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Aramco Completes Deal to Up Stake in JV Petro Rabigh

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
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Aramco Completes Deal to Up Stake in JV Petro Rabigh

FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. REUTERS/Benoit Tessier/File Photo

Saudi Aramco said on Thursday it had completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh from Japan's Sumitomo Chemical for 2.63 billion riyals ($701.8 million), part of a turnaround plan for the loss-making venture.

The agreement raises Aramco's stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for petrochemicals.

Petro Rabigh's turnaround plan also includes the waiver of $1.5 billion in shareholder loans and a future joint capital injection of 5.26 billion riyals, split equally between Aramco and Sumitomo.

"The board welcomes the steps and measures agreed to be taken by Saudi Aramco, which highlight its support, as a substantial shareholder, for the long-term prospects of Petro Rabigh," the joint venture said in a filing.

The deal reduces Sumitomo's stake to 15%.

Aramco said the move allowed it to strengthen its downstream value chain, securing the placement of its crude oil and converting more of it into high-value products.

As part of the agreement, Aramco and its affiliates will take over the marketing rights for Petro Rabigh's products.

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Business

Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
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Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave
A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave

Gold prices reversed earlier gains on Friday as hawkish comments from US Federal Reserve officials clouded prospects for a December rate cut, although they remained set for a weekly gain supported by wider economic uncertainty.

Spot gold fell 0.6% to $4,145.49 per ounce, as of 1153 GMT, after hitting $4,211.06 earlier in the session. Bullion is up 3.7% so far this week.

US gold futures for December delivery fell 1.1% to $4,149 per ounce, Reuters reported.

"Gold prices are receiving support from the cautious mood that has set in across financial markets... however, the upside remains limited by growing doubts about a Federal Reserve rate cut in December, given the lack of fresh economic data," said ActivTrades analyst Ricardo Evangelista.

The US government reopened after a record 43-day shutdown that had disrupted key economic data flows. The White House, however, tempered hopes for clarity on the economy, stating that October's unemployment data may not become available.

"Gold may also be facing pressure from position closing to meet margin calls triggered by declines in equity markets," Evangelista said.

Equity markets tumbled on Friday, following the global selloff triggered by hawkish Fed signals.

Weighing on rate-cut expectations, some Federal Reserve officials have cited inflation concerns and relative labor market stability following two rate cuts earlier this year.

According to CME Group's FedWatch tool, traders now see a 49% probability of a quarter-point rate cut in December, down from 64% earlier this week.

Alex Ebkarian, COO at Allegiance Gold, however, noted that "as the shutdown cost becomes clearer and more spending unfolds, the inflation plus growth uncertainty regime favours precious metals".

Non-yielding gold tends to perform well during periods of economic uncertainty and in low-interest-rate environment.

Meanwhile, physical gold demand across major Asian markets was subdued this week as elevated prices curtailed buying activity, with discounts in India reaching their highest level in five months.

Elsewhere, spot silver edged down 0.1% to $52.26 per ounce and was on track for a weekly gain, up 7.8% so far.

Platinum fell 2% to $1,548.80 on Friday and palladium lost 1.7% to $1,402.75.

Business

Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
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Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA
The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA

The Syrian Ministry of Tourism and the Arab Tourism Organization (ATO) signed an executive program yesterday at the ATO's headquarters in Jeddah.

The agreement, signed by Syrian Minister of Tourism Mazen Al-Salhani and ATO President Dr. Bandar Al-Fahad, aims to develop and enhance Syrian tourism, attract sustainable investments, and improve sector quality.

The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy, focusing on several practical areas, including investment, which involves attracting investors by leveraging guarantee policies and promoting key opportunities at regional and international events; capacity building, achieved by utilizing the ATO's training programs to enhance Syrian skills, SPA reported.

It also eyes establishing a tourism academy in Syria, and collaborating on qualifying facilities for ISO certification; and promotion and research, which entails conducting studies to increase Arab tourism to Syria and using Syrian tourism statistics to guide future investments.

Al-Salhani noted the importance of the agreement, revealing that the Syrian government has recently signed contracts and memoranda of understanding for tourism investments totaling approximately $1.5 billion.

These projects include the development of existing facilities, the establishment of hotels, resorts, and entertainment cities, and the development of historical areas.

The plans also incorporate handicrafts and traditional industries to reinforce the cultural identity of these facilities.

Business

Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
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Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA
The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA

The Makkah Chamber signed a memorandum of cooperation with a specialized national company to bolster partnerships in innovation, entrepreneurship, and training, aiming to develop local skills and enhance economic and social growth.

The agreement outlines several key areas of collaboration, including the exchange of expertise and information in the Hajj and Umrah sectors, and the coordination of joint events, workshops, and strategic initiatives to boost operational efficiency, SPA reported.

This partnership is expected to result in the launch of innovative initiatives, the creation of a supportive environment for entrepreneurs, and the implementation of specialized training programs.

Ultimately, this joint effort aims to strengthen the private sector's role in achieving sustainable development goals, create a positive impact on the local labor market, and empower talent aligned with Vision 2030's objectives.