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Saudi Arabia and Singapore Stress Importance of Cooperation, Sign 7 MoUs

The Saudi Singapore Joint Committee (SPA)
The Saudi Singapore Joint Committee (SPA)
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Saudi Arabia and Singapore Stress Importance of Cooperation, Sign 7 MoUs

The Saudi Singapore Joint Committee (SPA)
The Saudi Singapore Joint Committee (SPA)

The Saudi-Singaporean roundtable meeting was held in Riyadh on Wednesday to review the latest updates of Vision 2030 and remarkable achievements, highlighting the unprecedented transformation in the Kingdom.

The meeting was attended by the Prime Minister of Singapore, Lee Hsien Loong, Saudi Minister of Commerce Majid bin al-Qasabi, Minister of Investment Khalid al-Falih, various Saudi ministers, officials, and CEOs of major companies. It also included Saudi and Singaporean representatives of the government and private sectors.

They discussed investment partnership opportunities in the energy, financial, transportation, logistics, and infrastructure sectors.

The meeting also stressed the importance of cooperation in new and innovative projects to support the economic fields in the Kingdom and Singapore and collaboration in renewable energy and green hydrogen.

It addressed increasing the volume of supporting logistics, infrastructure, human capital development, and cooperation in the entertainment industry.

The roundtable meeting aims to enhance the two countries' investment relations, strengthen economic and investment ties between the Kingdom and Singapore, develop qualitative assets for entrepreneurial companies, and support the private sector to take advantage of opportunities.

Furthermore, Saudi Arabia and Singapore signed seven MoUs in several fields during Tuesday's third session of the Saudi-Singapore Joint Committee held in Riyadh.

The Saudi Minister of Transport and Logistic Services and Singapore's Minister of Manpower Tan See Leng co-chaired the session.

Speaking at the session, Jasser said the Kingdom and Singapore enjoy a robust bilateral relationship spanning nearly six decades.

He added that the joint committee confirms the strong links between Saudi Arabia and Singapore, reiterating that the efforts have flourished after signing several agreements and MoUs covering various areas.

The Minister noted that these joint efforts have enhanced the investment and trade relations between the two countries at all levels in the public and private sectors.

Jasser highlighted the progress of Saudi-Singaporean cooperation, including in the economic, investment, and commercial fields.

He said the trade volume between the two countries significantly increased by around 50 percent in 2022 compared to the previous year, noting that the meeting continues successful efforts and cooperation.

Jasser underlined the importance of enhancing economic and developmental relations between the two countries, facilitating the movement of imports and exports of goods, and attracting investment opportunities in industry and the digital economy.

He also voiced keenness for enhancing cooperation in various areas, noting that he looks forward to implementing infrastructure development projects to improve transportation and facilitate the movement of passengers and goods between the two countries.

The Minister highlighted the significant transformation the Kingdom is witnessing in all sectors under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman.

Acting Secretary General of the Federation of Saudi Chambers Walid al-Arinan explained that the Saudi and Singaporean economies stimulate cooperation and economic partnership and promising opportunities to double trade and investment in light of the Vision 2030 initiatives.

In addition, the Federation of Saudi Chambers and the Singapore Business Forum signed an MoU, and the Saudi Standards, Metrology, and Quality Organization (SASO) also signed an agreement on standardization and coordination.

Meanwhile, the Ministry of Investment signed an MoU for cooperation and facilitation of investments between Singaporean and Saudi companies.

Also, the MoUs include training and development opportunities in the Kingdom and investment opportunities in the education sector.

The session witnessed the signing of an MoU in ports, transportation, and logistics services and an MoU to develop investment in the industrial sector in Riyadh and the health and fitness sectors.

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Business

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.

Business

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.

Business

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.