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Saudi Arabia, China Discuss Investment Opportunities in Lithium, Copper Production

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
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Saudi Arabia, China Discuss Investment Opportunities in Lithium, Copper Production

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)
Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef discussed with Chinese mining companies on Friday boosting cooperation in the mining sector and joint investment opportunities in processing and producing lithium used in electric car batteries and processing and refining copper.

Assistant Minister of Industry and Mineral Resources for Planning and development Abdullah Ali Alahmari, CEO of the National Industrial Development Center, Saleh Al-Solami and CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON) Majed Al-Argoubi attended the meeting in China.

Alkhorayef is on an official visit to China as part of an economic tour in East Asia that included Singapore. The minister is heading a delegation of officials from the mineral wealth industry with a plan to strengthen bilateral ties, attract investments to the Kingdom, and discover investment opportunities in the industrial sector.

Alkhorayef reviewed with the Chairman of the Board of Directors of General Lithium Corporation the Kingdom's objectives in the electric car manufacturing sector, the available investment opportunities in the sector, and the importance of developing cooperation and exchanging knowledge and innovation in the sector, especially in the field of lithium production and processing.

The minister highlighted the Kingdom's plans to become a global hub for producing and exporting electric vehicles and develop its industry to produce 500,000 electric vehicles annually by 2030 as part of developing the infrastructure for the electric car industry in Saudi Arabia.

The automotive industry is one of the top promising sectors that the National Industrial Strategy has focused on developing, including the focus on manufacturing environmentally friendly vehicles, including electric cars.

Last year, the Kingdom issued a license for the first Saudi brand for manufacturing electric cars, "Ceer", and the first factory in the Kingdom for manufacturing electric vehicles, "Lucid", was inaugurated. Ceer, a joint venture between Taiwanese technology group Foxconn and the Saudi Public Investment Fund, signed a USD1.3 billion contract to establish an electric car complex in King Abdullah Economic City, scheduled to start production by 2025.

Alkhorayef’s visit to China follows a visit last month to Chile, the second largest producer of lithium in the world.

On investment in copper processing and refining, Alkhorayef met with the Chairman of the Board of Directors of Jiangxi Copper Company, which operates in the field of copper extraction, smelting and refining and plays a pivotal role in the global copper industry, and leads innovations and sustainability initiatives to meet the growing demand for copper globally.

Additionally, the minister held a series of meetings with leaders of major companies in the fields of smart manufacturing solutions, infrastructure development, and packaging. They discussed mutual investment opportunities in these sectors and the capabilities and incentives provided by the Kingdom to industrial investors.

Alkhorayef met with the Chief Strategy Officer at Biwin Storage Technology Company and reviewed opportunities for cooperation in the packaging sector.

He met with the Co-founder and CEO of HeyGears in Guangzhou, which specializes in applying 3D printing technology, ad creating comprehensive smart manufacturing solutions in multiple sectors, including consumer electronics, dentistry, healthcare, industrial, artistic and creative products. HeyGears provides technical support services in more than 30 countries.

Alkhorayef discussed with the CEO of Huawei Enterprise for Oil and Gas and Chairman of Huawei KSA initiatives to bolster digital skills and the potential to implement advanced technologies, such as the Internet of Things, AI, and robotics, to improve manufacturing efficiency and productivity.

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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.