Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)

Saudi Arabia and Japan are close to unveiling a higher partnership council that will be headed by the countries’ leaderships in line with efforts to build a partnership that bolsters the technical transformation and joint research in clean energy, communications and other areas, revealed Saudi Ambassador to Japan Dr. Ghazi Binzagr.

He told Asharq Al-Awsat that the two countries will soon open a new chapter in their sophisticated strategic partnership.

The new council will be chaired by Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Japanese Prime Minister Shigeru Ishiba to push forward the Saudi-Japan Vision 2030, he added.

The council will elevate cooperation between the countries and pave the way for broader dialogue and consultations in various fields to bolster political, defense, economic, cultural and sports cooperation, he explained.

The two parties will work on critical technological partnerships that will focus on assessing and developing technologies to benefit from them, Binzagr said. They will also focus on the economy these technologies can create and in turn, the new jobs they will generate.

These jobs can be inside Saudi Arabia or abroad and provide employers with the opportunity to develop the sectors they are specialized in, he added.

Binzagr said Saudi Arabia and Japan will mark 70s years of relations in 2025, coinciding with the launch of Expo 2025 in Osaka in which the Kingdom will have a major presence.

Relations have been based on energy security and trade exchange with Japan’s need for oil. Now, according to Saudi Vision 2030, they can be based on renewable energy and the post-oil phase, remarked the ambassador.

Several opportunities are available in both countries in the cultural, sports and technical fields, he noted.

Both sides agree that improving clean energy and a sustainable environment cannot take place at the expense of a strong economy or quality of life, but through partnership between their countries to influence the global economy, he explained.

"For the next phase, we are keen on consolidating the concept of sustainable partnerships between the two countries in various fields so that this partnership can last for generations,” Binzagr stressed.

“I believe these old partnerships will last for decades and centuries to come,” he remarked.

Moreover, he noted that the oil sector was the cornerstone of the partnership and it will now shift to petrochemicals and the development of the petrochemical industry.



Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
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Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)

Gulf markets trimmed their losses on Monday, with the Saudi stock index erasing earlier declines and turning positive, driven by gains in major stocks such as ACWA Power and Aramco.

Despite a sluggish start, influenced by tariff concerns, the Tadawul index managed to overcome these challenges, closing 1.1% higher.

In contrast, other Gulf bourses saw limited declines, with Qatar and Kuwait exchanges registering drops, while the Muscat bourse also experienced a slight dip.

These movements come amid a broader retreat in global stock markets, still reacting to US President Donald Trump’s recent decision to impose tariff hikes.

The Saudi stock market rose 1.1%, closing at 11,194 points, up 117 points. The market recorded active trading, with total turnover reaching approximately 10.6 billion riyals ($2.8 billion), the highest since December 2024.

Despite a sharp decline of over 400 points earlier in the session, which brought the market to a low of 10,657 points, it successfully recovered to end the day higher. On Sunday, the market had dropped by more than 800 points.

ACWA Power led the gainers, jumping 6.8% to close at 331 riyals. Aramco shares also rose 1%, reaching 25.25 riyals.

Meanwhile, Al Takaful Cooperative saw a 5% increase, closing at 131 riyals, following the company’s announcement of cash dividends for shareholders.

These movements come as markets absorb the shock of the tariff hike, with Gulf financial markets showing mixed performance following sharp declines in reaction to Trump’s decision to raise tariffs.