US Officials: Riyadh, Washington Paving the Way for Greater Economic Investments 

US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
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US Officials: Riyadh, Washington Paving the Way for Greater Economic Investments 

US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)
US President Donald Trump meets with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, in the Oval Office at the White House in Washington, DC, USA, 18 November 2025. (EPA)

Former US officials predicted that the Saudi talks at the White House will focus on three main pillars that would pave the way for regional stability and stimulate economic investments.

Scott Pruitt, former Administrator of the Environmental Protection Agency (EPA), said the first pillar is “security and regional architecture. Second is energy, not only oil and gas, but also hydrogen, ammonia, and critical minerals that will power the next generation of industry. The third is investment and technology.”

Prince Mohammed bin Salman, Crown Prince and Prime Minister, had arrived in the US on Tuesday where he held talks with President Donald Trump that focused on consolidating the strategic partnership between their countries. Numerous agreements were announced on the sidelines of the visit.

Pruitt told Asharq Al-Awsat that the relationship between Saudi Arabia and the US “has moved from transactional to strategic.”

“When I first engaged on these issues in government, the focus was largely energy supply and security guarantees. Today, we see structured strategic dialogues, US companies embedded in Saudi mega-projects, two-way investment flows, and growing cooperation in space, digital infrastructure, and advanced industry,” he added.

“The Kingdom’s reforms and Vision 2030 agenda have opened new sectors, tourism, entertainment, logistics, where American firms are natural partners. In short, the cooperation is deeper, more diversified, and more forward-looking than at any other time in our history,” he stressed.

“Visits at this level do two critical things: they set direction and they de-risk action,” Pruitt went on to say. “This meeting can give political backing to move from talking points to term sheets, advancing joint ventures in defense and space, localizing manufacturing in the Kingdom, and forming long-term offtake and investment agreements.”

“As a former regulator, I also see a crucial opportunity for the US and Saudi Arabia to shape the standards and ‘rules of the road’ for these new energy and technology sectors together, instead of leaving that space to others. If that happens, trade, co-investment, and technology transfer will not just increase, but will be anchored in a shared strategic framework that benefits both nations for decades,” he stressed.

Strategic industries

Brian D. Ballard, founder of Ballard Partners, told Asharq Al-Awsat that the Crown Prince’s visit “underscores the renewed strength and shared vision of Saudi-American relations under Trump’s leadership. This visit comes at a pivotal moment as both nations advance a common agenda of security, investment, and innovation.”

“Trump and the Crown Prince are expected to focus on deepening cooperation in defense, trade, and energy - pillars of a partnership that continues to drive prosperity and stability across both nations,” he continued.

“The US-Saudi relationship has reached new heights, grounded in mutual respect and economic opportunity. Under Trump’s leadership, we’ve seen exceptional momentum in technology transfer, energy diversification, and private-sector engagement aligned with Vision 2030,” he remarked.

“This visit will further expand collaboration in strategic industries - from defense and space to renewable energy and hydrogen - cementing the US-Saudi partnership as one of the most consequential alliances shaping the global future,” he added.

Emerging technologies

Edward Mermelstein, former New York City Commissioner for International Affairs, said the Crown Prince’s visit “has the potential to accelerate cooperation” between the Kingdom and the US.

In remarks to Asharq Al-Awsat, he noted that “Saudi Arabia is advancing some of the world’s most ambitious green energy projects, including major investments in hydrogen and ammonia production.”

“Security and energy will always remain essential pillars of the relationship, but the most forward-looking conversations will center on emerging technologies, supply-chain resilience, advanced manufacturing, and economic diversification,” he went on to say.

“The US offers unparalleled expertise in advanced technology, clean energy engineering, defense innovation, and space science,” he said.

“During my tenure as Commissioner for International Affairs in New York City, I saw significant Saudi interest in our city’s leadership in artificial intelligence, life sciences, and urban innovation. At the same time, American companies are increasingly drawn to the scale and ambition of projects underway in the Kingdom.”

“A stronger federal relationship will accelerate what is already happening at the city level. New York and Riyadh are natural partners in creating tech ecosystems, supporting investment platforms, and building the next generation of sustainable and digital infrastructure,” Mermelstein remarked.

“The Crown Prince’s visit adds political support to these efforts and will speed the movement of capital, talent, and technology,” he said.

“This visit arrives at a moment when both countries are looking to deepen cooperation that delivers practical results. Throughout my years of working closely with the Saudi Consulate in New York and engaging with Saudi delegations across business, culture, and technology, I witnessed how Vision 2030 has already reshaped conversations in the United States,” he stated.

“The Crown Prince’s visit elevates that progress to the national level. It signals that both governments are ready to translate shared ambitions into action. For major cities like New York and Riyadh, this creates new opportunities to expand collaboration in technology, investment, education, cultural exchange, and sustainable development. It reinforces a partnership that is already producing real impact on the ground,” he added.



Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar was on track for its first weekly gain in three weeks on Friday in broadly muted trading, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions.

While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming a huge cargo ship, leaving the timing of the reopening of the world's most important shipping corridor uncertain and keeping oil prices elevated.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, slipped 0.1% to 98.75 but remained on track for a weekly gain of 0.5%. The euro was 0.1% higher at $1.169, Reuters reported.

Sterling edged 0.1% higher, with stronger-than-expected UK retail sales for March barely moving the needle.

"If you look at the last week the major theme is just that there's no real progression with peace talks. For markets, it's difficult when there's no deadline," said Tommy Von Brömsen, FX strategist at Handelsbanken in Stockholm.

Brent crude futures rose 1.5% to $106.60 a barrel.

The dollar has drawn safe-haven demand amid the uncertainty. It gained ground in March as concerns over the conflict deepened, but gave back some of those gains this month as optimism over a potential resolution grew.

"Oil and the dollar are still moving pretty closely together, and with crude creeping back up ... I'd say the dollar is still staying fairly firm," said Sho Suzuki, a market analyst at Matsui Securities.

Meanwhile, the yen was steady after four days of losses, rising 0.1% to 159.7 per dollar.

CENBANK BONANZA LOOMS

Traders are looking ahead to a central-bank-heavy week next week, with the Bank of Japan, European Central Bank, Bank of England and Federal Reserve among those due to deliver policy decisions.

"The main message from the central banks is that they are - so far at least - in a kind of 'wait-and-see' approach," said Handelsbanken's Von Bromsen.

He said the focus will be on communication and guidance, as market watchers assess how policymakers are digesting not just higher energy prices but the second-round effects of potentially higher inflation.

The European Central Bank will hold its deposit rate on April 30 but hike it in June, according to just over half of economists polled by Reuters, in a bid to protect a war-induced energy shock from knocking the euro zone economy off balance.

Meanwhile in Japan core consumer inflation slowed below the central bank's 2% target for a second straight month in March. Analysts, though, expect inflation to accelerate back above the Bank of Japan's target in coming months, as companies begin to pass on higher fuel costs from the Middle East conflict.

The BOJ is set to hold its two-day policy meeting ending on Tuesday. Reuters reported the bank is likely to hold off raising interest rates next week as fading prospects of a near-term end to the Middle East war keep the country's economic and price outlook highly uncertain. The BOJ is still expected to signal its readiness to hike to counter mounting price pressures.

Japanese Finance Minister Satsuki Katayama reiterated her verbal warning on intervention on Friday that authorities can take "decisive" action against speculative moves in the foreign exchange market, a day after saying Japan has a "free hand" to intervene and that past interventions had been effective.

The Australian dollar rose 0.1% versus the greenback to $0.7135. New Zealand's kiwi rose 0.1% to $0.5859.

In cryptocurrencies, bitcoin was little changed at $77,895.85.


Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
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Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT

Gold prices fell on Friday and were on course for their first weekly decline after a four-week winning streak, as a US-Iran deadlock kept oil prices elevated and inflation concerns in focus.

Spot gold was down 0.2% at $4,683.23 per ounce at 0938 GMT, having hit its lowest point since April 13. It is down almost 3% so far this week. US gold futures for June delivery fell 0.5% to $4,699.

"Oil is going to be a pinch point in the Strait of Hormuz. It's going to remain elevated. And for sure, the decline in gold has mirrored the rally in oil," said independent analyst Ross Norman.

"The reality is gold is struggling to get upside momentum. When you can't breach the upside, you tend to attack the downside, and I think that's probably where we're at right now," Norman added.

Brent crude prices have risen about 18% so far this week and held above $105 a barrel, on concerns of a renewed military escalation in the Middle East and a lack of progress in re-opening the key waterway.

Higher crude oil prices can stoke inflation, increasing the likelihood that interest rates stay higher for longer.

While gold is often seen as an inflation hedge, elevated rates make yield-bearing assets more attractive, weighing on demand for non-yielding bullion, according to Reuters.

US President Donald Trump said he was in no rush to reach a peace agreement with Iran and wanted it to be "everlasting," while continuing to assert that the US had a clear upper hand in the naval stand-off in the strait.

Meanwhile, the dollar was on track for its first weekly gain in three weeks, while the benchmark 10-year US Treasury yields gained 2% this week.

On the physical demand side, gold premiums in India climbed to their highest in over two-and-a-half months this week, as supplies tightened, while buying interest picked up in China.

Spot silver fell 0.7% to $74.88 per ounce, platinum lost 1.4% to $1,978.84 and palladium gained 0.4% at $1,475.35.


Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
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Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)

Container shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the Strait of Hormuz but did not have any information on the circumstances or timing.

Four out of initially six ships remain in the Gulf, after one ship's charter agreement expired, meaning it no longer belongs to the Hapag-Lloyd fleet, a spokesperson added.

The four ⁠Hapag ships remaining ⁠in the Gulf are staffed with 100 crew, who are well-supplied with food and water, Reuters quoted him as saying.

Scores of tankers and other vessels remain stuck in the Gulf as the United States is ⁠struggling to keep control of the Strait of Hormuz, one of the world's busiest shipping corridors.

The Iran war, launched by the US and Israel on February 28, has been paused since a ceasefire on April 8.

The US and Iran met in Pakistan in an attempt to end hostilities, but talks ended without agreement and ⁠a ⁠second round has yet to take place.

Tehran says it will not consider opening the strait until the US lifts its blockade of Iran's shipping, which Washington imposed during the ceasefire and Tehran calls a violation of that truce.

This week, Iran flaunted its grip over the strait with a video of commandos in a speedboat storming a huge cargo ship.