Saudi Arabia, Türkiye Sign MoUs on Railway and Logistics Cooperation, Connecting Gulf with Europe

Al-Jasser and Uraloglu shake hands after signing the MoUs. (X)
Al-Jasser and Uraloglu shake hands after signing the MoUs. (X)
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Saudi Arabia, Türkiye Sign MoUs on Railway and Logistics Cooperation, Connecting Gulf with Europe

Al-Jasser and Uraloglu shake hands after signing the MoUs. (X)
Al-Jasser and Uraloglu shake hands after signing the MoUs. (X)

Saudi Arabia and Türkiye have taken a major step toward forming a new regional logistics corridor that could reshape trade flows between the Gulf and Europe.

Saudi Transport and Logistics Services Minister Saleh bin Nasser Al-Jasser and Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu signed two major memorandums of understanding on railway and logistics cooperation.

The agreements, along with other deals, point to a potential shift in international trade routes through a seamless land corridor linking the Gulf directly to Europe.

Uraloglu said in an official post on X that the memorandums, marked the start of a new phase of cooperation. He said they would strengthen the exchange of expertise and technical cooperation across areas ranging from logistics centers to modern applications.

He said both countries wanted to build railway cooperation on stronger, more sustainable foundations, particularly in technology, infrastructure, training, and human resources development.

He hoped the steps would deepen regional connectivity and support trade and development.

Al-Jasser had earlier said joint studies on a regional rail link between Saudi Arabia and Türkiye through Jordan and Syria were expected to be completed before the end of this year.

The project builds on existing infrastructure. Saudi Arabia’s national railway network already extends to the Jordanian border via the Al-Haditha crossing.

Route map

The latest push builds on routes that began to emerge after a previous agreement between the transport ministries of Türkiye, Syria, and Jordan. That agreement set a four- to five-year technical roadmap to rehabilitate damaged infrastructure.

The route would begin from Turkish networks connected to southern Europe, cross Syria for 350 km through routes in Aleppo and Damascus, reach Amman and the port of Aqaba, and then connect to Saudi Arabia’s network, which extends toward the rest of the Gulf and Oman on the Indian Ocean.

The plans are moving on two tracks.

The first is the quick activation of rail crossings between Ankara and Damascus to boost trade. The second is a long-term strategic link using fast freight trains to move containers directly from Gulf ports to the heart of Europe.

The route could cut commercial shipping time from 15 days to six days and lower costs by 20% to 30%. It would also provide supply chains with a secure land corridor that bypasses tense waterways, including the Strait of Hormuz and the Bab el-Mandab.

Damascus and Ankara

The wider strategy is moving in parallel with intensified activity along the Ankara Damascus line, aimed at securing the project’s northern corridors and preparing its infrastructure and banking systems before the launch of the continental link train.

Alongside the broader rail project, economic ties between Ankara and Damascus have entered a new phase.

Turkish Trade Minister Omer Bolat told the Anadolu City Economies Summit in the Turkish border city of Gaziantep that preparations had been completed to open the Islahiye railway crossing with Syria and that Türkiye was preparing to open the Nusaybin crossing.

He said work had also begun to study legislation that would allow Turkish banks and business institutions to open branches in Syrian cities.

Bolat outlined a plan to raise trade from $3 billion now to $5 billion in the near term and $10 billion by 2030.

Ankara’s top priority remained preserving the unity of the Syrian state and its national sovereignty, he stressed, adding that Türkiye had provided all possible diplomatic and economic support for stability in its neighbor.

Syrian Economy and Industry Minister Mohammad Nedal Alchaar presented the economic vision of what he called the “new Syria,” sending a direct message to Turkish investors and businesspeople.

He said they must target “long-term strategic partnerships aimed at building, not profit alone.”

Alchaar said Syria “today has a huge industrial opportunity that does not exist in many countries of the world, as an emerging country full of expertise and young talent.”

He said many Turkish companies had already begun operating on the ground, especially in Aleppo province, a historic industrial hub, while others were working to complete their licenses.

Alchaar said stronger economic growth in Damascus, as Ankara’s natural partner, would directly boost growth in both countries.

In the diplomatic framework shaping the emerging partnership, Turkish Ambassador to Damascus Nuh Yilmaz said the new phase rested entirely on a “win-win” principle.

He said lasting political stability in Syria would only come through renewed prosperity and economic recovery.

Yilmaz described Türkiye as “the main and safe gateway for Syrian products to global markets and Europe.” In return, he said, Syria is “the strategic and vital logistics corridor for Türkiye toward Middle Eastern markets and the depth of the Gulf.”



Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Kingdom of Saudi Arabia ranked first among GCC states and 12th globally out of 55 pension systems in the 2026 Marsh CFA Institute Global Pension Index. The Kingdom's overall score climbed to 73.2 out of 100, up from 67.6 in 2025, continuing an upward trajectory that has seen it advance 15 places since 2022.

The Kingdom achieved notable gains across the index's three primary pillars. In the Integrity sub-index—which evaluates regulatory governance, member communication, and participant rights—Saudi Arabia scored 83.5, up 9.3 points from the previous year, securing an A rating, the highest classification in the category.

The Kingdom's Sustainability score increased to 61.2 points from 54.6, while Adequacy rose to 77.2 from 75, maintaining an overall B grade, SPA reported.

With its 73.2 score, Saudi Arabia outperformed established international pension systems categorized within the B band, including the United Kingdom, Canada, France, Germany, Belgium, Ireland, and Hong Kong, while leading all participating Gulf nations.

The index noted that Saudi Arabia's advancement was driven by sustained governance reforms, regulatory enhancements, data modernization, and stronger safeguards for scheme beneficiaries.

These results reflect ongoing modernization within the national social insurance ecosystem led by the Social Insurance, aimed at expanding benefit adequacy and safeguarding long-term fiscal sustainability.

Published in collaboration with the Monash Centre for Financial Studies, the 18th edition of the Marsh CFA Institute Global Pension Index evaluates retirement systems covering two-thirds of the world's population across more than 50 sub-indicators.


China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
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China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)

China's fiscal revenue increased 5.1% in the first nine months of 2026 from a year earlier, following a gain of 5.7% in the January-August period, the finance ministry said on Friday.

In the January-September period, fiscal revenue totaled 17.2 trillion yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax ‌revenue expanding ‌1.2%.

Fiscal expenditure was up ‌1.0% ⁠on the year ⁠in the period, slowing from a rise of 1.2% in the first eight months.

China has accelerated local special bond issuance this year and plans to front-load part of its 2027 ⁠quota, finance ministry official Zhao Zeyong ‌told a press ‌conference on Friday.

Net special bond issuance ‌from January to September reached 3.56 trillion ‌yuan, accounting for 81% of the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan ‌from the same month last year, Zhao said.

Revenue from ⁠government ⁠land sales fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the first eight months of this year.

The property sector downturn that began in mid-2021 has eroded land-sale revenue, long a crucial funding source for Chinese local governments.


Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
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Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)

Asian equities were mixed Friday as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.

Since AI-linked companies hit record highs in June, their equity prices have been pummeled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiraling.

That has combined with an Iran war-fueled surge in oil prices to more than $100 that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.

Strong earnings in past quarters have been able to temper many of the concerns, but analysts pointed out that investors are demanding better and better results to justify their backing.

Earnings from Facebook-parent Meta and chip equipment maker Lam Research this week have beaten forecasts but seen their shares dive.

"Even positive news is being ignored," said FOREX.com's Fawad Razaqzada.

"Strong results are no longer enough if the outlook fails to match an already demanding valuation. Investors are becoming much less forgiving."

The rush out of tech has, however, boosted industrial companies overlooked for much of the AI boom, with the Dow rising this week while the Nasdaq and S&P 500 retreated.

The general losses in New York filtered through to Asia in the morning, but some markets staged a comeback as the day progressed.

Seoul -- which was at the forefront of the AI boom and has led recent losses -- shed more than two percent after the open but was up at the close.

Chipmaker and market heavyweight SK hynix -- a major target amid the waves of buying and selling -- ended up more than four percent. However, its US shares fell more than eight percent Thursday after it said it was scrapping plans for an initial public offering for its US subsidiary Solidigm, citing "market conditions and share price trends".

There were also gains in Hong Kong, Shanghai, Sydney, Singapore and Jakarta.

Tokyo's Nikkei 225, which is also heavily weighted to tech, ended in the red, though well off earlier lows. Wellington, Mumbai and Manila were also down. Taipei was closed as Typhoon Champi neared Taiwan.

London, Frankfurt and Paris dropped in the morning.

Safe havens benefited, with the yen rallying against the dollar, helped by strong Japanese inflation data that boosted bets on another interest rate hike.

The currency has struggled against the greenback in recent years owing to the wide interest rate gap between the United States and Japan, as well as worries about the Asian giant's fiscal situation.

US Treasuries were also in demand, with yields falling from two-decade highs.

"Markets are looking for safe havens as the now familiar fears over AI and the tech sector, alongside ever higher oil and energy prices are powering a move back into bonds," said National Australia Bank's Gavin Friend.

"Regardless of the continued climb in oil prices, investors are increasingly looking for safe havens with the recent pullback in US Treasury yields getting a sizeable push," he said, adding that two- and 10-year Treasury yields were at one-month lows.

And Carol Kong at Commonwealth Bank of Australia said the yen could benefit further if the tech trade continued to deteriorate.

Oil prices added to the dour mood on fresh Middle East worries. Brent extended Thursday's spike and headed back towards $115 a barrel for the first time since May, while WTI topped $100.

The latest rally came after Iran threatened to hit US bases in the region if its military continued to escort ships through the Strait of Hormuz.