MEXICO CITY: Mexico has canceled existing sugar export permits to the US to avoid penalties in a dispute over the pace of shipments, a document seen by Reuters said, partly blaming the issue on unfilled positions at the US Department of Commerce.
It was not immediately clear what impact the cancelation would have on exports to the US. The document, sent by Mexico’s sugar chamber to mills on Monday, said existing permits would be reissued in April.
Mexico’s sugar mills are currently in full swing at the height of the harvest. The amount of sugar sent to the US varies from season to season, with the document referring to a quota of 820,000 tons in 2016/2017.
Ties between the US and Mexico have frayed under Donald Trump, who sees trade skewed to favor the southern neighbor and is seeking to renegotiate the North American Free Trade Agreement (NAFTA).
The document made no suggestion that the present dispute was related to the wider politics, but described as “absurd” an interpretation by “low-level” Commerce Department officials of a clause in so-called suspension agreements, which have regulated the sugar trade between both countries since the end of 2014.
Mexico cancels sugar export permits to US
Mexico cancels sugar export permits to US
Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals
RIYADH: Saudi Arabia’s Public Investment Fund ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions.
Global SWF, a data platform tracking activity in the sector, reported that Canada’s public pension fund topped the rankings with a $7 billion deal. The Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies.
Globally, sovereign investors executed 22 deals worth a combined $16.5 billion. Alongside PIF and CDPQ, other major players included South Korea’s National Pension Service, which committed $1.6 billion to a real estate transaction, and Canada’s BCI, with a $1.3 billion infrastructure deal.
This surge in cross-border activity highlights a growing trend among sovereign and public investors — particularly those in the Gulf region — to seize emerging global opportunities while hedging against domestic economic fluctuations.
Established in 1971, PIF has undergone a dramatic transformation since 2015 under the leadership of Crown Prince Mohammed bin Salman. Once a primarily domestic fund, it has evolved into a globally influential SWF managing $925 billion in assets and driving the Kingdom’s Vision 2030 agenda.
PIF’s rapid rise in less than a decade underscores the scale and ambition of Saudi Arabia’s investment-led economic diversification strategy.
It began 2025 by continuing to expand its global footprint across sectors such as entertainment, aviation, and finance.
This acceleration followed a series of strategic shifts during the fourth quarter of 2024, as the fund restructured its portfolio in line with long-term priorities and Vision 2030 goals.
According to its latest 13F SEC filing, PIF’s US equity holdings stood at $26.71 billion at the end of 2024, marking a 24 percent year-on-year decline. This reflects a more cautious and selective investment stance, as the fund scaled back on consumer-focused positions while pivoting to sectors with perceived long-term resilience.
Notably, PIF exited its holdings in Walmart and Marriott while ramping up exposure to healthcare and life sciences, including new or expanded stakes in Thermo Fisher Scientific, Abbott Labs, and Regeneron Pharmaceuticals.
It also increased its stake in electric vehicle manufacturer Lucid Motors by $495 million, more than doubled its investment in Amazon, and reduced its exposure to Uber by $1.08 billion — moves that signal a recalibrated strategy emphasizing selectivity and long-term value.
Building on this repositioning, PIF took steps in early 2025 to fund domestic giga-projects and extend its international reach. In January, the fund issued a US dollar-denominated bond, sold Thiqah Business Services to Elm for $907 million, and acquired a 23 percent stake in Saudi Re to bolster the Kingdom’s insurance sector and financial resilience.
In capital markets, PIF made a $200 million anchor investment in the SPDR Saudi bond ETF, launched in January on the London and Frankfurt exchanges.
This move aims to internationalize Saudi Arabia’s debt market, following similar ETF initiatives in Hong Kong in late 2023 and Tokyo in December 2024, helping deepen the Kingdom’s financial links with Asia and beyond.
PIF has continued to strengthen its presence in sports and gaming in 2025. Its subsidiary, Savvy Games Group, acquired Niantic’s gaming division, including Pokémon Go, for $3.5 billion — marking a major move in mobile and AR gaming.
The wealth fund also remains engaged in complex negotiations with the PGA Tour over integrating LIV Golf, a key element in its broader sports investment strategy.
In the UK, the fund reaffirmed its long-term commitment to Newcastle United FC through “Project 2030” and is reportedly exploring a 49 percent stake in Newcastle International Airport, positioning itself to create synergies between its travel and sports portfolios.
Egypt signs International Finance Corp. deal to expand private sector role in airports
RIYADH: Egypt’s airport sector is set for increased private sector participation thanks to a new agreement with the International Finance Corp., which aims to modernize infrastructure, boost capacity, and attract foreign investment.
Prime Minister Mostafa Madbouly oversaw the signing ceremony at the government’s new administrative capital, where Egypt’s Planning Minister Rania Al-Mashat, Civil Aviation Minister Sameh Al-Hefny, and IFC Vice President for Africa Sergio Pimenta formalized the deal.
The agreement builds on Egypt’s ongoing partnership with the World Bank’s private sector arm, extending advisory services that support the country’s privatization efforts.
“The agreement signed today ... is an extension to strengthen cooperation with the International Financing Corp. to provide advisory services for the governmental proposals program,” Madbouly said in a statement posted on the government’s official Facebook page.
He added that the IFC “will provide consultative services to expand the participation of the private sector of the airport sector” in the Egyptian market.
“This is an important partnership that will contribute to the improvement of the services provided and the capacity of Egyptian airports,” Madbouly added.
The agreement aligns with Egypt’s broader strategy to leverage the IFC’s expertise in attracting both local and foreign investments, providing technical support to national agencies, and fostering public-private partnerships, the prime minister highlighted.
Planning Minister Al-Mashat noted that “the government is aiming to expand private sector partnerships in the airport sector, coinciding with strong growth in the tourism, transport, and storage sectors during the first quarter of the current financial year.”
She highlighted that private sector investments now account for a record 63 percent of total investment, driven by a surge in tourism in 2024, bolstered by Egypt’s preparations for the Grand Egyptian Museum’s opening — a reflection of rising airport traffic and growing opportunities for private sector involvement.
Al-Mashat noted that the government has paved the way for these steps by enhancing macroeconomic stability, implementing measures to control public finances, enacting structural reforms to stimulate the private sector, and fostering an investment climate to attract both local and foreign investors.
Civil Aviation Minister El-Hefny stated that under the agreement, the ministry aims to develop a strategic plan to identify airport projects suitable for private sector partnerships.
IFC’s Vice President for Africa Pimenta said that enhancing Egypt’s airport infrastructure through public-private partnerships will drive economic growth. He added that the program will help attract global investors to build modern, high-efficiency airports, strengthening Egypt’s position as a global hub for travel and trade.
Between July 2023 and May 2024, Egypt saw an influx of $900 million in investments from the IFC — a testament to the sustained momentum of financial inflows into the country’s economic landscape, Al-Mashat said during the “IFC Day in Egypt” event held in May.
Thai firms eyeing investment in Saudi Arabia’s Qassim region, ambassador reveals
RIYADH: Several Thai companies plan to invest in Saudi Arabia’s Qassim region, recognizing it as an attractive business hub, according to the country’s ambassador to the Kingdom.
Darm Boontam highlighted Qassim’s position as Saudi Arabia’s “food basket” and its role as a key trade and transport link connecting Riyadh, Madinah, and Hail, making it an appealing destination for Thai investors, he told Al-Eqtisadiah.
Located near the geographic center of the Arabian Peninsula, the region produces approximately 1.22 million tonnes of agricultural products annually.
It is also home to the only bauxite mine in the Middle East, with estimated reserves of 183.4 million tonnes, making it a key player in the mining sector.
The investment push aligns with efforts to strengthen economic ties between Thailand and Saudi Arabia after both countries fully restored diplomatic relations in 2022. Since then, bilateral trade and investment have surged to $8.8 billion.
According to Al-Eqtisadiah, Ambassador Boontham said the two sides are working on the possibility of concluding a free trade agreement between Thailand and the Gulf Cooperation Council in 2025, which would boost bilateral trade and investment.
In 2024, Thailand’s key exports to Saudi Arabia included automobiles, which accounted for 57 percent of the total, followed by wood products and rubber and its derivatives at 7 percent and 5.6 percent, respectively, bringing the total export value to $2.8 billion, according to the top official.
Conversely, Thailand primarily imported crude oil and petroleum products from Saudi Arabia, which made up a significant portion of the $5.56 billion total.
In May, a delegation of over 100 Saudi companies visited Thailand to explore investment opportunities, underscoring the growing trade and investment relationship between the two nations.
Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi led the delegation, and held discussions with Thai leaders, including Prime Minister Srettha Thavisin. Both sides agreed to enhance cooperation in areas including agriculture, tourism, and manufacturing.
According to Boontam, Thai businesses across diverse industries — including food manufacturing, health and wellness, jewelry, and cosmetics — are increasingly interested in establishing a presence in Saudi Arabia.
Saudi Arabia launches incentives package to attract FDI in mining sector
RIYADH: Saudi Arabia has launched a new incentive package to attract foreign direct investments into the nation’s mining sector as the Kingdom steadily continues its economic diversification efforts.
According to a Saudi Press Agency report, the Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry.
This initiative is also part of the Kingdom’s efforts to enhance exploration and create an attractive investment environment for local and international mining companies.
Speaking at the Future Minerals Forum in Riyadh in January, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the nation seeks to promote exploration opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the country’s broader plans to establish mining as the third pillar of its industrial economy.
During the same event, Abdulrahman Al-Belushi, deputy minister for mining development at the Ministry of Industry and Mineral Resources, said that the Kingdom is projected to invest SR120 million ($32 million) in 2025 as mining incentives aimed at supporting companies with the right technical expertise.
Attracting international investments in the mining sector also aligns with Saudi Arabia’s ambitious goal to secure $100 billion a year in FDI by the end of this decade.
The latest collaboration between both ministries follows the granting of exploration licenses for multi-mineral sites in Jabal Sayid and Al-Hajjlah.
The licenses cover a total area of 4,788 sq. km. and companies are expected to spend approximately SR366 million ($97.6 million) on exploration over the next three years.
In 2024, Saudi Arabia revised upward estimates for its untapped mineral resources to $2.5 trillion from a 2016 forecast of $1.3 trillion.
In January, the Saudi Cabinet also authorized the Kingdom’s Ministry of Industry and Mineral Resources to sign a cooperation agreement with the World Economic Forum to implement a project aimed at securing critical minerals for development.
In the same month, Saudi Arabia also allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of the Kingdom’s strategy to attract quality investments, enhance transparency, and support local communities.
5G advanced in Saudi Arabia with launch of first live Cloud RAN site
JEDDAH: The Saudi telecom sector is set to advance with the launch of its first live Cloud Radio Access Network site, marking a significant step in the Kingdom’s 5G innovation.
Finnish technology company Nokia and Zain KSA announced on March 25 the completion of the site, which achieved peak download speeds of 1.5 gigabits per second when connected to the telecom company’s 5G core network.
The trial commenced on Dec. 24 and concluded on Jan. 26, according to a statement.
As part of its national digital transformation strategy, Saudi Arabia is investing in advanced technologies, with the successful Cloud RAN trial highlighting the potential of a flexible, multi-vendor ecosystem to meet evolving customer demands and support emerging enterprise applications.
This innovation, along with Vision 2030 initiatives, is expected to drive the value of the 5G sector in the Kingdom to $13.41 billion by 2029, up from $2.1 billion in 2023, according to TechSci Research.
Mohammed Al-Nujaidi, chief technology officer at Zain KSA, said the company strives to deliver transformative digital experiences that empower its customers to thrive in a fast-evolving market.
“Partnering with Nokia on the Kingdom’s first live Cloud RAN site allows us to explore new service models, reduce ongoing network costs, and respond more quickly to our enterprise and individual consumer demands,” he said.
The CTO added: “Increased network agility will support a wide array of new use cases, underscoring our role in driving Saudi Arabia’s digital transformation.”
Mohammad Al-Tayeh, customer team head for Zain Group and Zain KSA at Nokia mobile networks, said that the deployment of the Kingdom’s first live Cloud RAN site is a testament to Nokia’s dedication to delivering next-generation networking solutions.
“By introducing a fully cloud-native approach, we not only match the performance of purpose-built RAN but also create a future-ready platform that supports AI-RAN, Open RAN, and even potential 6G innovations,” Al-Tayeh said.
He further noted that the partnership with Zain KSA showcases how cloudification can enhance resource optimization, lower the total cost of ownership, and unlock new growth opportunities across various sectors in the Kingdom.
This deployment highlights the potential of cloud-native architectures in enhancing network efficiency, reducing total cost of ownership, and accelerating time-to-market — key benefits for communications service providers and enterprise customers seeking to modernize their networks.
Nokia’s Cloud RAN approach ensures peak performance by delivering full feature parity with purpose-built solutions. The trial also lays a strong foundation for future innovations, including AI-RAN, Open RAN, and potential 6G networks.
In January, Nokia announced it had partnered with Zain KSA to launch the first 4G/5G Femtocell solution in Saudi Arabia and the Middle East and Africa region, aimed at improving mobile coverage and optimizing connectivity for enterprise customers.
