United Nations the only significant diplomatic breakthrough so far.

The deal agreed last July ensures safe passage of vessels despite a Russian naval blockade of Ukraine's ports.

Last month, Russia said it would extend the agreement for another 60 days despite the UN, Ukraine and Türkiye pushing for a repeat 120-day rollover.

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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.