Saudi holdings of US Treasuries drop by $6.1B in May
Accordingly, the Kingdom maintained its 17th place among the largest holders of US Treasuries for the month.
Saudi Arabia's holdings of US Treasuries were distributed among long-term bonds worth $102 billion, representing 80% of the total. Meanwhile, short-term bonds amounted to $25.8 billion, accounting for 20%.
Japan was the top holder of US Treasuries by value in May, with $1.13 trillion, followed by the UK ($809.4 billion).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
Expo memoir highlights Dubai's legacy of innovation
When Dubai hosted Expo 2020, it became the first country in the Middle East and North Africa region to hold the event, redefining the possibilities of a World Expo. Historically, these global gatherings, stretching back to 1851, have been dynamic showcases of experimental architecture, international collaboration and technological advancement. Yet, for almost two centuries, women were largely absent from their production and focus. Dubai notably changed this narrative, largely due to the formidable leadership detailed in 'When Ground Shifts,' the insightful new book by Reem Al-Hashimy, the UAE minister of state for international cooperation and the visionary behind Expo 2020. As Expo 2025 Osaka passes its halfway point, it continues to build on this rich history, while the anticipation for Expo 2030 Riyadh further underscores the region's commitment to this global platform for innovation and collaboration. Al-Hashimy's book is far from a mere chronicle of milestones; it is a candid, first-hand account of the immense personal and international challenges she navigated — from being appointed a minister at 29 to delivering Dubai's final presentation in Paris while heavily pregnant and repeating her mantra of 'hope is not a method.' The anecdotes reveal the tireless effort required to deliver a World Expo. Her book illuminates the relentless dedication that transformed a patch of untouched desert into a showplace for more than 190 countries and 24 million visitors. Expo 2020 visitors were captivated by the falcon-like UAE Pavilion; the majestic 'energy trees' surrounding Terra — The Sustainability Pavilion; and the immense Al-Wasl Plaza, the planet's largest 360-degree projection surface. Significantly, they were moved by the Women's Pavilion, inspired in part by a vintage Cartier bracelet. Her expo understood style as much as it did substance. Having had the privilege of witnessing Expo 2020 as a writer, a speaker for the US pavilion and as a member of the fair's Visitor Experience department, what I saw, and what Al-Hashimy's book powerfully conveys, is that a grand undertaking thrives from the top down. The meticulous attention to detail, the open-minded willingness to seek expertise from every corner of the globe, the pervasive feeling that everyone involved could contribute something, and the daring that was not just tolerated but actively sought all flowed from Al-Hashimy and the cast of several thousand characters she assembled like a Marvel superhero team. Her profound understanding of what she calls 'barakah' — the ability to find those who can ease your burdens and solve your problems — is a core theme in 'When Ground Shifts,' and it was palpable on the ground. Expo 2020 came within a hair's breadth of its goal of 25 million visitors, despite a year-long delay due to the lockdowns. Charles Pappas 'Inspiration is a guest that does not willingly visit the lazy,' Tchaikovsky said. The Expo 2020 site went from zero to a fully realized 4 sq. km city with mind-bending speed. Each problem was a domino falling to her steady, relentless effort. Perhaps no obstacle was greater than the COVID-19 pandemic. While the 1873 Vienna World's Fair saw a cholera epidemic slash its expected turnout, Expo 2020 came within a hair's breadth of meeting its goal of attracting 25 million visitors, despite a year-long delay due to the lockdowns. Drawing the largest number of countries ever for a World Expo, the event was cosmopolitan yet grounded in the Middle East. Indigenous ghaf and palm trees provided shade, while dozens of calligraphy benches, which resembled abstract art but spelled out words in Arabic like 'vision,' 'dignity,' 'hope' and 'dream,' offered respite from the 20,000 or so steps visitors would easily rack up in a day. These details, far from mere decorative elements, were integral to the event's cultural tapestry. 'When Ground Shifts' could easily have been a dull humblebrag. Instead, it is alive with grace and pride. The self-described 'little on the nerdy side' student who found deep meaning in the Lincoln Memorial and the American experiment built an expo where, for the first time, every country had its own pavilion. She also built Expo Live, which channeled $100 million to pioneering social projects that embodied the expo themes of mobility, opportunity and sustainability. This commitment to equitable participation and impactful legacy is a cornerstone of the book's message. Until 1970, most world expos were held in cities such as London, Paris, Philadelphia, Chicago and New York. But with Expo '70 in Osaka, Japan, world's fairs began trending toward non-Western locations, realizing their singular soft power. Expo 2020 propelled the UAE onto a world stage and into the top 10 countries in the Brand Finance Global Soft Power Index 2023. It was a nation's coming of age on the global stage. All of that is an astonishing heritage. As the spotlight shifts to Expo 2025 Osaka and continues with significant anticipation for Expo 2030 Riyadh, that spirit of global collaboration and innovation remains a powerful guiding force. Riyadh's bid, centered on 'The Era of Change: Together for a Foresighted Tomorrow,' aims to further advance global dialogue. The lessons learned from Dubai's inclusive approach and Osaka's technological ambitions will undoubtedly inform Riyadh's preparations, ensuring Expo 2030 continues the legacy of creating a platform for collective progress and a sustainable future. While every expo charts its own course, the high bar of success and the compelling story of leadership captured in 'When Ground Shifts' offer a rich context for understanding the immense undertaking that Osaka is now embracing and what Riyadh will soon embark upon. The world waits to see what new legacies they will inspire.
Arab News
an hour ago
- Arab News
Chinese firm eyes investment in Pakistan's ICT, new energy sectors — ministry
ISLAMABAD: GuoDong Group, a leading Chinese communications firm, has expressed 'strong interest' in investment in Pakistan's information and communication technology (ICT) and new energy sectors, the Pakistani IT ministry said on Sunday. The statement came after a meeting between Pakistan's IT Minister Shaza Fatima Khawaja and a three-member GuoDong Group delegation, led by its founder and chairman Lu Jie in Shanghai. The meeting took place on the sidelines of the Global Artificial Intelligence Conference, at which both sides discussed investment opportunities in Pakistan, according to the Pakistani IT ministry. 'The delegation expressed strong interest in investing in Pakistan's ICT sector, with a focus on telecommunication towers, data centers, and cloud computing infrastructure,' the Pakistani ministry said in a statement. 'Mr. Lu Jie also conveyed interest in expanding to new energy domains, including EV charging stations, smart city solutions, and advanced material manufacturing within Pakistan.' The development comes as Pakistan, slowly recovering from a macroeconomic crisis under a $7 billion International Monetary Fund (IMF) deal, has been looking to boost foreign investment for sustainable growth. In May, the Pakistani government allocated 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power cryptocurrency mining and Artificial Intelligence (AI) data centers. The South Asian country is also looking to build critical electric vehicle (EV) charging infrastructure as it targets 30 percent of all new vehicle sales to be electric by 2030 under its ambitious New Electric Vehicle Policy (NEVP) 2025–2030. Welcoming the proposals, Khawaja invited the GuoDong Group officials to visit Pakistan for more detailed discussions with relevant stakeholders. 'She assured the delegation of the Government's full support and facilitation to help realize these investment initiatives,' the IT ministry said.
Arab News
2 hours ago
- Arab News
Bangladesh orders 25 Boeing planes as part of push to ease US tariffs
DHAKA: Bangladesh has ordered 25 aircraft from Boeing and ramped up imports of key American goods in an effort to defuse trade tensions and bring down the steep tariffs imposed by the Trump administration, a senior official said on Sunday. The moves are part of a broader strategy to narrow a $6 billion US trade deficit with Bangladesh and avoid a looming 35 percent tariff hike that has rattled the country's export sector, especially the garments industry which risks losing competitiveness in one of its largest markets. 'We need new aircraft urgently, possibly within the next couple of years,' Commerce Secretary Mahbubur Rahman told reporters. 'Initially, it was 14 planes — now it's 25,' he said, referring to an earlier plan to purchase aircraft from the US-based manufacturer. Alongside the aircraft deal, Bangladesh is boosting imports of wheat, soybean oil and cotton from the United States. A new agreement signed earlier this month will see the country import 700,000 tons of US wheat annually over the next five years. Officials hope that these steps will help improve trade relations with Washington and soften the impact of the Trump administration's tariff measures.
