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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)
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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.

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Business

Dollar Falls for Second Day as Middle East Ceasefire Expectations Rise

US dollar bills (Reuters)
US dollar bills (Reuters)
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Dollar Falls for Second Day as Middle East Ceasefire Expectations Rise

US dollar bills (Reuters)
US dollar bills (Reuters)

The dollar dropped for a second day on Wednesday as expectations of a ceasefire in the Middle East conflict grew after the US signalled that an end to the war could be near, even though markets remained on edge on fears of escalation.

The White House said US President Donald Trump would address the nation "to provide an important update on Iran" at 9 p.m. EDT on Wednesday (0100 GMT on Thursday).

Trump said on Tuesday the US could end its military campaign against Iran within two to three weeks, while Secretary of State Marco Rubio told Fox News Washington could see the "finish line" in the Iran war, according to Reuters.

Expectations that a ceasefire could be near have reversed some of the most popular trades since the war began in late February.

The yen recovered from this year's low of 160.46 per dollar, moving back through the psychologically important 160 level that had fanned concerns about intervention by Japanese authorities. The euro hit its highest level in a week.

The dollar index, which measures the currency against a basket of currencies including the yen and the euro, was last down 0.3% at 99.456, slipping to a one-week low after a 0.65% fall on Tuesday.

"Markets are increasingly buying into the notion of de-escalation in the Middle East overall," said Kirstine Kundby-Nielsen, FX analyst at Danske Bank.

"Markets are optimistic. We're seeing some relief with rates going lower, equities going higher and the price action in euro-dollar reflects that quite well."

The euro edged up 0.5% versus the dollar to $1.1603, after rising 0.8% on Tuesday.

The Japanese yen was up 0.1% at 158.46 per dollar. Sterling strengthened 0.7% to $1.3313.

At the same time, there were still signs of escalation in the conflict.
US Defense Secretary Pete Hegseth said the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not make a deal.

The dollar should remain supported by the Fed's cautious stance on rate cuts, while the yen is being underpinned by rising expectations of a Bank of Japan hike in April, said Sho Suzuki, market analyst at Matsui Securities.

"We may see a tug-of-war between dollar strength and yen strength, with USD/JPY trading sideways in the upper 150s," he said.

The Australian dollar strengthened 0.7% to $0.6946. New Zealand's kiwi strengthened 0.4% to $0.5770.

Business

Oil Slides as Middle East Uncertainty Keeps Markets on Edge

Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
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Oil Slides as Middle East Uncertainty Keeps Markets on Edge

Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)
Concerns are growing in Europe about an economic recession as oil prices rise (Reuters)

Oil reversed earlier gains on Wednesday as uncertainty over the situation in the Middle East unnerved markets and US President Donald Trump again suggested the US-Israeli war with Iran could be nearing an end.

The front-month Brent contract for June fell $1.06, or 1%, to $102.91 per barrel at 1106 GMT, having dropped to a session low of $98.35. US West Texas Intermediate crude futures for May slipped $1.44, or 1.4%, to $99.94 per barrel, after falling to $96.50 earlier.

Prices rose earlier on Wednesday but then uncertainty over the Middle East conflict prompted investors to lock in gains.

"Oil prices fell after US President Trump signalled a potential end to the war with Iran," ING said in a report.

Oil supply disruptions from the Middle East will increase in April and will hit Europe as the closure of the Strait of Hormuz hits exports further, International Energy Agency head Fatih Birol said on Wednesday.

Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran's president was ready to end the war.

Trump told reporters on Tuesday that the US could end the military campaign within two to three weeks and that Iran does not have to make a deal to end the conflict, his clearest declaration yet that he wants to wind down the month-long war.

Still, analysts expect that energy flows through the Strait of Hormuz would be slow to return to levels before the conflict even if a ceasefire were announced.

"Even if the Strait reopens, clearing the vessel backlog would take time, with production, exports and LNG flows normalising only gradually rather than immediately," ING said.

According to a Wall Street Journal report, Trump has indicated he could end the war before reopening the Strait of Hormuz, the route through which 20% of global oil and liquefied natural gas trade flows.

"Even with diplomatic channels reportedly still active and intermittent comments from the US administration predicting a short end to the conflict, the combination of limited tangible diplomatic progress, continued maritime attacks and explicit threats against energy assets keeps supply risks skewed to the upside," LSEG analysts said in a note.

Illustrating the impact of the closure of the Strait of Hormuz, crude oil output from the Organization of the Petroleum Exporting Countries dropped by 7.5 million barrels per day in March compared with the previous month, as producers were forced to cut output because storage is full.

US crude oil output also fell, dropping by the most in two years in January after a severe winter storm knocked production offline, data from the Energy Information Administration showed on Tuesday.

Business

Eurozone Manufacturing Growth Reaches 4-Year High

Production lines at German car manufacturer Mercedes-Benz at its factory in Rastatt (Reuters)
Production lines at German car manufacturer Mercedes-Benz at its factory in Rastatt (Reuters)
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Eurozone Manufacturing Growth Reaches 4-Year High

Production lines at German car manufacturer Mercedes-Benz at its factory in Rastatt (Reuters)
Production lines at German car manufacturer Mercedes-Benz at its factory in Rastatt (Reuters)

Euro zone manufacturers faced soaring input costs and supply chain disruptions in March due to the Iran war, even as underlying tepid demand threatened to undermine the sector's fragile recovery, a survey showed.

The conflict in the Middle East has disrupted global logistics networks, causing delivery delays and pushing input price inflation to its highest levels since October 2022, distorting headline growth measures.

A jump in the cost of manufacturing, driven by higher oil and energy prices, led manufacturers to respond by raising selling prices at the fastest pace ⁠in just over ⁠three years.

"It's exactly the same as during the pandemic - this is a supply shock - normally longer delivery times are associated with too much demand in a really healthy environment but in a supply shock it falsely elevates the PMI," said Chris Williamson, chief business economist at S&P Global.

"It ⁠does falsely elevate the PMI so conditions would be worse than the headline PMI indicates," he also said.

The S&P Global euro zone Manufacturing Purchasing Managers' Index rose to 51.6 in March from 50.8 in February, higher than a preliminary estimate of 51.4.

A reading above 50.0 indicates growth in activity.

The new orders sub-index - a key gauge of demand - matched February's 46-month high but growth remained modest.

Production rose for a third consecutive month, with the output sub-index edging up ⁠to 52.0 ⁠from 51.9 in February, marking a seven-month high.

New export orders stabilized after contracting for eight straight months, providing some relief to manufacturers.

Backlogs of work increased for the first time since mid-2022, signaling capacity pressures, yet companies cut jobs at a faster rate in March.

Business confidence slipped to a five-month low and remained below its long-term average as the conflict weighed on sentiment.

Germany and Italy recorded their strongest readings in 46 and 37 months respectively, while Spain was the only country in contraction territory. Greece posted the highest reading, followed by Ireland, while France's manufacturing sector stagnated.