EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
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EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)

Chair of the European Parliament’s Foreign Affairs Committee David McAllister said the European Union is ready to resume free trade negotiations with the countries of the Gulf Cooperation Council (GCC).

In an interview to Asharq Al-Awsat, he said Europe, along with the rest of the world, was shocked by US President Donald Trump’s 20% tariffs on European imports.

He stressed that the partnership with Saudi Arabia was stronger than ever, noting that the European Parliament is seeking to elevate ties to the level of strategic partnership agreement in various fields.

McAllister stressed that Saudi Arabia is a main bilateral and regional partner to the EU in the Gulf region and beyond.

The partnership is stronger than ever, he stated, while hailing Saudi Arabia’s growing regional and international diplomatic role.

He also noted untapped potential in bilateral relations between the EU and the Kingdom.

The European Parliament supports the development of the relationship towards the level of strategic partnership, he added. This will provide a binding political and legal framework to bolster cooperation between the EU and Saudi Arabia in several fields beyond the economy.

The European Commission agreed on April 1 to launch negotiations and the issue is awaiting approval from the parliament to officially kick them off.

On Saudi Arabia’s diplomatic role, McAllister described Riyadh as a main player in the region.

On its position on Gaza, he underscored the Saudi leadership’s participation in the international coalition for the implementation of the two-state solution and its support for the Arab recovery and reconstruction plan.

He also highlighted Saudi Arabia’s constructive role in backing the reconstruction of Syria after the ouster of President Bashar al-Assad. He also noted its role in facilitating talks between Lebanon and Syria in resolving border issues.

Moreover, McAllister said Saudi Arabia played a successful role in achieving a ceasefire in Yemen and it recently hosted complex negotiations between the United States and Russia.

The official expressed Europe’s appreciation for the hosting of the negotiations, saying, however, that it is important for Ukraine to be present at ceasefire talks because its future is at stake. The EU must also be present because peace in Ukraine also affects it.

Asked about Saudi Arabia’s Vision 2030, McAllister said Brussels believes it has promising opportunities to explore in the Kingdom.

The EU appreciates the ambitious economic goals set by Vision 2030 and that aim to diversify the economy and ease the reliance on oil and gas, he went on to say.

He said opportunities for cooperation were available and they can pave the way for the establishment of a strategic partnership agreement and a platform for high-level bilateral cooperation in various fields, such as trade, innovation, energy, security and others.

He added that the EU welcomes the shift towards modernization set out by Vision 2030, while also understanding the challenges related to it.

The EU is ready to support Saudi Arabia’s economic and environment projects, McAllister stressed.

On the free trade talks, he said the EU is ready to resume negotiations with the GCC.

The EU is committed to bolstering bilateral ties with the Gulf to meet the commitments set out during the EU-Gulf meeting in October, he stressed.

The work program reached during the meeting covered security, climate, communications and trade.

McAllister stressed that Europe supports the signing of an ambitious free trade agreement that would help in achieving Vision 2030.

He pointed to negotiations that have been kicked off with the United Arab Emirates to reach a bilateral free trade agreement.

A free trade agreement with the Gulf will be very beneficial, he stressed. Long discussions to that end have been held, but the world has become more complicated and unpredictable, he said.

Asked about when Saudi citizens will be relieved of the Schengen visa requirement, McAllister replied that he understands that this is important to them, adding however, that the issue is complicated and hinges on the adoption of a new European strategy and the approval of all members.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.