عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Türkiye Sign Understanding for Cooperation in Mining

Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
TT
TT

Saudi Arabia, Türkiye Sign Understanding for Cooperation in Mining

Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)

Saudi Arabia and Türkiye signed on Monday a memorandum of understanding for cooperation in the field of mining.

The agreement was signed during a meeting between Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, in Ankara.

In remarks following the meeting, Bayraktar said discussions touched on mutual investments in energy. He noted that the MoU paves the way for bilateral cooperation in the field of mining and the vital minerals needed in areas such as the manufacture of electric cars and solar panels.

AlKhorayef had kicked off an official visit to Türkiye on Monday with the aim of boosting cooperation opportunities in the industrial and mining sectors.

Last month, Bayraktar expressed his country’s desire to enhance cooperation with Saudi Arabia in the field of energy, pointing to the interest of Saudi Arabia and other Gulf countries to invest in renewable energy in Türkiye.

“Our country has a huge capacity in this field, as it ranks 12th in the world and fifth in Europe,” he stated.

According to data from the Saudi Ministry of Industry and Mineral Resources, the value of non-oil exports to Türkiye amounted to about SAR13.5 billion, while the value of imports reached SAR2.9 billion, in addition to financing export credit insurance worth $26 million from the Saudi Export-Import Bank.

The Saudi Industrial Development Fund also contributes to financing a joint project with Ankara at a value of SAR3.5 million, while Turkish investments have entered into three projects in the Saudi Authority for Industrial Cities and Technology Zones.

Meanwhile, the Turkish e-shopping company, Trendyol, announced that it was accelerating its efforts to launch its operations in Gulf countries, starting with Saudi Arabia and the UAE.

Trendyol Group President Çağlayan Çetin said the company wants to attract more attention from the Gulf to Turkish brands.

Last October, Trendyol signed a cooperation agreement with the Saudi shareholding company, Fawaz Alhokair Group, to offer Turkish-made products to Saudi markets and open their first physical stores in the region.

Most Viewed

 
 
Business

India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
TT
TT

India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.

Business

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
TT
TT

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.

Business

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
TT
TT

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.