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Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025
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Industry Minister Inaugurates Made in Saudi Expo 2025

Industry Minister Inaugurates Made in Saudi Expo 2025

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated the third Made in Saudi Expo 2025 at the Riyadh International Convention and Exhibition Center in Malham, organized by the Saudi Export Development Authority through the Made in Saudi Program, with Syria’s Minister of Economy and Industry Dr. Mohammad Nidal al-Shaar in attendance.

The Syrian Arab Republic has been invited as the Guest of Honor at the exhibition, which has attracted strong participation from public and private sector organizations, as well as leading national manufacturers and industry leaders, SPA reported.

In his opening remarks, Alkhorayef emphasized that the exhibition serves as a key platform for showcasing advancements in Saudi industry, the quality of its products, and their competitiveness in local and international markets. He added that it is also an important venue for establishing strategic partnerships that support the growth of national industries.

He pointed out that the Made in Saudi Program, launched in 2021 under the esteemed patronage of HRH the Crown Prince, reflects the Kingdom's ambition to become a leading industrial power. Achieving this goal involves building consumer trust in its products and services in both domestic and global markets by nurturing local talent and innovation, promoting national products, and strengthening companies’ capabilities to expand internationally.

He also highlighted that Saudi non-oil exports have achieved remarkable success, reaching SAR515 billion in 2024, with historic results in the first half of 2025, demonstrating the highest half-year value of SAR307 billion. These figures underscore the industry’s vital role in diversifying the national economy in line with the objectives of Saudi Vision 2030.

The opening ceremony also welcomed the Syrian Arab Republic as this year’s Guest of Honor, highlighting the participation of more than 25 Syrian companies to present opportunities for industrial cooperation and integration, reflecting the strong fraternal ties between the two nations.

Alongside the exhibition, over 25 workshops are being conducted, while more than 50 memoranda of understanding are set to be signed.

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Business

Hungary Presses Russia Not to Hike Energy Prices amid Iran Turmoil

3D-printed oil barrels, an oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
3D-printed oil barrels, an oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Hungary Presses Russia Not to Hike Energy Prices amid Iran Turmoil

3D-printed oil barrels, an oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
3D-printed oil barrels, an oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Hungary wants guarantees from Russia that it will not charge Budapest more for oil and gas, despite global prices jumping due to conflict in the Middle East, Hungary's foreign minister said Wednesday.

Hungarian Foreign Minister Peter Szijjarto was in Moscow to meet Russian President Vladimir Putin in the Kremlin later Wednesday to press the request, according to AFP.

Energy prices have surged since the United States and Israel attacked Iran on Saturday, including the benchmark price of Russian crude.

Hungary is the European Union's biggest importer of Russian fossil fuels, having maintained purchases and secured exemptions from sanctions despite pressure from Brussels amid the Russian offensive on Ukraine.

Budapest was already facing disruption from the closure of the Druzhba pipeline, which transports Russian oil to Hungary and which Ukraine says was damaged in a Russian strike.

Szijjarto said he would be seeking assurances that "the crude oil and natural gas necessary for Hungary's energy supply will continue to be available to us.

"I am also here to obtain guarantees that, despite the changed circumstances and the global energy crisis, Russia will continue to deliver the necessary quantities of oil and gas for Hungary at unchanged prices," he added.

Budapest relies on Russian oil and is currently in a standoff with Kyiv over a halt to supplies via the Soviet-era Druzhba pipeline, which runs through Ukraine.

Ukraine says Russia attacked the pipeline in January and that the threat of another strike was holding up repairs.

Hungary and Slovakia -- which also buys Russian crude -- accuse Kyiv of delaying the repairs in an attempt to put pressure on them and choke them of Russian energy.

Kremlin spokesman Dmitry Peskov said buyers of Russian oil were "facing blackmail" and accused Kyiv of "the deliberate blocking of deliveries through the Druzhba pipeline".

Business

Gold Gains as Middle East Conflict Revives Safe-haven Bid

American gold bars stand on display during a preview of "Gold", a new exhibition dedicated to the highly prized mineral at the American Museum of Natural History in New York, November 15, 2006. The exhibit opens November 18 and runs through August 19 2007. REUTERS
American gold bars stand on display during a preview of "Gold", a new exhibition dedicated to the highly prized mineral at the American Museum of Natural History in New York, November 15, 2006. The exhibit opens November 18 and runs through August 19 2007. REUTERS
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Gold Gains as Middle East Conflict Revives Safe-haven Bid

American gold bars stand on display during a preview of "Gold", a new exhibition dedicated to the highly prized mineral at the American Museum of Natural History in New York, November 15, 2006. The exhibit opens November 18 and runs through August 19 2007. REUTERS
American gold bars stand on display during a preview of "Gold", a new exhibition dedicated to the highly prized mineral at the American Museum of Natural History in New York, November 15, 2006. The exhibit opens November 18 and runs through August 19 2007. REUTERS

Gold prices climbed 2% on Wednesday, rebounding from their lowest in more than a week reached in the previous session, as the dollar took a breather and mounting tensions in the Middle East drove investors toward safe havens.

Spot gold gained 2.2% to $5,198.58 per ounce by 1017 GMT, after falling more than 4% on Tuesday.

US gold futures for April delivery added 1.7% to $5,211.20, Reuters reported.

The US dollar fell 0.2%, making greenback-priced gold more affordable for buyers using other currencies.

"After the past few days of position unwinds and dollar strength, markets are back to a more typical macro risk-off stance, with silver higher too. A pause in the rise of the dollar and Treasury yields helps with their opportunity costs," said Jamie Dutta, market analyst at Nemo.money.

"Gold and silver's safe-haven characteristics can shine again." Gold's appeal as it draws support from the widening conflict in the Middle East is expected to remain intact even if some investors have favored the dollar as their preferred safe-haven, traders and analysts said on Tuesday.

Spot silver advanced 5.3% to $86.39 per ounce, after falling more than 8% in the last session. US forces continued round-the-clock assaults on Iran, and Israel mounted a "broad wave" of strikes targeting Iranian missile sites and air defense systems. Asian stocks tanked as investors dumped crowded bets on chipmakers on worries that the widening Middle East war would drive an oil shock, accelerating inflation and delaying interest rate cuts.

Markets see the US Federal Reserve holding rates at its two-day meeting later this month.

"If the military campaign prolongs or expands across the region, safe-haven demand could continue to support gold above the $5,000/oz level and potentially open the door for a retest of the recent highs," said Linh Tran, senior market analyst at XS.com. Spot platinum added 5.1% to $2,189.68 an ounce. The global platinum market is forecast to post a fourth consecutive year of deficit in 2026 at 240,000 troy ounces, the World Platinum Investment Council said. Palladium gained 3.6% to $1,705.71.

Business

European Stocks Firm after Sell-off on Middle East Turmoil

German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 30, 2025. REUTERS/staff
German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 30, 2025. REUTERS/staff
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European Stocks Firm after Sell-off on Middle East Turmoil

German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 30, 2025. REUTERS/staff
German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 30, 2025. REUTERS/staff

European stock markets firmed on Wednesday after a global rout driven by fears that surging energy prices from the Middle East war could fan inflation and hit the global economy.

The gains followed steep losses across Asian stock markets, where rising oil prices rattled investors on the fifth day of attacks on Iran and its retaliation across the region.

The London, Paris and Frankfurt stock markets were in the green in midday deals as European gas prices eased from this week's spike.

"Signs of a tentative stabilisation in Europe... are welcome but could be premature," said Neil Wilson, UK investor strategist at Saxo Markets, AFP reported.

"There may be more to come in terms of a structural decline in equity valuations should the economic effects start to be felt through trade, energy, inflation channels," he added.

Oil prices climbed, though gains were capped following US President Donald Trump's announcement that the US Navy was ready to escort oil tankers through the crucial Strait of Hormuz.

Iran's Revolutionary Guards, meanwhile, claimed "complete control" of the vital waterway, through which about a fifth of global oil supplies flow.

Fears of sustained supply disruptions have dimmed hopes for further interest rate cuts, with analysts saying central banks may delay easing if energy costs keep inflation elevated.

"Until there is a pause in this conflict and free flowing oil around the world, it is hard to see how markets can stage a meaningful recovery," said Kathleen Brooks, research director at trading group XTB.

The Dubai and Abu Dhabi stock exchanges dropped on Wednesday after a two-day trading suspension over Iran's missile and drone attacks across the Gulf.

The Dubai bourse was down more than four percent and the Abu Dhabi's ADX was more than two percent lower.

Seoul led losses in Asia as the Kospi tanked more than 12 percent, suffering its worst two-day collapse since the 2008 financial crisis, with trading briefly halted.

Chung Hae-chang, analyst at Daishin Securities, said: "Because South Korea, Japan, China and Taiwan rely heavily on energy shipments that pass through the Strait, any blockage would have significant negative effects on the market."

Japan's Nikkei 225 ended off more than three percent, with chipmakers Advantest and Tokyo Electron losing more than four percent.

Elsewhere in Asia, Taipei sank more than four percent. Bangkok tumbled eight percent to also spark a brief trading halt.

Hong Kong, Sydney, Singapore, Shanghai, Wellington, Mumbai, Manila and Jakarta were also deep in negative territory.

- Key figures at around 1140 GMT -

London - FTSE 100: UP 0.6 percent at 10,542.64 points

Paris - CAC 40: UP 1.0 percent at 8,184.20

Frankfurt - DAX: UP 1.5 percent at 24,151.68

Seoul - Kospi: DOWN 12.1 percent at 5,093.54 (close)

Tokyo - Nikkei 225: DOWN 3.6 percent at 54,245.54 (close)

Hong Kong - Hang Seng Index: DOWN 2.0 percent at 25,249.48 (close)

Shanghai - Composite: DOWN 1.0 percent at 4,082.47 (close)

New York - Dow: DOWN 0.8 percent at 48,501.27 (close)

Euro/dollar: UP at $1.1637 from $1.1617 on Tuesday

Pound/dollar: UP at $1.3382 from $1.3358

Dollar/yen: DOWN at 157.20 yen from 157.59 yen

Euro/pound: DOWN at 86.97 pence from 86.98 pence

West Texas Intermediate: UP 0.2 percent at $74.70 per barrel

Brent North Sea Crude: UP 1.1 percent at $82.31 per barrel