عربي English Türkçe اردو فارسى
Logo
Latest News
Business

McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)
TT
20
TT

McDermott Int’l Plans to Establish Highly-Developed Facilities in KSA

Aramco’s Marine Project. (Asharq Al-Awsat)
Aramco’s Marine Project. (Asharq Al-Awsat)

Houston-based McDermott International announced the construction of new highly-developed facilities in Saudi Arabia to support its operations in the Middle East, as well as support Aramco’s In-Kingdom Total Value Add (IKTVA) program.

McDermott continues to develop infrastructure in the fields of wind energy and other renewable energies in the kingdom.

McDermott President and CEO David Dickson stated that the two Memorandum of Understanding (MoUs) signed between McDermott and Aramco, support Vision 2030 and Aramco's initiative to enhance its added value and presence inside the Kingdom. He added that this complies with the initiatives launched in Saudi Arabia and the ability to provide local solutions to meet the needs of the modern business environment.

Speaking to Asharq Al-Awsat, Dickson expected that the two new facilities, set to be built in Ras al-Kheir, will enhance McDermott's manufacturing capacity in the Middle East from 8 million hours to 16 million hours a year, which will provide better service in the Middle East and other regions.

Dickson emphasized that McDermott is committed to using the local Saudi competencies to operate its facilities and develop their expertise, adding that he looks forward to recruiting and developing qualified Saudi talent at a high level in the Kingdom.

He stressed that oil and gas will continue to play an important role in meeting the world's energy needs in the foreseeable future.

Dickson also expects McDermott to play a key role in developing some of the infrastructure in wind and other renewable energy markets because of its growing importance and compatibility with many of the manufacturing, installation and project implementation needs.

He stressed that the oil and gas will remain at the heart of the work of McDermott, but there are other opportunities to expand the scope of its work beyond that.

"We are fully committed to supporting Aramco's added value within the Kingdom, and although we have come a long way in this area, we need to do more, and we are focusing on doing so," Dickson concluded.

Most Viewed

 
Business

Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
20
TT

Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.5% to $3,339.99 per ounce, as of 0755 GMT. US gold futures gained 0.8% to $3,351.
"We're seeing some growing demand for gold as a haven. There are investors looking for some safety asset despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote.
On Thursday, Trump said US would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners, Reuters said.
This follows Wednesday's announcement of a 50% tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
"Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note.
Data on Thursday showed weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold's appeal.
Elsewhere, spot silver rose 0.9% to $37.37 per ounce, platinum fell 1% to $1,346.81 and palladium climbed 1.3% to $1,156.44.