عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
TT
TT

Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)

Riyadh is slated to host the inaugural edition of the Saudi Rail Conference and Exhibition on November 20-21, under the patronage of Minister of Transport and Logistic Services and Chairman of Saudi Arabia Railways (SAR) Saleh Al-Jasser.

The event will highlight the advancements and innovations in the railway sector and gather insights from local and international perspectives.

Al-Jasser emphasized that the event aligns with the transformative developments taking place in the Kingdom's transportation and logistics sector, particularly in the railway industry, and highlighted the substantial support provided by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the sector.

Al-Jasser underscored the pivotal role railways play in driving the Kingdom's economic and social development by facilitating the movement of people and goods, helping to boost trade and tourism, serving Hajj and Umrah pilgrims, and contributing to reducing emissions by decreasing the number of daily car and truck trips.

He reiterated the Kingdom's commitment to advancing railway infrastructure, enhancing rail network efficiency, and improving user services.

Several national railway projects are underway as part of the Kingdom's strategic vision to strengthen its position as a leading global logistics hub, he went on to say.

SAR CEO Dr. Bashar AlMalik said that by hosting this event, Saudi Arabia reinforces its leading position in the transport and logistics sector, and positions itself as a global hub for railway operators.

The conference, one of the largest events of its kind in the Middle East and North Africa region, will be attended by a large number of industry experts. Over 200 local and international speakers will engage in panel discussions focused on cutting-edge innovations and solutions in the railway sector.

It will feature more than 200 exhibitors, offering a crucial platform for networking and exchange of knowledge among key industry stakeholders.

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies, solidifying the Kingdom's position as a global logistics hub that collaborates with both domestic and international stakeholders.

SAR's network has expanded to include three intercity lines: the North Railway, the East Railway, and the Haramain High-Speed Railway, inaugurated by the Custodian of the Two Holy Mosques in 2018.

The network also encompasses key urban lines, including the Mashaer Train (serving pilgrims), the Riyadh Metro, the King Abdulaziz International Airport Railway in Jeddah, and the Princess Noura University Railway. In total, the railway network spans over 5,500 kilometers, demonstrating the Kingdom's commitment to building a comprehensive and interconnected transportation system.

Most Viewed

 
 
Business

China Flags More Policy Measures to Bolster Yuan

People shop around for prosperity decorations for the upcoming Chinese Lunar New Year, at a New Year Bazaar in Beijing, Monday, Jan. 13, 2025. (AP)
People shop around for prosperity decorations for the upcoming Chinese Lunar New Year, at a New Year Bazaar in Beijing, Monday, Jan. 13, 2025. (AP)
TT
TT

China Flags More Policy Measures to Bolster Yuan

People shop around for prosperity decorations for the upcoming Chinese Lunar New Year, at a New Year Bazaar in Beijing, Monday, Jan. 13, 2025. (AP)
People shop around for prosperity decorations for the upcoming Chinese Lunar New Year, at a New Year Bazaar in Beijing, Monday, Jan. 13, 2025. (AP)

China announced more tools to support its weak currency on Monday, unveiling plans to park more dollars in Hong Kong to bolster the yuan and to improve capital flows by allowing companies to borrow more overseas.

A dominant dollar, sliding Chinese bond yields and the threat of higher trade barriers when Donald Trump begins his US presidency next week have left the yuan wallowing around 16-month lows, spurring the central bank into action.

The People's Bank of China (PBOC) has tried other means to arrest the sliding yuan since late last year, including warnings against speculative moves and efforts to shore up yields.

On Monday, authorities warned again against speculating against the yuan. The PBOC raised the limits for offshore borrowings by companies, ostensibly to allow more foreign exchange to flow in.

PBOC Governor Pan Gongsheng meanwhile told the Asia Financial Forum in Hong Kong that the central bank will substantially increase the proportion of China's foreign exchange reserves in Hong Kong, without providing details.

China's foreign reserves stood at around $3.2 trillion at the end of December. Not much is known about where the reserves are invested.

"Today's comments from the PBOC indicate that currency stability remains an important priority for the central bank, despite the market often discussing the possibility of intentional devaluation to offset tariffs," said Lynn Song, chief economist for Greater China at ING.

"Increasing China's foreign reserves will give more ammunition to defend the currency if the market situation eventually necessitates it."

China's onshore yuan traded at 7.3318 per dollar as of 0450 GMT on Monday, not far from a 16-month low of 7.3328 hit on Friday.

It has lost more than 3% to the dollar since the US election in early November, on worries that Trump's threats of fresh trade tariffs will heap more pressure on the struggling Chinese economy.

The central bank has been setting its official midpoint guidance on the firmer side of market projections since mid-November, which analysts say is a sign of unease over the yuan's decline.

Monday's announcements underscore the PBOC's challenges and its juggling act as it seeks to revive economic growth by keeping cash conditions easy, while also trying to douse a runaway bond rally and simultaneously stabilize the currency amid political and economic uncertainty.

It has in recent days unveiled other measures. In efforts to prevent yields from falling too much and to control circulation of yuan offshore, it said it is suspending treasury bond purchases but plans to issue huge amounts of bills in Hong Kong.

Gary Ng, senior economist at Natixis, said while China's onshore market has a much better pool of yuan deposits, Hong Kong plays a "significant role with higher turnover driven by FX swaps and spot transactions."

"This means that Hong Kong can be a venue for supporting the yuan through trading activities and potential investments."

Data on Monday showed China's exports gained momentum in December, with imports also showing recovery, although the export spike at the year-end was in part fueled by factories rushing inventory overseas as they braced for increased trade risks under a Trump presidency.