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Saudi Arabia, Russia Seek to Deepen Economic and Industrial Ties

The Saudi and Russian ministers discuss means to promote mutual cooperation. (Saudi Ministry of Industry)
The Saudi and Russian ministers discuss means to promote mutual cooperation. (Saudi Ministry of Industry)
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Saudi Arabia, Russia Seek to Deepen Economic and Industrial Ties

The Saudi and Russian ministers discuss means to promote mutual cooperation. (Saudi Ministry of Industry)
The Saudi and Russian ministers discuss means to promote mutual cooperation. (Saudi Ministry of Industry)

Saudi Arabia and Russia have stepped up efforts to strengthen their economic and industrial partnerships, as Minister of Industry and Mineral Resources Bandar Al-Khorayef led a high-level Saudi delegation to the INNOPROM 2025 International Industrial Exhibition in Yekaterinburg, Russia.

Opening the Saudi pavilion - where the Kingdom is participating as the exhibition’s partner country - Al-Khorayef underscored more than a century of strategic relations and robust economic ties that, he said, form the basis for expanding trade, investment, and cooperation in key sectors including mining, manufacturing, and technology.

The Saudi delegation includes officials from 18 government entities and 20 leading companies spanning industrial services, automation, machinery, metals, energy, and advanced manufacturing.

The pavilion is showcasing the Kingdom’s competitive advantages as an investment hub, along with opportunities identified in Saudi Arabia’s National Industrial Strategy.

Promotional events highlighted financial incentives, including funding solutions from the Saudi Industrial Development Fund and the Saudi EXIM Bank, as well as Saudi Arabia’s rapidly developing infrastructure, industrial cities, special economic zones, and specialized complexes aimed at supporting investors.

During the exhibition, Al-Khorayef and Russian Minister of Industry and Trade Anton Alikhanov met to discuss ways to deepen cooperation. Both ministers stressed the importance of enabling the private sector to seize emerging investment opportunities, and pledged to support joint initiatives that drive industrial development in both countries.

The Saudi minister noted Riyadh’s strong interest in Russian expertise across priority sectors such as heavy equipment, agricultural machinery, chemicals, automotive, and advanced manufacturing technologies. Talks also focused on forging investment partnerships that facilitate knowledge transfer, industrial innovation, and technology localization.

The two sides reaffirmed their commitment to boosting non-oil exports and simplifying market access, aiming to diversify their economies and enhance trade flows.

Saudi Arabia’s participation in the exhibition, officials said, reflects its strategy to build international partnerships that reinforce its standing as a trusted global economic partner.

Recent years have seen steady growth in Saudi-Russian economic ties. Non-oil trade rose from $491 million in 2016 to $3.28 billion in 2024, driven by expanding cooperation in mining, petrochemicals, and advanced industries.

The Kingdom hopes to attract high-value Russian investments, strengthen industrial supply chains, and further develop local capabilities as part of its push for economic diversification and sustainable growth.

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Business

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.

Business

Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
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Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat

The Eastern Province is expected to witness the implementation of more than 650 tourism projects valued at over SAR12.7 billion (approximately $3.39 billion).

With the addition of investments in new projects exceeding SAR21 billion ($5.6 billion), total tourism investments amount to around SAR33.7 billion (nearly $9 billion), reflecting a growth in the sector.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism investments in the region are experiencing qualitative growth, adding that the Eastern Province enjoys competitive advantages that make it attractive for tourism investment.

The minister said the region has achieved positive results in sector performance, welcoming more than 13.4 million tourists whose spending exceeded SAR18.5 billion ($4.9 billion), underscoring the rising demand for tourism services.

Tourism Diversity

Al-Khateeb revealed that more than 650 approved tourism projects would contribute to improved tourism, in addition to strengthening partnerships and supporting private sector participation. This, he said, reflects the rapid growth pace and the achievements that the tourism sector in the Eastern Province has witnessed.

High-quality projects in the region enhance competitiveness, supported by the Tourism Development Fund, said Al-Khateeb. These projects contribute to improving quality of life and offering integrated visitor experiences, reinforcing the region’s position as a leading tourist destination on the Arabian Gulf coast, he added.

The minister met with Eastern Province’s tourism employees, who briefed him on promising opportunities and made proposals aimed at developing career paths for workers in the sector.

Al Khobar Season

Al Khobar Season 2025 has achieved remarkable success since its launch, featuring a seasonal program spanning nearly 90 days. Supported by the Sharqia Development Authority and the Saudi Tourism Authority, the season hosted events across more than 20 locations, attracting over one million visitors and involving more than 50 partners from the private sector.

Al Khobar Season enhances the Eastern Province’s status as a major tourism and entertainment destination through experiences that blend entertainment, culture, arts, and sports. This contributes to improving quality of life, achieving the objectives of Saudi Vision 2030, and developing the tourism sector.

Business

Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
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Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)

The Saudi Exports Development Authority (SAUDI EXPORTS) organized a trade mission for Iraq and Syria in conjunction with the Made in Saudi Expo 2025 in Riyadh, reported the Saudi Press Agency on Tuesday.

The missions involved 87 Saudi exporters and 32 importing companies, representing key sectors including construction, food products, medical supplies, and packaging industries.

A series of business-matching meetings were held to explore opportunities for cooperation and trade partnerships.

The meetings and bilateral discussions held alongside the exhibition resulted in the signing of seven trade agreements, reflecting the quality and competitiveness of Saudi products.

This was followed by an orientation tour for the visiting trade delegation of the Saudi companies’ pavilions to explore the latest national innovations and products.