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Saudi Industry Minister Explores Boosting Cooperation with US on Critical Minerals 

The Saudi and US delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and US delegations meet in Riyadh on Tuesday. (SPA)
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Saudi Industry Minister Explores Boosting Cooperation with US on Critical Minerals 

The Saudi and US delegations meet in Riyadh on Tuesday. (SPA)
The Saudi and US delegations meet in Riyadh on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held a bilateral meeting with US Secretary of the Interior and National Energy Dominance Council Chairman Doug Burgum in Riyadh on Tuesday.

The talks explored opportunities for boosting strategic partnerships between Saudi Arabia and the United States in the mining and minerals sector.

The meeting reviewed frameworks for joint action to activate the memorandum of cooperation between the Ministry of Industry and Mineral Resources and the US Department of Energy, signed in May on the sidelines of the Saudi-US Investment Forum in Riyadh.

Discussions addressed ways to strengthen cooperation in critical minerals and rare-earth elements, underscoring the need to advance global collaboration to secure sustainable mineral supply chains and support global energy transition.

The meeting highlighted the Future Minerals Forum that Saudi Arabia hosts annually as a global platform for developing innovative solutions to the challenges facing the mining and minerals sector and promoting its sustainability.

The forum brings together policymakers, non-governmental organizations (NGOs), leading investors, mining technology companies, and research institutions. Riyadh will host the fifth annual forum January 13 to 15, 2026.

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Business

Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
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Dar Global and Trump Organization Launch $1 Billion Project in Jeddah

The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 
The project, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings. (Asharq Al-Awsat) 

Dar Global and the Trump Organization announced on Monday the official launch of Trump Plaza Jeddah, valued at over $1 billion.

Dar Global, a London-listed luxury real estate developer, said the project marks its third collaboration with the Trump Organization in the Kingdom.

This landmark project, strategically located within the expansive Amaya development along King Abdulaziz Road, is poised to redefine luxury urban living in Jeddah's thriving real estate landscape, following the launch of Trump Tower Jeddah in December 2024.

Dar Global described the project as one of the most integrated urban destinations in Jeddah, saying it includes home offices, retail spaces, dining venues and a private club.

Residential offerings include fully furnished 1, 2, and 3-bedroom Trump Executive Residences; premium 2, 3, and 4-bedroom Trump Park Residences; and exclusive 4-bedroom Trump Townhouses.

Together with thoughtfully designed home offices, premium retail, and curated dining, the project redefines modern living by blending convenience and luxury into a single, connected destination.

Optional rental management services further enhance the appeal for international owners seeking a turnkey ownership experience.

“Expanding our presence in Saudi Arabia with Trump Plaza Jeddah underscores our commitment to world-class quality and iconic design,” said Eric Trump, executive vice president of the Trump Organization. “This project reflects the strength of our relationship with Dar Global and our confidence in Jeddah as a dynamic, globally relevant city.”

Trump affirmed that Trump Plaza Jeddah will set a new benchmark for integrated urban destinations.

For his part, Ziad El Chaar, CEO of Dar Global, said the launch of Trump Plaza Jeddah represents a major milestone in the company’s Saudi portfolio.

“This is not a single-use development, but a carefully curated urban ecosystem designed for global residents who want to live, work, and connect within the best address in Jeddah,” he said.

“Anchored by a private park and supported by world-class amenities, Trump Plaza Jeddah introduces a new model for modern city living in the Kingdom,” El Chaar noted.

The project also features an exclusive 4,000-square-meter Vitality Club, with golf simulators, a spa, sports medicine and recovery facilities, swimming pools, dining, and high-performance wellness spaces.

Destination retail and dining, including Trump Grill, Trump Daily, an artisan bakery, and a fitness pro shop, reinforce its positioning as a district day and night.

 

 

Business

Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Oil Extends Climb on Iran Supply Disruption Concerns

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Oil prices extended gains on Tuesday as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela.

Brent futures rose 22 cents, or 0.3%, to $64.09 a barrel by 0430 GMT, hovering near a two-month high struck in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.4%, to $59.73.

"The price increase comes amid intensifying protests in Iran, raising the possibility of some form of intervention ‌by the US," ING ‌commodities strategists said on Tuesday.

Iran, one of ‌the ⁠biggest producers ‌of the Organization of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations in years, drawing a warning from US President Donald Trump of possible military action over lethal violence against protesters.

Trump is expected to meet senior advisers on Tuesday to discuss options on Iran, a US official told Reuters.

The US president said on Monday that any country that does business with Iran will be subjected ⁠to a tariff rate of 25% on any business conducted with the United States. Iran exports ‌much of its oil to China.

"With the US ‍and China having reached a trade ‍truce, we question whether the US would want to rock the boat ‍again with additional tariffs on China," the ING strategists said.

The political developments matter for oil markets as Iran is a major sanctioned producer and any escalation could disrupt supply or add a geopolitical risk premium.

"Unrest in Iran has added about $3-4/barrel in geopolitical risk premium in oil prices, in our view," Barclays said in a note.

Markets are also grappling with concerns of additional crude supply ⁠hitting the market due to Venezuela's anticipated return to exports. Following the ouster of President Nicolas Maduro, Trump said last week the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the US.

Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of US energy majors.

Elsewhere, geopolitical tensions escalated as Russian forces launched attacks on Ukraine's two largest cities early on Tuesday, Ukrainian officials said.

In the United States, the Trump administration renewed its attacks on the Federal Reserve, underscoring concerns in markets about the central ‌bank's independence and adding to uncertainty about future economic conditions and oil demand.

Business

Morocco Targets $10 Billion AI Contribution to GDP by 2030

People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
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Morocco Targets $10 Billion AI Contribution to GDP by 2030

People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)
People wave Morocco's flag in the old town of Rabat, on January 9, 2026 prior the Africa Cup of Nations (CAN) quarter-final football match Morocco v Cameroon. (AFP)

Morocco is targeting a 100 billion dirhams ($10 billion) boost to its gross domestic product from artificial intelligence by 2030, the minister in charge of digital transition said on Monday, as the country steps up its investment in training programs, sovereign data centers and cloud services.

Morocco, whose current GDP comes to around $170 billion, plans to invest in artificial intelligence centers linked ‌to universities and ‌the private sector, and ‌to ⁠integrate AI solutions ‌into public administration and industry, Minister Amal El Fallah Seghrouchni told a conference in Rabat.

The GDP boost would largely come from expanding domestic data-processing capacity through sovereign data centers, scaling up cloud and fiber-optic infrastructure, and building an AI-skilled workforce ⁠to support the deployment of AI solutions across industry ‌and government, she said.

Under the ‍plan, Morocco expects ‍to create 50,000 AI-related jobs and train ‍200,000 graduates in AI skills by 2030.

As part of that effort, Seghrouchni on Monday signed a partnership agreement with France's Mistral AI to support the development of generative AI tools in Morocco.

"We want to turn Morocco into ⁠a future excellence hub in AI and data science," Seghrouchni said.

The government is also preparing legislation governing artificial intelligence, according to the minister.

Morocco has earmarked 11 billion dirhams ($1.2 billion) for its digital transformation strategy for 2024–2026, covering AI initiatives and the expansion of fiber-optic infrastructure. It is separately planning a 500-megawatt, renewable energy-powered data center in the southern city of Dakhla ‌to boost the security and sovereignty of national data storage.