New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France

16:50-11 March 2024 AD ـ 01 Ramadan 1445 AH

New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France

New Murabba Development Company, a leading urban development destination in Saudi Arabia, is showcasing its transformative vision at the 2024 MIPIM, a prestigious real estate event gathering industry leaders from across the globe taking place from March 12-15 at Cannes, France.

Under the “Invest Saudi” umbrella, New Murabba aims to attract international investment and highlight the Kingdom of Saudi Arabia's commitment to economic diversification.

New Murabba is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh, Saudi Arabia. It aims to create the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.

As New Murabba prepares for its groundbreaking development, Mukaab, an iconic landmark within the modern downtown district, is undergoing significant progress. The destination has already excavated over 4 million cubic meters of material. Mukaab will feature the latest innovative technology and will be one of the largest built structures in the world at 400 meters in height, width, and length).

New Murabba will offer more than 27 million sq. km of floor area, 119,000 residential units, 9,000 hotel rooms, 980,000 sq. m of retail space, 1.4 million sq. m of office space, 620,000 sq. m of leisure assets, and 1.8 million sq. m of community facilities.

New Murabba’s participation at MIPIM aligns with the Kingdom's ambitious Vision 2030 plan, which aims to diversify the economy, create jobs, and improve the quality of life for its citizens. The destination is expected to attract significant foreign investment, add around $50 billion to the non-oil economy, and create 334,000 direct and indirect jobs by 2030.

“New Murabba represents a pivotal moment in Saudi Arabia’s economic journey,” said Michael Dyke, Chief Executive Officer of New Murabba Development Company. “We are building a future where innovation, sustainability, and cultural vibrancy thrive in harmony. Our presence at MIPIM underscores our commitment to attracting global investment and expertise to co-create this remarkable destination.”

“New Murabba’s strategic location and its dynamic young population make it the perfect launchpad for investors seeking to be part of the Kingdom's exciting transformation,” he remarked.

“We invite investors to be part of this groundbreaking destination, shaping the future of a dynamic metropolis and contributing to the Kingdom's ambitious diversification goals,” Dyke added.

New Murabba Development Company's presence at MIPIM underscores its commitment to enabling Saudi Arabia's economic diversification. New Murabba will be a blueprint for future urban development, delivering innovation, environmental responsibility, and economic growth for the Kingdom while presenting major opportunities for the world to be a part of its success.

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)

17:07-7 February 2026 AD ـ 19 Sha’ban 1447 AH

Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

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)

07:10-7 February 2026 AD ـ 19 Sha’ban 1447 AH

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 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

Asharq Al Awsat

16:20-6 February 2026 AD ـ 18 Sha’ban 1447 AH

Asharq Al Awsat

16:20-6 February 2026 AD ـ 18 Sha’ban 1447 AH

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 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.

New Murabba Leads Saudi Urban Development Investment Drive at MIPIM 2024 France