عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Railways Purchases 10 Next Generation Passenger Trains for Growing Network

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
TT
TT

Saudi Arabia Railways Purchases 10 Next Generation Passenger Trains for Growing Network

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

Saudi Arabia Railways (SAR) signed a contract with Stadler, a Swiss rail infrastructure and train manufacturer, for the supply and maintenance of ten next-generation passenger trains for SAR's East railway network, alongside the option for SAR to order an additional ten units in the future.

As per the contract signed by SAR CEO Bashar AlMalik and Stadler President Peter Spuhler, the trains will meet the latest European and international standards while also being designed for the specific climate of Saudi Arabia to provide a comfortable and safe travel experience.

Each train will be able to carry around 340 passengers, with designated tracks for wheelchairs to serve people with mobility disabilities.

Minister of Transport and Chairman of the Board of Directors of SAR Saleh Al-Jasser attended the signing ceremony. He said these trains will double the annual capacity of the East Trains to over 3.8 million passengers annually and provide direct express service between Riyadh and Dammam to meet the growing demand for trips between the two main cities in the Kingdom.

AlMalik also said SAR is committed to achieving a comprehensive renaissance in the rail transport field in the Kingdom, adding that these modern trains will serve the entire operational scope of the East railway network by increasing seat capacity, the number of daily trips, and the annual capacity of the network, as these trains will cover the stations of Riyadh, Hofuf, Abqaiq and Dammam.

Most Viewed

 
 
Business

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.