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Major Contracts, Deals on Day Two of Saudi World Defense Show

At the exhibition in Riyadh, KAI is showcasing advanced air combat systems like the FA-50 and KF-21 fighter jets, along with the Advanced Airborne Vehicle (AAV).
At the exhibition in Riyadh, KAI is showcasing advanced air combat systems like the FA-50 and KF-21 fighter jets, along with the Advanced Airborne Vehicle (AAV).
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Major Contracts, Deals on Day Two of Saudi World Defense Show

At the exhibition in Riyadh, KAI is showcasing advanced air combat systems like the FA-50 and KF-21 fighter jets, along with the Advanced Airborne Vehicle (AAV).
At the exhibition in Riyadh, KAI is showcasing advanced air combat systems like the FA-50 and KF-21 fighter jets, along with the Advanced Airborne Vehicle (AAV).

The second day of the World Defense Show, founded by Saudi Arabia’s General Authority for Military Industries (GAMI), saw a flurry of deals and contracts announced by local, regional, and international defense companies.
These deals included agreements for manufacturing and localizing defense systems, joint manufacturing ventures, and various partnerships in the defense sector.
These agreements align with Riyadh’s efforts to strengthen military industries by localizing defense manufacturing.
At the exhibition, which concludes on Feb.8, the Saudi Ministry of Investment and the GAMI revealed signing 11 partnership agreements with private companies.
Notable partners include Airbus, Lockheed Martin, Leonardo from Italy, IBM from the US for information technology, and Türkiye’s Rocketsan for weapons manufacturing.
These agreements aim to fulfill strategic objectives for Saudi Arabia’s military industries, such as localizing defense manufacturing, enhancing military readiness, boosting industrial participation, and creating promising investment opportunities.
They also support the goals of the Kingdom’s national transformation plan, “Vision 2030,” aiming to localize 50% of military expenditure by 2030 and increase investment contributions to the gross domestic product.
Under the oversight of Saudi Investment Minister Engineer Khalid Al-Falih and GAMI Governor Engineer Ahmed Al-Ohali, a set of agreements were signed.
These agreements cover important areas like boosting technology transfer, setting up local production lines, and training local talent in the defense sector.
GAMI highlighted that the focus of the exhibition is on showcasing the latest advancements across various defense sectors like land, sea, air, space, and security.
These agreements align with GAMI’s strategy to develop investment in the sector by supporting local content and expanding opportunities for skilled national workers.
The aim is to strengthen Saudi Arabia’s defense capabilities and establish the kingdom as a regional and global hub for defense industries.
On his part, Al-Ohali emphasized that these agreements result from ongoing efforts to develop and localize the military industries, enhancing their competitiveness and workforce confidence.
According to the governor, partnerships with the Saudi Investment Ministry and collaborating companies will contribute to strengthening Saudi Arabia’s military industrial capabilities, promoting strategic independence, and optimizing expenditure efficiency.
Moreover, US weapon maker Lockheed Martin has signed agreements for Saudi Arabian companies to manufacture parts of its Terminal High Altitude Area Defense (THAAD) system.
A statement by Lockheed Martin revealed that these sub-contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise to strengthen the country’s defense industry.
The main terms of the THAAD defense system procurement contracts stipulate the localization of work in Saudi Arabia, in line with the priorities of Vision 2030 to develop and localize its military industries.
Saudi Arabia is poised to take advantage of these strategies through qualitative international defense partnerships with Lockheed Martin and other major companies, which are manufacturers of innovative equipment that brings mutual benefits to all the parties involved.
Additionally, state-owned Saudi Arabian Military Industries (SAMI) signed a preliminary agreement with Qatar’s Barzan Holdings.
Barzan explained that the initial agreement with SAMI focuses on joint investment and development.
The deal aims to explore shared interests in defense industries, with both sides committed to boosting their collaboration in the future, sources told Asharq Al-Awsat.
Also at the World Defense Show, Airbus restated its commitment to boosting local skills and expertise in Saudi Arabia and the wider region.
Mikail Houari, President of Airbus in Africa and the Middle East, emphasized that their engagement goes beyond just selling products.
They aim to provide guidance, training, and support, contributing to job creation and sustainable economic growth in the area.
The Korean Aerospace Industries (KAI) plans to expand its presence in the Middle East and Africa.
KAI’s CEO stressed the importance of participating in exhibitions like the World Defense Show to boost the company’s business in these regions.

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Business

Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.

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)
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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
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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.