KARACHI: Saudi Arabia and Pakistan on Saturday discussed unlocking the full potential of their strategic relationship, as the finance chiefs of both countries met ahead of the Emerging Markets Conference in AlUla, Saudi Arabia, according to an official statement.
Pakistan’s Finance Minister Muhammad Aurangzeb arrived in the Kingdom to attend the two-day conference, which begins on Sunday, at the invitation of his Saudi counterpart Mohammed Al-Jadaan.
The annual economic policy forum is organized by the Saudi finance ministry in collaboration with the International Monetary Fund (IMF) regional office in Riyadh. The event will bring together emerging market finance ministers, central bank governors, policymakers, public and private sector leaders, international institutions and academics.
“The meeting [between the two finance chiefs] underscored a shared commitment to build bridges of economic cooperation and advance mutual prosperity,” Pakistan’s finance ministry said in a statement after Aurangzeb’s interaction with Al-Jadaan.
“The discussions highlighted opportunities for enhancing bilateral trade, investments and financial collaboration, with both ministers expressing their dedication to unlocking the full potential of their countries’ strategic partnership,” it added.
Pakistan is navigating a fragile economic recovery under a $7 billion IMF loan program secured in September 2024, after implementing austerity measures and policy reforms to avert a sovereign default in 2023.
To facilitate Pakistan’s economic recovery, Saudi Arabia signed 34 memorandums of understanding (MoUs) worth $2.8 billion last October to boost private sector investment in key areas, including energy, infrastructure and technology.
During their meeting, the two ministers explored avenues for collaboration in infrastructure, energy, technology and finance, emphasizing the need for continued dialogue and joint initiatives to facilitate investment flows and economic opportunities that could benefit the broader region.
According to an earlier statement by Pakistan’s finance ministry, Aurangzeb is scheduled to participate in a high-level panel discussion titled “The Path to Emergent Markets,” hosted by IMF Managing Director Kristalina Georgieva.
The conference will feature nine sessions, with 200 participants and 36 speakers, focusing on economic resilience, financial policies for emerging markets and global economic challenges.
The discussions come at a time when the world economy is facing persistent shocks, trade tensions between major world powers, geopolitical instability and tight financial conditions.
“The conference will provide a unique platform for world leaders to discuss and analyze domestic, regional and global economic conditions and developments and to exchange ideas on solutions to global challenges,” the Pakistani finance ministry added.
Pakistani and Saudi finance chiefs discuss boosting strategic ties ahead of AlUla conference
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Pakistani and Saudi finance chiefs discuss boosting strategic ties ahead of AlUla conference

- Muhammad Aurangzeb brings up enhanced bilateral trade, investments and collaboration with his counterpart
- The ministers emphasize the need for continued economic dialogue, increased cooperation through joint initiatives
Tabuk entrepreneurs, freelancers receive $61.2m from Social Development Bank in 2024

JEDDAH: Entrepreneurs and freelancers in Tabuk received over SR230 million ($61.2 million) in funding from the Social Development Bank in 2024, boosting established businesses and independent work in the region.
The government-owned financial institution announced that in 2024 it provided over SR75 million in financing to more than 200 businesses in the northwestern region and helped 4,000 freelancers with funding, totaling over SR155 million, according to the Saudi Press Agency.
SDB’s Regional Director Hamed Al-Anzi highlighted that this support is part of the bank’s efforts to enhance entrepreneurship and help individuals achieve financial independence through their own businesses.
The support aligns with Saudi Arabia’s Vision 2030 objectives, which includes raising the contribution of small and medium enterprises to 35 percent of the gross domestic product by the end of the decade.
Speaking during a discussion panel at the “Diwaniya of the Chamber” event organized by the Tabuk Chamber of Commerce, Al-Anzi emphasized that SDB is working to offer a range of financial products targeting youth of both genders who wish to launch their own businesses, as well as specialized programs to support SMEs, which, he said, play a vital role in the development of the national economy.
He also emphasized that SDB and the National Entrepreneurship Institute, known as Riyadah, are partnering to empower young entrepreneurs to launch their businesses, creating job opportunities for the local community.
The regional director further encouraged aspiring business owners to make use of the digital platforms provided by supporting entities, which offer easy access to financing, training programs, and specialized consultations.
The session, attended by several regional businesspeople, concluded with a discussion on the challenges of freelancing and the requirements for starting new companies, highlighting the positive impact these initiatives have on Tabuk’s growing economy.
Supporting freelancers is crucial for the nation’s economy. In 2023, independent workers contributed SR72.5 billion to the GDP, representing 2 percent of the country’s total economic output.
As freelancing continues to grow, with over 2.25 million individuals registered on freelance platforms as of September, it plays an increasingly vital role in diversifying income sources and strengthening the national economy.
Fitch affirms Qatar’s rating at AA, outlook stable

RIYADH: Qatar has retained its AA credit rating from Fitch Ratings, with a stable outlook, supported by the country’s expanding liquefied natural gas production capacity and high per capita income.
The US-based agency highlighted Qatar’s strong fiscal position, citing one of the world’s highest gross domestic product per capita figures and a flexible public finance framework that bolsters the country’s resilience.
An AA rating signals very low credit risk and a robust ability to meet financial commitments, even in the face of foreseeable economic pressures.
Qatar’s strong credit rating aligns with the broader trend in the Middle East, where countries are steadily diversifying their economies to reduce reliance on crude revenues.
In February, Fitch affirmed Saudi Arabia’s IDR at A+ with a stable outlook, while the UAE received a rating of AA-. The agency also affirmed Kuwait’s AA- rating in March.
“Qatar’s ‘AA’ rating reflects one of the world’s highest GDP per capita, our expectation that additional gas production will strengthen public finances and a flexible public finance structure,” said Fitch Ratings.
The report highlighted Qatar’s plans to expand LNG production capacity from 77 million tonnes per annum to 110 mtpa in 2026 and 126 mtpa by 2027, eventually reaching 142 mtpa by 2030.
According to Fitch, state-owned Qatar Energy’s North Field projects will support both hydrocarbon and non-hydrocarbon growth from 2025 to 2030.
North Field, which holds nearly 10 percent of the world’s known LNG reserves, lies off the northeast shore of the Qatar peninsula, covering more than 6,000 sq. km — roughly half the country’s land area.
“Funding plans for the 2030 phase will depend on hydrocarbon prices at that time but we expect it is likely that most of the project will be funded with internal resources,” added Fitch.
The agency also projected that Qatar’s government debt-to-GDP ratio will fall to about 43 percent by 2027, down from 49 percent in 2024 and a peak of 85 percent in 2020.
Fitch noted that Qatar’s government is expected to refinance most upcoming external market debt maturities and pay down external loans using a moderate budget surplus, excluding income from its sovereign wealth fund investments.
Qatar’s sovereign net foreign assets per GDP reached $398 billion in 2024, up from $347 billion in 2023, reaffirming the country’s strong financial standing.
However, the report also outlined key constraints that could impact Qatar’s rating in the future, including its heavy reliance on hydrocarbons, higher government debt-to-GDP ratio compared to regional peers, and regional stability risks.
“Qatar has broadly normalized its relations with the GCC in recent years, although points of tensions remain. Qatar continues to position itself as a mediator in relations between Western powers and Iran and Hamas, among others,” Fitch noted.
It added: “High tensions in the region and uncertainty around US Middle East policy contribute to the persistence of regional geopolitical risks, which could impact Qatar, although it has so far not been directly affected.”
Egypt Suez Canal monthly revenue losses at around $800m, El-Sisi says

CAIRO: Egypt’s President Abdel Fattah El-Sisi has announced that the monthly losses of the Suez Canal revenues reached around $800 million due to the regional “situation,” as Yemen’s Houthis have been attacking vessels in the Red Sea.
The Iran-backed Houthis have attacked vessels in the Red Sea area since November 2023 in support of Palestinians in Gaza during the war with Israel, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.
The Egyptian presidency statement did not directly refer to the Houthis, but El-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.
The Yemeni group recently vowed to resume attacking US vessels in the Red Sea, in response to deadly US strikes on Yemen that killed at least 53 people on Saturday, in the biggest US military operation in the Middle East since President Donald Trump took office in January.
They also said last week they would resume attacks on Israeli ships passing through the Red Sea if Israel did not lift a block on aid entering Gaza.
Oil Updates — crude gains on Mideast risks, China stimulus plan and data

BEIJING/SINGAPORE: Oil prices rose slightly on Tuesday, supported by instability in the Middle East as well as China’s stimulus plans and data, although global growth concerns, US tariffs and Russia-Ukraine ceasefire talks curbed gains.
Brent futures rose 36 cents, or 0.5 percent, to $71.43 a barrel by 10:00 a.m Saudi time, while US West Texas Intermediate crude futures rose 32 cents, or 0.5 percent, to $67.90
“Along with US strikes on the Houthis in Yemen, several factors provided support to the market,” ING analysts said in a research note.
“China unveiled plans to revive consumption, while Chinese retail sales and fixed asset investment growth came in stronger than expected.”
The state council, or cabinet, unveiled on Sunday a special action plan to boost domestic consumption, with measures such as boosting incomes and offering childcare subsidies.
On Monday, Chinese economic data showing that retail sales growth quickened in January-February also gave investors reasons for optimism, although factory output fell and the urban jobless rate reached its highest in two years.
Crude oil throughput in China, the world’s biggest crude importer, rose 2.1 percent in January and February from a year earlier, supported by a new refinery and holiday travel, official data showed on Monday.
Prices also gained support from President Donald Trump’s vow to continue the US assault on Yemen’s Houthis unless they end their attacks on ships in the Red Sea.
On the Israel-Palestinian conflict, Israeli air strikes in Gaza killed at least 200 people, Palestinian health authorities said, as attacks on Tuesday ended a weeks-long standoff over extending a ceasefire that halted fighting in January.
Highlighting persistent concerns about demand, a key downside risk for oil, the OECD said on Monday that Trump’s tariffs would drag down growth in the US, Canada and Mexico, which would weigh on global energy demand.
“With global supply surging and tariffs and trade wars set to hit global demand, we remain of the view that prices will head lower and eventually reach the mid $60s,” said Robert Rennie, head of commodity and carbon strategy at Westpac.
Further adding to global supply, Venezuela’s state-run PDVSA has put together three operational scenarios indicating it plans to continue producing and exporting oil from its joint venture with Chevron after the
US major’s license expires next month, according to a company document reviewed by Reuters on Monday.
Talks on Tuesday between Trump and Russian President Vladimir Putin about ending the Ukraine war were also in focus.
Markets believe a potential peace negotiation would involve the easing of sanctions on Russia and the return of its crude supply to global markets, weighing on prices.
MSC launches service to boost Saudi-East Asia trade

JEDDAH: A new shipping service by Mediterranean Shipping Co. is set to strengthen trade links between Saudi Arabia and key ports in East Asia, bolstering the Kingdom’s global logistics network.
Saudi Ports Authority, known as Mawani, announced that MSC will launch the new “Clanga” line at the Jubail Commercial Port, adding that it will strengthen the Kingdom’s position in investment and logistics, according to the country’s official press agency.
The service will connect Jubail Commercial Port with King Abdulaziz Port in Dammam, Port of Singapore, and Port of Shanghai in China, as well as Port of Colombo in Sri Lanka, with a handling capacity of up to 6,000 twenty-foot equivalent units.
This move is expected to boost foreign investment and improve supply chain efficiency. It also aligns with Mawani’s efforts to enhance the competitiveness of Saudi ports and support national exports, as well as the National Transport and Logistics Strategy’s goal of establishing the Kingdom as a global logistics hub connecting three continents.
Mawani said in a statement that the addition of the service to the Jubail port highlights its strategic role in enhancing maritime transport and logistics while supporting economic activities in the Eastern Province.
The authority added that the port’s proximity to production hubs, coupled with advanced infrastructure, allows it to accommodate vessels of various types and sizes, further strengthening Saudi Arabia’s connectivity with global terminals.
As a key facilitator of national exports, particularly industrial and petrochemical products from Jubail Industrial City, the port plays a crucial role in boosting the Kingdom’s global trade competitiveness, Mawani emphasized.
In August, MSC introduced the service at the King Abdulaziz Port, connecting the city with major terminals in China, including Ningbo, Shanghai, and Shekou, as well as Singapore.
Mawani announced at that time that the service would operate weekly voyages with a capacity of up to 15,000 TEU.
In a statement, MSC said the service was designed to address terminal congestion issues in the Middle East and enhance connectivity for Asia-Middle East cargo.
The shipping company, which won the “Best Shipping Line – Asia-Africa” award at the 2024 Asian Freight, Logistics, and Supply Chain Awards, further said that Clanga would offer a unique and competitive service for Saudi exports to the Far East through its direct call in Shanghai from Dammam.