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Saudi-Indian Business Council: Modi’s Visit to Launch Strategic Private Sector Partnership

A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
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Saudi-Indian Business Council: Modi’s Visit to Launch Strategic Private Sector Partnership

A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)

Indian Prime Minister Narendra Modi is expected to arrive in Saudi Arabia on Tuesday for an official visit during which he will meet with Crown Prince Mohammed bin Salman to discuss trade, investment, and energy cooperation.

In anticipation of the visit, the Saudi-Indian business community has expressed optimism about strengthening bilateral ties and advancing toward deeper economic integration through the launch of new joint projects that aim to establish a strategic partnership between the two countries’ private sectors.

Abdulaziz Al-Qahtani, Chairman of the Saudi-Indian Business Council, told Asharq Al-Awsat that India is Saudi Arabia’s third-largest trading partner in terms of exports and fourth in terms of imports, underscoring the importance of their economic relationship.

Al-Qahtani noted that trade between the two countries has grown significantly in recent years, with total bilateral trade reaching approximately $157 billion in 2023—a 20% year-on-year increase.

India’s major exports to the Kingdom include chemical products, organic and inorganic materials, pearls, precious stones, metals, copper, and aluminum. In return, Saudi imports from India consist of plant-based and mineral products, pharmaceuticals, apparel, iron goods, machinery, electrical equipment, and vehicles.

Regarding new initiatives and agreements, Al-Qahtani highlighted two private sector agreements signed in February, signaling both nations’ serious commitment to expanding cooperation in trade, investment, and economic development.

He added that the council is currently working on several initiatives, including activating the bilateral investment promotion and protection agreement, implementing the double taxation avoidance treaty, and proposing frameworks for preferential treatment. These steps aim to enable unconventional projects to benefit from advantages available in both countries.

Al-Qahtani also noted the rising presence of Indian companies in the Saudi market, with more than 50 firms currently operating in the Kingdom. Several of these companies have recently opened regional headquarters in Saudi Arabia.

The sectors with the highest Indian activity include construction—with 20 companies in this field—along with health, training, and technology. “We are now set to begin cooperation in the manufacturing sector as well,” Al-Qahtani said.

 

 

 

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China Lines Up Second LNG Terminal For Sanctioned Russian Cargoes

Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
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China Lines Up Second LNG Terminal For Sanctioned Russian Cargoes

Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 
Chinese and Russian flags fly at an airport in Tianjin, China August 31, 2025. Sputnik/Vladimir Smirnov/Pool via REUTERS 

China is preparing a second import terminal to handle liquefied natural gas cargoes from Russia's sanctioned Arctic LNG 2 project, expanding a ‌route that so far relies on a single facility, three sources with knowledge of the matter said.

The newly built Longkou LNG terminal in eastern China's Shandong province, operated by state pipeline giant PipeChina, is being lined up to receive Arctic LNG 2 cargoes, the sources told Reuters.

The move would provide a lifeline to the $21 billion project, which is under heavy sanctions, and to Moscow, whose gas exports have been hit by Europe's decision to halt purchases and ⁠whose oil sector faces pressure from Ukrainian attacks.

A second import terminal would allow China to take larger volumes of sanctioned Russian LNG, while giving Arctic LNG 2 - designed to produce 19.8 million metric tons a year - another export outlet.

China, the only known buyer of sanctioned Arctic LNG 2 cargoes, has so far received shipments through PipeChina's Beihai terminal in Guangxi. That facility took the project's first delivery to an offtaker in August 2025 aboard the Arctic Mulan tanker.

Since then, Beihai has received 41 cargoes, or 2.6 million tons, of LNG from Arctic LNG 2 - many via two floating storage units in Russia - according to ship-tracking data and Kpler estimates. It ‌has also ⁠received three LNG cargoes from Russia's sanctioned Portovaya terminal.

China needs an additional terminal to absorb more sanctioned cargoes, one of the sources said. All declined to be named as they were not authorized to speak to media.

The world's largest LNG importer, China bought 7.57 million tons from Russia last year, according to Chinese customs data.

Longkou is seen as a logical choice because, like Beihai, it is operated by PipeChina ⁠and is closer to the Koryak floating storage unit in Russia's Far East, where Arctic LNG 2 cargoes are stored and reloaded, the sources said.

An industry executive said Longkou has completed its mechanical build phase and should be ready before October, in time for peak winter ⁠demand.

Under its completed first phase, the Longkou terminal in the coastal city of Yantai has an annual receiving capacity of 5 million tons, compared with 6 million tons at Beihai.

PipeChina's Dalian LNG terminal in northeastern China is also being discussed as ⁠a potential future receiving point, a fourth source said.

Novatek has recently stepped up hiring in China, a separate source said.

Reuters reported last year that Novatek has cut cargo prices by 30% to 40% since August 2025 to attract Chinese buyers despite sanctions.

 

Business

BofA Expects Fed to Hike Interest Rates 75 Basis Points in 2026

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)
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BofA Expects Fed to Hike Interest Rates 75 Basis Points in 2026

The Federal Reserve building in Washington. (Reuters)
The Federal Reserve building in Washington. (Reuters)

Bank of America (BofA) expects the Federal Reserve to hike interest rates by 75 basis points in 2026, it said on Monday, citing resilient economic data and rising expectations of a hawkish Fed under new Chair Kevin Warsh.

BofA Global Research said in a note it expects the US central bank to raise rates in September, October, and December, compared with its prior forecast ⁠for no change this year, according to Reuters.

BofA's view is contrary to current 2026 outlooks of top Wall Street brokerages and comes after the Fed left its benchmark rate unchanged earlier this month, even as almost half of Fed policymakers indicated that they now expect rates to rise this year.

The policymakers' more hawkish outlook is accompanied by strength in the labor market and elevated inflation concerns.

“June Summary of Projections and ⁠Warsh's comments indicate that the Fed's reaction function is much more hawkish than we thought,” analysts at BofA said in a note.

In contrast to BofA's call, markets are pricing in 42 bps of hikes ⁠in 2026, according to London Stock Exchange Group (LSEG) data.

After three rate hikes this year, BofA analysts expect the central bank to keep interest rates on hold in ⁠2027.

“Inflation is likely to remain sticky, keeping the real policy rate from becoming overly restrictive,” they said.

Brokerages including BNP Paribas ⁠and Macquarie are also among the minority that expect the central bank to start hiking rates this year.

Business

Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
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Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)

Saudi Arabia’s Yanbu Commercial Port achieved a new operational milestone by successfully serving 11 vessels simultaneously of various sizes and cargo capacities, reflecting the port's high level of operational readiness, reported the Saudi Press Agency on Monday.

The achievement underscores the efficiency of the port's operations and its ability to manage maritime and commercial traffic with a high degree of effectiveness.

It contributes to smoother import and export activities and supports the continuity of supply chains in accordance with the highest operational and logistical standards.

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system and reinforcing its position as a key logistics hub on the Red Sea coast.

It also supports economic growth and enhances the competitiveness of the maritime and commercial sectors.