Saudi Arabia’s SAMI Receives Three Defense Localization Excellence Awards 

The recognition came during the Annual Military Industries Sector Gathering held in Riyadh. (SPA)
The recognition came during the Annual Military Industries Sector Gathering held in Riyadh. (SPA)
TT

Saudi Arabia’s SAMI Receives Three Defense Localization Excellence Awards 

The recognition came during the Annual Military Industries Sector Gathering held in Riyadh. (SPA)
The recognition came during the Annual Military Industries Sector Gathering held in Riyadh. (SPA)

Saudi Arabian Military Industries (SAMI), the national defense and security champion and a Public Investment Fund (PIF) company, was honored with three Excellence Awards from the General Authority for Military Industries (GAMI) in recognition of its pivotal role in advancing defense localization and strengthening national capabilities.

The recognition came during the Annual Military Industries Sector Gathering held in Riyadh, which brought together senior government officials, defense industry leaders, and investors from across the Kingdom and abroad, reported the Saudi Press Agency on Tuesday.

The awards recognized three of SAMI’s subsidiaries, SAMI Alsalam Aerospace Industries, SAMI Advanced Electronics Company (SAMI-AEC), and SAMI Aerospace Mechanics, for their outstanding contributions to building a sustainable, competitive, and self-reliant defense ecosystem.

Through the Excellence in Defense Localization Awards, GAMI seeks to recognize organizations that demonstrate exceptional performance in localizing defense industries in line with Saudi Vision 2030. The awards are governed by transparent evaluation criteria and overseen by a specialized committee composed of representatives from multiple government entities and national programs.

SAMI Alsalam Aerospace Industries received the Excellence Award in Military Industry Localization under the Service Providers category, acknowledging its role in advancing national aviation capabilities and enhancing maintenance, repair, and overhaul (MRO) capacities within the Kingdom.

SAMI-AEC was honored in the Manufacturing Companies category for its contributions to building an advanced national defense industry, while SAMI Aerospace Mechanics was recognized in the Small and Medium Enterprises (SME) category for supporting localization and developing national industries led by specialized Saudi talent.

These achievements highlight the collective impact of SAMI’s subsidiaries in developing a self-sustaining defense ecosystem, empowering Saudi talent, and accelerating technology transfer and industrial localization. It underscores SAMI’s pivotal role in supporting GAMI’s ongoing mission to achieve Vision 2030 objectives, which aim to localize more than 50% of military spending.

During the event, CEO of SAMI Eng. Thamer Al Muhid announced the upcoming launch of SAMILocal Content Program, which will be launched in February 2026 during the World Defense Show, within the Supply Chain Zone. The program is designed to further drive localization ambitions, strengthen the defense supply chain, and advance the Kingdom’s industrial and technological capabilities in line with Vision 2030.

The Annual Military Industries Sector Gathering serves as a key strategic platform that brings together government entities, defense companies, and investors to foster collaboration and alignment across the sector.



stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM
TT

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Group has been awarded the 5-star recognition certificate for institutional excellence from the European Foundation for Quality Management (EFQM) for 2025.

stc is the first Saudi company to receive this prestigious recognition across all its private sector operations in the Kingdom. It is also the first company in the global telecommunications sector to achieve this rating according to the EFQM 2025 model.

This accomplishment highlights stc's leading position in performance and innovation, SPA reported.

Chief Legal and Risk Officer and General Counsel of stc Group Mathad Alajmi stated that this achievement reinforces customers' and partners' confidence in the group's capabilities, underscoring its commitment to the highest standards of corporate excellence.

This commitment is reflected in the delivery of digital solutions, supported by a flexible, adaptable organizational culture. stc will continue its journey of improvement to support the growth of the digital economy in the region and enhance the Kingdom's global competitiveness.


Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
TT

Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

Iran's currency slipped to the lowest level in its history on Monday, nearing 1,250,000 rial to the US dollar on the open rate market, various outlets including the semi-official Tasnim news agency reported.

The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.

Iranian media blamed the government's recent economic liberalization policies for adding pressure to the open rate market, Reuters.

The open rate market is where ordinary Iranians buy foreign currency, whereas businesses typically use state-regulated rates.

However, the government's recent decision to allow importers to tap into the open market to import essential goods has added pressure on the market and increased the dollar's price, semi-official Fars news agency said.

Iran's economy is at risk of recession, with the World Bank forecasting an economic shrinkage of 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, with Iran's Statistical Center announcing monthly inflation of 48.6% in October, the highest in 40 months. Despite inflationary pressures, Iran said last month it would increase fuel prices in December under certain conditions, primarily impacting drivers using more than 100 liters per month.


Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
TT

Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)

Gold prices rose on Monday, driven by growing expectations of a US interest rate cut that pressured the dollar, ahead of a Federal Reserve policy meeting this week.

Spot gold rose 0.3% to $4,209.43 per ounce by 0851 GMT. US gold futures for December delivery fell 0.1% to $4,239.40 per ounce.

The dollar index edged lower, hovering near the one-month low reached on December 4, making dollar-priced gold more affordable for overseas buyers.

"Gold is benefiting from a weaker U.S. dollar and market participants expecting the Fed to cut interest rates this week," said UBS analyst Giovanni Staunovo.

Data last week showed that US consumer spending grew moderately in September. That reflected a slowdown in economic momentum amid rising costs and weakness in the labor market as private payrolls saw their steepest decline in over two-and-a-half years in November.

According to CME's FedWatch tool, markets are pricing in an 87% probability of a 25-basis-point rate cut at the Fed's December 9-10 policy meeting, following the release of weak economic data and dovish remarks from several Fed officials.

Lower interest rates typically bolster demand for non-yielding assets like gold.

"We still look for more rate cuts next year, which should push gold to $4,500/oz next year," added Staunovo.

Silver was up 0.3% at $58.43 per ounce, after hitting a record high of $59.32 on Friday.

"Silver is benefiting from the same factor as gold. Additionally the expectation of improving industrial demand as a result of monetary and fiscal stimulus helped silver to outperform gold in recent weeks," Staunovo said.

The white metal has doubled in price this year, driven by supply deficits and its designation as a critical mineral by the US.

Elsewhere, platinum gained 0.6% to $1,650.90 and palladium rose 1% to $1,471.26.