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Lockheed Martin Completes First Saudi Produced THAAD Components

A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
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Lockheed Martin Completes First Saudi Produced THAAD Components

A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 
A recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah to announce the First Saudi Produced THAAD Components 

The US Lockheed Martin company announced on Sunday that Saudi Arabia has completed the first domestically manufactured components for the Terminal High Altitude Area Defense system launcher in Jeddah, marking a significant step forward in the Kingdom’s ongoing efforts to localize its defense industry.

The THAAD deal was a core part of the weapons sale offering presented by US President Donald Trump during his May 20 visit to Saudi Arabia in 2017.

The announcement was made during a recent meeting at Arabian International Co. for Steel Structures (AIC) in Jeddah, attended by Tim Cahill, president of missiles and fire control at Lockheed Martin, General Authority for Military Industries (GAMI) Assistant Deputy Nawaf Albawardi, and Wasim Attieh, president of AIC.

The milestone reflects a growing collaboration between AIC and Lockheed Martin, aimed at advancing Saudi Arabia’s defense manufacturing capabilities. The locally produced components were developed through precision welding and advanced manufacturing techniques, reinforcing both the Kingdom’s defense industrial base and the US supply chain by establishing a second source of production.

“This is a tremendous milestone for the United States of America and the Kingdom of Saudi Arabia as our nations work to fulfill the Kingdom’s THAAD procurement,” said Tim Cahill. “Through this program, we're not only supporting Saudi Vision 2030 and enhancing regional defense capacity, but we’re also generating high-quality manufacturing jobs in the United States and strengthening the American defense industrial base.”

AIC Steel President Wasim Attieh praised the collaboration, saying, “Lockheed Martin has been an excellent partner in providing the tools and training necessary to prepare and ultimately advance the localized production of such a major component of the THAAD Weapon System.”

He added, “I look forward to working together to ensure a more secure future for the Kingdom of Saudi Arabia.”

THAAD is a combat-proven missile defense system designed to intercept short-, medium-, and intermediate-range ballistic missiles both inside and outside the earth’s atmosphere. Its operational readiness, flight test success, and proven performance continue to draw international interest.

 

 

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Business

World Shares Are Mixed and US Futures Slip as Brent Hovers Above $100 a Barrel

A person walks near a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP)
A person walks near a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP)
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World Shares Are Mixed and US Futures Slip as Brent Hovers Above $100 a Barrel

A person walks near a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP)
A person walks near a stock price monitor showing Nikkei index at a security company Tuesday, March 17, 2026, in Tokyo. (AP)

Shares were mixed in Europe and Asia on Tuesday after a drop in oil prices helped send the US stock market to its best day since the war in Iran began.

The reprieve in prices for crude was short-lived, with Brent crude climbing nearly 4% early Tuesday to $104.13 a barrel. US benchmark crude also climbed, to $97.53 per barrel after dipping to about $93 on Monday.

US futures fell back, with the contracts for the S&P 500 and the Dow Jones Industrial Average down 0.3%.

In Asian trading, Tokyo's Nikkei 225 gave up early gains to slip 0.1% to 53,700.39 and the Kospi in South Korea jumped 1.6% to 5,640.48.

Hong Kong's Hang Seng added 0.1% to 25,668.54, while the Shanghai Composite index dropped 0.9% to 4,049.91.

In Australia, the S&P/ASX 200 gained 0.4% to 8,614.30 after the central bank hiked its benchmark interest rate to 4.1%.

Citing higher fuel prices, the Reserve Bank of Australia on Tuesday lifted the cash rate from 3.85% which it set at its Feb. 3 meeting in response to surging inflation. That rise was Australia’s first since November 2023.

Taiwan's Taiex rose 1.5% and India's Sensex picked up 0.6%.

On Monday, the S&P 500 climbed 1% for its biggest gain in five weeks. The Dow Jones Industrial Average added 0.8% and the Nasdaq composite jumped 1.2%.

The driver for markets has been oil prices, which have spiked from roughly $70 before the United States and Israel began their attacks on Iran. In response, Iran has nearly halted traffic through the narrow Strait of Hormuz, where a fifth of the world’s oil typically sails from the Gulf to customers worldwide. That has oil producers cutting production because their crude has nowhere to go.

The worry in financial markets is that if the strait remains closed for a long time, it could keep enough oil off the market to drive inflation up to a debilitating level for the global economy.

“The panic is still there, just dialed down a notch as crude slipped off the boil. Brent easing back toward $100 flipped the tape from bunker mentality to opportunistic risk-taking in a heartbeat,” Stephen Innes of SPI Asset Management said in a commentary.

President Donald Trump over the weekend demanded that other countries hurt by the closure of the Strait of Hormuz “take care of that passage” and said his country “will help - A LOT!”

The US and Israel have kept pummeling what they describe as military targets in Iran’s capital, and Israel stepped up its campaign against Iran-backed Hezbollah in Lebanon. More than 1 million people have been displaced in Lebanon — roughly 20% of the nation’s population — as UN peacekeepers say Israel is massing ground troops along the border.

Uncertainty over the war's scope and duration have roiled financial markets since the war began just over two weeks ago, though markets have a track record of bouncing back relatively quickly from military conflicts. Many professional investors are expecting that to be the case again, if oil prices don't go too high for too long. That has helped keep US stock prices near their record levels.

Higher prices are complicating the Federal Reserve's mission of balancing growth and inflation as President Donald Trump pushes the central bank to slash interest rates. Traders do not expect the Fed to cut rates at its policy meeting that wraps up on Wednesday.

Nvidia, whose chips are powering much of the world’s move into artificial-intelligence technology rose 1.6% on Monday as its CEO, Jensen Huang, talked up AI's possibilities at a conference, saying he foresaw $1 trillion in demand for AI chips through 2027. It was the strongest single force lifting the S&P 500.

In other dealings early Tuesday, the US dollar rose to 159.18 Japanese yen from 159.05 yen. The euro slipped to $1.1498 from $1.1507.

Business

Gold Firms as Investors Assess Middle East Fallout ahead of Policy Decisions

AFP_A salesperson displays gold bangles for sale in a gold shop at the Grand Baazar in Istanbul
AFP_A salesperson displays gold bangles for sale in a gold shop at the Grand Baazar in Istanbul
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Gold Firms as Investors Assess Middle East Fallout ahead of Policy Decisions

AFP_A salesperson displays gold bangles for sale in a gold shop at the Grand Baazar in Istanbul
AFP_A salesperson displays gold bangles for sale in a gold shop at the Grand Baazar in Istanbul

Gold prices edged higher on Tuesday, buoyed by easing fears of prolonged disruptions to oil shipments, while investors assessed the economic impact of the Middle East conflict ahead of a slew of central bank policy decisions this week.

Spot gold was up 0.2% at $5,013.71 per ounce as of 0644 GMT. US gold futures for April delivery rose 0.3% to $5,018.10.

"Gold ‌prices pulled back ‌in the first 24 hours of ‌trade ⁠this week. That seems ⁠to echo the markets' positive response to Iran's foreign minister's comments... In response, crude oil pulled back, yields ticked lower, and the US dollar gave back some recent gains as stocks rose," said Ilya Spivak, head of global macro at Tastylive.

Iran's Foreign Minister Abbas Araghchi said on Monday that the Strait of Hormuz is not ⁠closed to everyone, while some vessels sailed through the ‌critical strait.

However, oil held above $100 ‌a barrel as the US-Israeli war against Iran kept the strait largely ‌shut, stranding tankers for weeks, in the biggest disruption to ‌global supplies on record. US President Donald Trump repeated his call for nations to help unblock the Strait, and complained that none were willing to offer assistance.

Higher crude prices fuel inflation by raising transport and production costs. While ‌gold is seen as an inflation hedge, higher interest rates boost yield-bearing assets, dampening demand for the ⁠metal.

"Watching news-flow ⁠from the US-Iran war and what it does to crude oil remains a key input, but the upcoming Fed meeting also has big catalyst potential. Gold may weaken if the central bank strikes a relatively hawkish tone," Spivak said.

The US Federal Reserve is widely expected to hold rates steady for a second straight meeting when it announces its policy statement on Wednesday.

Central banks in Britain, the euro zone, Japan, Australia, Canada, Switzerland, and Sweden also meet this week for the first time since the Iran war began.

Spot silver rose 0.3% to $80.97 per ounce. Spot platinum gained 0.9% to $2,133.93, while palladium fell 0.2% to $1,595.75.

Business

Saudi Arabia Reinforces Global Mining Leadership at PDAC 2026 in Canada

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
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Saudi Arabia Reinforces Global Mining Leadership at PDAC 2026 in Canada

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA
Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA

Saudi Arabia participated in the Prospectors and Developers Association of Canada (PDAC) convention, held March 1–4, 2026, highlighting exploration and mining opportunities in the Kingdom built on vast geological data and supported by a reformed regulatory framework.

On the sidelines of the conference, Deputy Minister of Industry and Mineral Resources for Mineral Resources Management Abdulrahman Al-Belushi, delivered keynote remarks at the Saudi Showcase titled “KSA: The Future Hub for Global Mineral Processing,” highlighting the Kingdom’s transformation from an emerging jurisdiction to a top global mining destination.

Al-Belushi emphasized that Saudi Arabia’s $2.5 trillion mineral wealth, modern regulatory framework, transparent licensing rounds, large-scale geological mapping program covering 700,000 km² of the Arabian Shield, and its world-class mine-to-market facilities provide a strong foundation for global investors seeking long-term opportunities across the mining sector, SPA reported.

During his participation at the International Mines Ministers Summit (IMMS), Al-Belushi highlighted the importance of global partnerships to meet rising mineral demand and shared details of the Future Minerals Forum’s Ministerial Roundtable Initiative, which promotes economic development, responsible supply, and capacity building across the mining sector.

Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration and is actively addressing financing gaps through a suite of competitive incentives, including the Exploration Enablement Program to support early-stage investment.

He also highlighted ongoing talent development initiatives, such as the recently launched Saudi School of Mines at the fifth Future Minerals Forum in January, alongside more than 80 years of geological data made digitally accessible to investors through the National Geological Database (NGD).

Throughout PDAC 2026, the Saudi delegation engaged in a series of bilateral meetings with global mining executives, investors, and institutional partners to accelerate collaboration across exploration, mining services, processing, and downstream integration.

By combining governance reform, large-scale geological data, financial risk-sharing mechanisms, and integrated mine-to-market infrastructure, Saudi Arabia is positioning itself as a strategic partner in strengthening global mineral supply chains.

Saudi Arabia’s participation at PDAC affirms that the Kingdom’s mining sector has moved from an emerging market to a competitive global destination. Through a modernized regulatory framework, extensive geological data, and competitive incentives, the Kingdom continues to strengthen its position as a trusted and preferred destination for mining investment—a reliable partner in building resilient and sustainable mineral supply chains.