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SAR Signs Agreement with Maersk to Increase Number of Containers Transported between Dammam, Riyadh

SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
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SAR Signs Agreement with Maersk to Increase Number of Containers Transported between Dammam, Riyadh

SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract

Saudi Arabia Railways (SAR) has signed a contract with the sea shipping company Maersk to increase the number of containers transported on SAR trains between King Abdulaziz Port in Dammam and Riyadh Dry Port.
SAR CEO Bashar Khalid Al-Malik and Maersk Saudi Arabia CEO Mohammad Shihab signed the three-year contract based on which the number of containers transported through the east train increase, safe and lasting transportation solutions are provided and the Kingdom’s competitiveness grows, helping it realize its strategic goals and boost the Kingdom's global Logistics Performance Index (LPI) in a way that aligns with Saudi Vision 2030.
The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce carbon emissions, and maintain road infrastructure.
Al-Malik stressed that such contracts improve the shipping sector, and reaffirmed SAR's dedication to providing safe and creative solutions to enhance operational efficiency at King Abdulaziz Port in Dammam and Riyadh Dry Port, thus improving the overall transportation sector.
Shihab said the contract is a step toward finding cooperative solutions, between Maersk and SAR, to digital transformation and sustainable logistics. He also said it will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and farther to the countries in the region.

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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.