Sweden Explores Cooperation, Investment Opportunities in Saudi Arabia

The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
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Sweden Explores Cooperation, Investment Opportunities in Saudi Arabia

The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)
The Swedish delegation visited “The Garage” to support startups within the campus of King Abdulaziz City for Science and Technology (Asharq Al-Awsat)

A Swedish business team is currently in Saudi Arabia, scouting investment chances and economic partnerships. They’re planning to set up a hub or an investment group in the Kingdom, focusing on new ideas and eco-friendly tech.
According to Petra Menander, the Swedish Ambassador to Saudi Arabia, both countries have a strong relationship, especially in economics. Swedish companies have been active in Saudi Arabia since the 1950s, helping with infrastructure and technology.
Speaking to Asharq Al-Awsat, Menander pointed out that small Swedish firms are eager to expand into Saudi Arabia, looking for long-term collaboration in innovation and business.
She also mentioned successful visits to Saudi business projects, showing mutual interest in innovation and tech exchange.

Regarding trade, Swedish exports to Saudi Arabia have increased by over 50% since 2018, with Saudi exports to Sweden rising sharply in 2023 compared to 2022.
Menander expected trade to keep growing, especially in sectors like mining, energy, healthcare, and technology, including areas like agriculture and electric vehicles.
On his part, CEO of Stockholm Fintech Love Dager said that his organization, based in southern Sweden, is helping startups grow globally through their programs.
Moreover, Dager affirmed that Stockholm Fintech sees big chances to work with Saudi companies.
Dager explained that the organization has a network of over 200 investors and partners, supporting more than 900 people. In four years, it helped 140 startups get over $80 million in funding.
He affirmed Sweden’s FinTech industry is strong, adding that companies want to expand globally early.
Highlighting the ambitions of Saudis, Dager said the Kingdom looks promising.
Aliya Sabir, from the HETCH business incubator, mentioned that the organization is encouraging young people in the region to start businesses, aiming for a sustainable future.
Sabir revealed that HETCH has startups with great ideas ready to grow in Saudi Arabia.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.