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Riyadh to Host Inaugural Saudi EXIM Global Partners Forum in November 

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Riyadh to Host Inaugural Saudi EXIM Global Partners Forum in November 

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Saudi Export-Import Bank (Saudi EXIM) announced on Tuesday the launch of the Saudi EXIM Global Partners Forum 2025 in its first edition, to take place in Riyadh from November 19 to 20 under the patronage of Minister of Industry and Mineral Resources and Chairman of the Saudi EXIM Board of Directors Bandar Al-Khorayef.

With this event, Saudi EXIM aims to position Saudi Arabia as a global hub for trade and finance by promoting international commercial and investment cooperation between the public and private sectors, strengthening global partnerships, and advancing export financing for a rapidly evolving global economy.

The forum will serve as a platform to advance dialogue and collaboration and to foster the growth of sustainable global trade. It will focus on developing strategic partnerships across regional, continental, and global markets while highlighting the role of innovation in export financing.

The event will feature 40 high-profile speakers, including leaders from global financial institutions, export-import banks, government agencies, development organizations, and major companies.

With more than 300 participants from over 70 countries, the forum will explore new frontiers in trade, finance, and innovation. Discussions will address global economic trends and practical solutions to accelerate trade, strengthen supply chains, and tackle emerging challenges.

An exhibition on the sidelines of the forum will showcase solutions and innovations, foster partnerships, and explore investment opportunities, with participation from leading development and financial institutions, private-sector representatives, and the manufacturing and logistics sectors. Saudi EXIM continues to expand its strategic partnerships to enhance the efficiency of the export and import ecosystem and facilitate trade exchange with regional and global markets.

The bank also seeks to stimulate commercial and investment opportunities for local exporters across various sectors, with a primary focus on building international partnerships to support the development and diversification of Saudi non-oil exports and to increase their global competitiveness.

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Business

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.

Business

Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.

Business

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.