Saudi Arabia Signs $50B deals at Investment Conference

Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said.

Details were announced at the Future Investment Initiative, held in Riyadh in the face of boycotts by Western political figures, international bankers and executives that were prompted by the killing of journalist Jamal Khashoggi.

Companies involved in the deals included commodities trader Trafigura, Total (TOTF.PA), Hyundai (011760.KS), Norinco (000065.SZ), Schlumberger, Halliburton (HAL.N) and Baker Hughes (BHGE.N), state television said.

Swiss-based Trafigura said it had signed a deal for a joint venture partnership with Riyadh-based Modern Mining Holding Co.

The multi-billion dollar venture would develop a copper, zinc and lead integrated smelting and refining complex in Ras Al-Khair Mineral City, Trafigura said. This was part of the Kingdom’s Vision 2030 to develop its mining sector and plug the “midstream”, it added.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza