US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha

Update Qatari Emir Sheikh Tamim bin Hamad Al-Thani and US President Donald Trump oversaw the signing of several major agreements and memorandums of understanding on Wednesday during a state visit to Doha. (QNA)
Qatari Emir Sheikh Tamim bin Hamad Al-Thani and US President Donald Trump oversaw the signing of several major agreements and memorandums of understanding on Wednesday during a state visit to Doha. (QNA)
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Updated 15 May 2025
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US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha

US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha
  • Deals include massive order from Qatar Airways to buy 210 Boeing jets for $96 billion
  • Trump urges Qatar to use its influence over Iran to stop proxy wars as condition for nuclear deal

DOHA: US President Donald Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani agreed deals in Doha on Wednesday that the White House said were worth $1.2 trillion, including a massive order from Qatar Airways to buy Boeing aircraft.

Qatar Airways will buy up to 210 Boeing 777X and 787 widebody jets for $96 billion in a coup for both Trump and the planemaker.

Trump said he and Sheikh Tamim also discussed Iran, the Russia-Ukraine war, strengthening ties in defense, investment, energy, education and cybersecurity. They also touched on preparations for the FIFA World Cup 2026 and the 2028 Olympics, which will be hosted in the US.

The two leaders also witnessed the signing of a joint declaration of cooperation between the two governments, and letters of offer and acceptance for MQ-9B drones and the FS-LIDS anti-drone system, Qatar News Agency reported.

President Trump thanked the emir for Qatar’s warm hospitality and described Sheikh Tamim as a longtime friend and trusted partner. “We always had a very special relationship,” he said of the emir.

Senior Qatari ministers and US cabinet officials, including the secretaries of state, defense, treasury, commerce and energy, also attended the talks and signing ceremony.

Talks with Iran

Trump also urged Qatar to use its influence over Iran to persuade the country’s leadership to reach an agreement with the US to dial back its rapidly advancing nuclear program.

Qatar over the years has played the role of intermediary between the US and Iran and its proxies, including during talks with Tehran-backed Hamas as its 19-month war with Israel grinds on.

“I hope you can help me with the Iran situation,” Trump said during remarks at the state dinner. “It’s a perilous situation, and we want to do the right thing.”

Trump wants Iran to stop backing militant proxy groups.

Earlier, before he left Saudi Arabia for Qatar, Trump said he wanted to reach an agreement with Iran on its nuclear program, but Tehran must end its support for proxy militias throughout the Middle East.

Iran “must stop sponsoring terror, halt its bloody proxy wars, and permanently and verifiably cease pursuit of nuclear weapons,” Trump told Gulf leaders at a GCC summit in Riyadh. “They cannot have a nuclear weapon.”

The president’s demand for Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon, and the Houthis in Yemen comes as Tehran’s proxy network faces significant setbacks. 

Hezbollah is severely weakened after a war with Israel in which many of its leaders were killed, and it lost a key ally with the fall of Syrian dictator Bashar Assad, a conduit for Iran to send arms. 

Terror-free future

Trump said the moment was ripe “for a future free from the grip of Hezbollah terrorists.”

In Gaza, Hamas has been militarily decimated by an Israeli offensive since October 2023. 

Only the Houthis in Yemen have emerged relatively unscathed from an American bombing campaign that ended last week with a unilateral US ceasefire.

The US and Iran have had four rounds of nuclear talks since last month. 

Saudi Arabia fully supported the talks and hoped for positive results, Foreign Minister Prince Faisal bin Farhan said on Wednesday. 

Earlier, the leaders of the US and Syria met face-to-face for the first time in 25 years. 

Ahmad Al-Sharaa, interim president of the Syrian Arab Republic, flew to Riyadh a day after Trump said he would lift sanctions on the Syrian economy after discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman.

 

 

The crown prince joined Trump and Al-Sharaa for the meeting. Turkish President Recep Tayyip Erdogan took part via video conference. 

Syria’s Foreign Ministry hailed the meeting as “historic,” and said the two leaders had discussed “avenues for Syrian-American partnership in counterterrorism efforts” and the importance of supporting reconstruction.

There was elation on the streets of Damascus and other cities, with cheering, dancing and celebratory gunfire as Syrians rejoiced in their relief from US sanctions.

“These sanctions were imposed on Assad, but ... now that Syria has been liberated, there will be a positive impact on industry, it’ll boost the economy and encourage people to return,” said Aleppo soap factory owner Zain Al-Jabali, 54.




US President Donald Trump, Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and Boeing CEO Kelly Ortberg at the Royal Palace in Doha on Wednesday. (AFP)

Big win for Trump and Boeing

The Qatar Airways deal for Boeing 777X and 787 planes with GE Aerospace engines is a win for Trump on a high-profile visit to the region, even though it will be years before the jets are delivered.

The sale is also a boost for Boeing and its biggest engine supplier at a time when large versions of rival Airbus’ A350, powered by Rolls-Royce engines, have struggled with maintenance problems from operating in the world’s hottest climates, including the Gulf region. The agreement is for 160 firm orders — 130 787s and 30 777Xs — and options for another 50 of the two long-haul airplanes, according to Boeing. The company’s shares rose 0.6 percent in New York, while GE Aerospace stock gained 0.7 percent.

For the 787s, Qatar opted for GE Aerospace’s GEnx engines rather than Rolls-Royce’s Trent 1000, according to the administration. GE Aerospace’s GE9X is the only engine option for the 777X. The deal for 400 GE engines is the largest ever for GE Aerospace, the company’s CEO Larry Culp said in a statement, a point echoed by Qatar Airways, which told Reuters in March that it was working on a large order for widebody jets.

Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani joined a signing ceremony with Boeing CEO Kelly Ortberg and Qatar Airways CEO Badr Mohammed Al-Meer. Trump said Ortberg told him it was the largest jet order in Boeing’s history. 

The 777X is still in development and slated to start deliveries in 2026, six years behind schedule. Qatar Airways already has orders for 94 777Xs. Its competitor, Emirates, has orders for 205 777Xs. The two airlines were among the first customers when Boeing launched the program in 2013.

Boeing’s order book included 521 777X orders and 828 787 orders as of April 30, according to the company. 

(With Agencies)


Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor
Updated 28 July 2025
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Neom port cuts cargo transit time with new trade corridor

Neom port cuts cargo transit time with new trade corridor

RIYADH: Neom port has completed a trial of a new multimodal regional trade corridor linking Saudi Arabia, Egypt, and Iraq, cutting cargo transit times by more than half, according to the Saudi Press Agency.

The pilot, conducted in partnership with the Logistics Partnership Council, demonstrated significantly faster delivery compared to traditional shipping routes.

The trial shipment originated in Cairo, Egypt, and traveled via Safaga Port across the Red Sea to Neom port. From there, it continued overland to Irbil in northern Iraq, covering more than 900 km.

The initiative brought together multiple government and regulatory bodies — including the Transport General Authority and the Zakat, Tax and Customs Authority — alongside private sector stakeholders such as shipowners, exporters, importers, export councils, and logistics firms.

The successful test comes as Neom port accelerates infrastructure upgrades and moves toward full automation. In June, it received Saudi Arabia’s first remote-controlled ship-to-shore and electric rubber-tyred Gantry cranes. Operated from ergonomic control rooms, the cranes mark a milestone in the development of Terminal 1.

A 900-meter quay wall has also been completed, and the port’s access channel has been deepened to 18.5 meters, enabling it to accommodate the world’s largest container ships.

As part of Neom’s workforce development strategy, the crane operations program includes training Saudi women in advanced technical roles.

According to SPA, the new trade corridor achieved high levels of operational efficiency across each stage of the journey, offering an integrated logistics solution that enhances competitiveness.

“This pilot project is a pivotal step in implementing a long-term vision to enhance Neom port’s role as a major logistics and maritime hub in the Kingdom of Saudi Arabia,” the agency stated.

Strategically located on the Red Sea and near the Arar border crossing — a key entry point into Iraq — Neom port aims to become a regional gateway connecting global trade routes and streamlining movement across Asia, Africa, Europe, and the Middle East.

The corridor project aligns with Saudi Arabia’s Vision 2030 objective of building a world-class logistics ecosystem by integrating ports, land crossings, and customs centers. It also presents a scalable model to strengthen domestic logistics connectivity and reinforce the Kingdom’s position as a central player in regional and international trade.


Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC

Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC
Updated 28 July 2025
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Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC

Saudi Arabia leads GCC IPO market with $1.8bn in Q2 listings: PwC
  • GCC equity markets raised $2.4 billion from four main market IPOs
  • Kingdom’s leadership underscored by high-profile IPOs such as Flynas and Specialized Medical Co.

RIYADH: Saudi Arabia dominated Gulf equity markets in the second quarter of 2025, securing 76 percent of total initial public offering proceeds amid strong investor demand for listings on its bourses. 

According to PwC Middle East’s latest IPO Watch report, Gulf Cooperation Council equity markets raised $2.4 billion from four main market IPOs and eight listings on Saudi Arabia’s Nomu Parallel Market. The proceeds were broadly in line with the $2.6 billion raised during the same period in 2024, despite a decline in the number of listings. 

The Kingdom’s leadership was underscored by high-profile IPOs such as Flynas, the region’s first airline listing in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the region raised over $500 million each, reflecting strong investor appetite and a shift toward larger deals. 

“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, capital markets leader, partner at PwC Middle East. 

“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT," he added. "The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”  

Strong IPO performance was further bolstered by rising foreign investor participation across Gulf stock markets, with net inflows jumping 50 percent quarter on quarter to reach $4.2 billion in the second quarter of 2025, according to a report by Kuwait-based asset management company Kamco Invest released earlier in July.  

This marked the sixth consecutive quarter of net foreign inflows into GCC equities.  

Kamco reported that Saudi Arabia attracted the highest inflows at $1.4 billion, up from $252.3 million the previous quarter, reflecting increased investor confidence amid the Kingdom’s ongoing market liberalization and economic diversification efforts. 

PwC reported that the Nomu market showed continued strength, with eight listings raising $128 million in the second quarter of the year, up from $81 million during the same period last year. 

In the UAE, the Dubai Residential REIT IPO marked the first real estate investment trust listing since 2014, signaling renewed investor interest in alternative assets.  

The Dubai Financial Market and Abu Dhabi Securities Exchange rebounded from early turbulence, with the Dubai Financial Market gaining 15 percent and the Abu Dhabi Securities Exchange rising 7 percent. 

Regional equity indices saw mixed performance, with early-quarter uncertainty followed by recovery later in the period. In Saudi Arabia, the Tadawul All Share Index declined 6 percent, influenced by a nearly 20 percent drop in Brent crude prices.  

Looking ahead, PwC said that while the third quarter typically experiences reduced IPO activity, the pipeline for late 2025 and early 2026 remains strong and diversified. 


Closing Bell: Saudi main market closes lower at 10,885 

Closing Bell: Saudi main market closes lower at 10,885 
Updated 28 July 2025
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Closing Bell: Saudi main market closes lower at 10,885 

Closing Bell: Saudi main market closes lower at 10,885 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Monday, falling 70.90 points, or 0.65 percent, to end the session at 10,885.32.  

The total trading turnover on the main market reached SR4.61 billion ($1.2 billion), with 546.78 million shares traded. A total of 72 stocks advanced while 177 declined. 

The MSCI Tadawul 30 Index also dropped, losing 10.55 points, or 0.75 percent, to close at 1,399.41. 

On the Kingdom’s parallel market Nomu, the index declined by 209.73 points, or 0.78 percent, to finish at 26,781.28. Of the listed companies, 31 gained while 49 fell. 

Sport Clubs Co. led the gainers, rising 9.92 percent to SR11.19. It was followed by SHL Finance Co., which advanced 6.47 percent to SR23.85, and Allied Cooperative Insurance Group, which rose 6.13 percent to SR11.43. 

Riyadh Cables Co. posted a gain of 4.73 percent, while Saudi Co. for Hardware rose 3 percent. 

On the other hand, Tourism Enterprise Co. recorded the sharpest decline of the session, falling 9.84 percent to SR1.10. Banque Saudi Fransi dropped 5.26 percent to SR16.92, while Raydan Food Co. fell 4.07 percent to SR13.66.  

Thob Al Aseel Co. declined by 3.93 percent, while Northern Region Cement Co. fell 3.89 percent. 

On the announcement front, Al Majeed Oud Co. reported a 19.6 percent year-on-year increase in revenue for the first half of 2025, reaching SR618.8 million compared to SR517.2 million in the same period last year.  

The company also posted a 21.5 percent rise in net profit, which grew to SR145.2 million from SR119.5 million over the same timeframe. 

According to the company, the increase in sales was driven by the performance of newly launched products, retail network expansion, growth in its e-commerce platform, and targeted marketing campaigns during the Ramadan and Hajj seasons.  

It attributed the rise in net profit to the same commercial factors, along with improved operational efficiency measures. 

Shares of Al Majeed Oud Co. closed at SR130, down 1.52 percent. 

Raoom Trading Co. reported a 13.7 percent year-on-year decline in revenue for the first half of 2025, with sales falling to SR51.5 million from SR59.7 million in the same period last year.  

Net profit also dropped sharply, falling 91.9 percent to SR2.2 million from SR28.3 million. 

The company attributed the decline in revenue to lower average selling prices driven by market conditions and a reduction in sales volumes. 

The fall in net profit was also linked to a SR3 million loss from the revaluation of financial assets at fair value, compared to a gain of SR14.8 million in the corresponding period of 2024. 

Shares of Raoom Trading Co. closed at SR60.55, down 1.54 percent. 


Saudi Arabia, Syria sign deal to boost energy ties

Saudi Arabia, Syria sign deal to boost energy ties
Updated 28 July 2025
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Saudi Arabia, Syria sign deal to boost energy ties

Saudi Arabia, Syria sign deal to boost energy ties
  • Two sides explored cooperation opportunities across various energy sectors during talks
  • Saudi and Syrian business leaders affirmed readiness to support redevelopment of Syria’s energy infrastructure

RIYADH: Saudi Arabia and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy.

The memorandum of understanding was signed by the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement.

The move is part of Saudi Arabia’s drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria.

It also aligns with the Kingdom’s recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country’s reconstruction efforts.

“During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,” the Kingdom’s Ministry of Energy said.

“They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom’s energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,” it added.

Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure, as announced during a high-level meeting in Riyadh.

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.

Al-Bashir outlined his ministry’s recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency.

Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts.

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.

Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry.

According to official data from Saudi Arabia’s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million.

Syria ranked 60th among countries supplying goods to Saudi Arabia, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.


Expat remittances in Saudi Arabia jump 21% in May to over $4bn

Expat remittances in Saudi Arabia jump 21% in May to over $4bn
Updated 28 July 2025
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Expat remittances in Saudi Arabia jump 21% in May to over $4bn

Expat remittances in Saudi Arabia jump 21% in May to over $4bn
  • Transfers by non-Saudis reached nearly SR70 billion, an annual rise of almost 26%
  • Money sent abroad by Saudi citizens reached SR29.8 billion, up 13% year on year

RIYADH: Expatriate remittances from Saudi Arabia rose to SR15.2 billion ($4.05 billion) in May, marking a 21 percent increase compared to the same month last year. 

According to data by the Saudi Central Bank, also known as SAMA, transfers by non-Saudis reached nearly SR70 billion during the first five months of 2024, an annual rise of almost 26 percent. 

Money sent abroad by Saudi citizens reached SR29.8 billion, up 13 percent year on year, the central bank’s monthly bulletin showed. 

The significant uptick in outbound transfers reflects several economic and social factors shaping the Kingdom’s labor market and remittance behavior. Among these are the rising number of foreign workers, improving wages, and growing reliance on digital payment solutions that facilitate cross-border transfers more efficiently. 

Saudi Arabia is home to more than 16.41 million non-Saudis as of May, who make up over 44 percent of the population, according to data by Global Media Insight. As the Kingdom continues to develop under Vision 2030, many expats are taking on higher-paying jobs in health care, construction, logistics, and technology sectors. 

Improved career opportunities have led to increased disposable income, part of which is regularly sent back to support families in their countries of origin. 

In the Expat Insider 2024 survey conducted by international expat network InterNations, 75 percent of expatriates in the Kingdom said their career prospects had improved significantly since relocating to Saudi Arabia. 

This placed the country second globally in the “Working Abroad Index,” just behind Denmark. The findings reflect growing expat satisfaction and underscore the rising earning potential in the Saudi labor market. 

Fintech adoption has also contributed to the remittance boom. Companies like stc pay, UrPay, and Tahweel Al-Rajhi offer fast and affordable remittance services integrated with mobile wallets, enabling low-cost and convenient international transfers. 

According to a 2024 World Bank brief, the average cost of sending $200 from Saudi Arabia was 5.5 percent in the fourth quarter of 2023, making it one of the least costly G20 countries for remittance outflows.

In comparison, the G20 average stood at 6.5 percent, with countries like South Africa at 12.8 percent and Japan at 7 percent ranking among the highest. The global average cost for remittances was 6.4 percent, well above the UN Sustainable Development Goal target of 3 percent by 2030. 

The growth in remittances by Saudi nationals may be attributed to a combination of factors, including the expansion of the working-age population, increased international travel, overseas investments, and education-related transfers. 

Young Saudis studying abroad, owning property overseas, or supporting family members outside the Kingdom all contribute to rising personal transfers. 

The overall increase in outbound remittances aligns with broader macroeconomic trends. As Saudi Arabia pushes to diversify its economy and empower the private sector, higher employment levels and better wage conditions are translating into more outbound flows. At the same time, remittances play a vital role in supporting economies across South Asia, the Middle East, and Africa, where many Saudi-based expats originate. 

The Kingdom’s commitment to financial innovation, coupled with a strong expat-driven economy, will likely keep remittance flows elevated in the months ahead.