Saudi Arabia to Seek International Maritime Organization Council Seat in Next Elections

Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
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Saudi Arabia to Seek International Maritime Organization Council Seat in Next Elections

Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)
Saudi Transport Minister Saleh al-Jasser. (Asharq Al-Awsat)

Saudi Arabia plans to run for a seat on the International Maritime Organization’s (IMO) Council in the next election cycle as it steps up efforts to influence the future of global shipping and sustainability, Transport and Logistics Minister Saleh al-Jasser said on Wednesday.

Speaking to Asharq al-Awsat at the second Sustainable Maritime Industry Conference in Jeddah, al-Jasser said the Kingdom was committed to reducing carbon emissions under its Saudi and Middle East Green initiatives and to supporting the IMO’s work on cutting the sector’s environmental footprint.

“Saudi Arabia is investing in the latest technologies to curb emissions while protecting marine ecosystems and strengthening the green economy,” he said, adding that the country had become a regional hub for trade, ranking 15th worldwide among the top 100 container ports.

The Kingdom operates 10 main ports with a handling capacity of more than 1.1 billion tons a year. Saudi Arabia also leads the Arab world in fleet capacity, with tonnage exceeding 8.5 million tons, placing it 20th globally, al-Jasser said. The country is home to the region’s largest advanced shipbuilding yard.

Smart ports and mangroves

The minister said Riyadh was working to develop “smart ports” and build local expertise, with environmental sustainability at the forefront. Projects include the world’s first hybrid maritime initiative to cut fuel consumption and emissions by 25% and a plan to plant 100 million mangroves under the Saudi Green initiative.

“These achievements reflect the Kingdom’s continued commitment to advancing the maritime sector and strengthening its role as an influential IMO member,” al-Jasser said.

He opened the second edition of the Sustainable Maritime Industry Conference, which serves as a platform for launching new initiatives and adopting cutting-edge technologies in global shipping.

Beyond fleets and ports

Deputy Transport Minister and acting head of the Saudi Transport General Authority Rumaih al-Rumaih said success in the maritime industry was no longer measured only by fleet size or port capacity.

“It now depends on the ability to protect the marine environment, cut emissions, boost safety and technological investment, and create regulatory frameworks for modern technologies,” he said.

Al-Rumaih said Saudi Arabia was training a new generation of seafarers to international standards, aligning training with market needs and opening doors for women in the sector through training and work opportunities at ports and on board vessels.

The Kingdom was also helping developing and island states with knowledge transfer, expert exchanges, and projects to cut emissions and underwater noise while improving emergency response readiness, he added.

Two-day forum

The two-day conference features workshops on shipping decarbonization strategies, sustainability roadmaps for small and mid-sized operators, and managing underwater noise. Discussions also cover energy efficiency, marine insurance and financing, and their role in sustainable growth.

Industry experts from Bahri, King Abdulaziz University, Jeddah Islamic Port, ABS, Lloyd’s Register, and the World Maritime University are participating, alongside the signing of several memoranda of understanding.

The second day will focus on digitalization, automation, and maritime cybersecurity, including regulatory frameworks for autonomous shipping and the role of digital technologies in enhancing efficiency, safety, and sustainability.



India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.