Saudi Arabia Pledges $25 Bln Investment to Support Africa

Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Pledges $25 Bln Investment to Support Africa

Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)
Engineer Waleed Al-Khuraiji attends Africa Day reception in Riyadh (Asharq Al-Awsat)

Saudi Arabia on Wednesday announced ambitious plans to scale up its diplomatic and economic presence in Africa, aiming to boost its investments on the continent to more than $25 billion by 2030, as part of a broader strategy to strengthen development and economic partnerships with African nations.

Deputy Foreign Minister Waleed Al-Khuraiji said the Kingdom intends to expand its network of embassies across the continent to more than 40 in the coming years, underscoring Riyadh’s commitment to deepening its engagement with Africa.

Speaking at a reception marking Africa Day at the Cultural Palace in Riyadh’s Diplomatic Quarter, Al-Khuraiji revealed that Saudi Arabia would provide $10 billion in export financing and secure an additional $5 billion in development funding for African countries by the end of the decade.

“Africa holds a central position in the Kingdom’s foreign policy and diplomatic outreach,” Al-Khuraiji said, noting that Saudi Arabia is keen to enhance cooperation in trade, integration, and multilateral coordination on shared global issues.

He added that the Kingdom has already contributed more than $45 billion to development and humanitarian projects in 54 African countries.

Of that, over $450 million was provided by the King Salman Humanitarian Aid and Relief Center to support efforts in 46 African nations.

 



Iraq Signs Technical Consultancy Agreement with Chevron to Develop West Qurna 2 Field

Officials are seen during Sunday's signing of the agreement. (INA)
Officials are seen during Sunday's signing of the agreement. (INA)
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Iraq Signs Technical Consultancy Agreement with Chevron to Develop West Qurna 2 Field

Officials are seen during Sunday's signing of the agreement. (INA)
Officials are seen during Sunday's signing of the agreement. (INA)

Iraq’s Ministry of Oil signed on Sunday an agreement with the US company Chevron to provide technical consultancy to the Basra Oil Company.

The agreement was signed under the auspices of Oil Minister Basim Mohammed Khudair Al-Abadi.

Al-Abadi said the agreement provides consultancy services during the negotiation period with the Basra Oil Company regarding the development of the West Qurna 2 field, reported Iraq’s state news agency INA.

The signing ceremony was attended by the Undersecretary for Upstream Affairs, Naseer Aziz; the Director General of the Basra Oil Company; the Director General of the Oil Marketing Company (SOMO); and the Director General of the Petroleum Contracts and Licensing Directorate.


Gold Slips as Oil Rally Fans Rate Hike Bets ahead of Fed Meeting

__AFP_96Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
__AFP_96Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
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Gold Slips as Oil Rally Fans Rate Hike Bets ahead of Fed Meeting

__AFP_96Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
__AFP_96Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold prices eased on Monday as a surge in oil prices stoked inflation concerns, boosting expectations that the US Federal Reserve may raise interest rates at its policy meeting this week.

Spot gold was down 0.5% at $4,327.09 per ounce by 0528 GMT after posting a third consecutive weekly decline on Friday. US gold futures dropped 0.9% to $4,367.50, reported Reuters

"Gold isn’t finding conditions to ‌its liking. ‌Rising energy prices plus climbing rate expectations ahead ‌of ⁠the Fed and ⁠BoJ meetings are delivering a clear yield headwind for gold," said Tim Waterer, chief market analyst at KCM Trade.

"In the meantime, dips should still find buyers as an uncertainty hedge while geopolitics and rate policy remain fluid."

Reinforcing expectations that the Fed will raise interest rates, data last week showed US consumer prices ⁠accelerated in August, while a key measure of ‌underlying inflation posted its largest increase ‌in four months.

Traders are pricing in about an 87% chance ‌of a rate hike at the central bank's policy meeting ‌on Tuesday and Wednesday, up from about 67% prior to the inflation data last week, according to the CME FedWatch Tool.

The BOJ is also expected to raise rates on Friday, as persistent inflation and ‌resilient economic growth have raised the prospect of further rate hikes by major central banks, ⁠amid rising energy ⁠prices and little sign of easing Middle East tensions.

Although gold is typically seen as an inflation hedge, higher interest rates tend to reduce the appeal of non-yielding bullion.

Oil prices jumped more than 2% on Monday after fresh Houthi strikes on ships in the Gulf compounded supply concerns following the closure of a key oil pipeline.

Middle East diplomacy appeared to falter after a meeting between Iran and other Gulf states was postponed.

Among other metals, spot silver slid 1% to $63.80 per ounce, platinum dipped 0.2% to $1,792.59, and palladium fell 0.4% to $1,293.86.


ROSHN Group: Host Partner for Saudi Mega Projects 2026 in Riyadh

ROSHN Group will serve as the Host Partner for Saudi Mega Projects 2026 to be held from September 28 to 30 at The Venue in ROSHN's SEDRA. (SPA)
ROSHN Group will serve as the Host Partner for Saudi Mega Projects 2026 to be held from September 28 to 30 at The Venue in ROSHN's SEDRA. (SPA)
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ROSHN Group: Host Partner for Saudi Mega Projects 2026 in Riyadh

ROSHN Group will serve as the Host Partner for Saudi Mega Projects 2026 to be held from September 28 to 30 at The Venue in ROSHN's SEDRA. (SPA)
ROSHN Group will serve as the Host Partner for Saudi Mega Projects 2026 to be held from September 28 to 30 at The Venue in ROSHN's SEDRA. (SPA)

ROSHN Group will serve as the Host Partner for Saudi Mega Projects 2026, a summit highlighting Saudi Arabia's major development projects, to be held from September 28 to 30 at The Venue in ROSHN's SEDRA integrated community in Riyadh.

The summit is held under the theme "Turning Vision into Value: Meet the Ambitious Changemakers Delivering Vision 2030”, the Saudi Press Agency reported on Monday.

It comes as ROSHN continues to expand its presence across Saudi Arabia by developing vibrant, integrated communities and destinations centered on people and their aspirations.

The group pursues a sustainable development approach that focuses on innovation, enriching living experiences and enhancing quality of life. Its portfolio includes SEDRA, WAREFA and ROSHN Front in Riyadh; MARAFY and ALAROUS in Jeddah; ALMANAR in Makkah; and ALDANAH in Eastern Region's Dhahran.

The summit's 2026 edition comes as Saudi Arabia advances significantly in its development journey and makes rapid progress toward the goals of Saudi Vision 2030.

The construction and real estate sectors are undergoing a major shift from planning and design to execution, including large-scale procurement, contract awards, and accelerated project delivery.