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Saudi Ministry of Communications Signs a MOU with Siemens

Ministry of Communications and Information Technology Logo
Ministry of Communications and Information Technology Logo
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Saudi Ministry of Communications Signs a MOU with Siemens

Ministry of Communications and Information Technology Logo
Ministry of Communications and Information Technology Logo

The Ministry of Communications and Information Technology signed a MOU with Siemens to boost digital industrial transformation in the Kingdom in tandem with the Saudi Vision 2030.

Minister of Communications and Information Technology Eng. Abdullah al-Sawaha and Germany's ambassador to the Kingdom Dieter W. Haller were present.

Dr. Mohammed al-Mishaigeh, undersecretary of the ministry for planning and development, and Dr. Roland Bush, technological president of Siemens signed on behalf of their parties.

The MOU covers smart cities, health care, mining, petrochemicals, digital shipyard building, and mechatronics engineering to help the Kingdom accomplish Saudi Vision 2030, increase digitization of medical files to 70, enhance mining sector contribution in the GDP and nationalize renewable energy industries, industrial tools and knowledge transfer.

There are three Saudi cities among the 100 best cities in the world.

Minister of Communications and Information Technology Eng. Abdullah al-Sawaha clarified that the ministry seeks empowering the society and economy to grasp digital transformation chances, to push the kingdom to the lead of innovative countries and accelerate accomplishing Saudi Vision 2030.

Bush said Siemens is working with the Kingdom to achieve a more diversified and competitive digital economy, including promoting the local skills in the field of automation and digitization.

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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.