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Zain KSA Initiates 3 New Broadband Projects for Remote Areas

Minister of Communications and Information Technology Abdullah al-Sawah with CITC Governor Abdulaziz bin Salem al-Ruwais and Chairman of Zain Saudi Arabia Prince Nayef bin Sultan. (Asharq Al-Awsat)
Minister of Communications and Information Technology Abdullah al-Sawah with CITC Governor Abdulaziz bin Salem al-Ruwais and Chairman of Zain Saudi Arabia Prince Nayef bin Sultan. (Asharq Al-Awsat)
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Zain KSA Initiates 3 New Broadband Projects for Remote Areas

Minister of Communications and Information Technology Abdullah al-Sawah with CITC Governor Abdulaziz bin Salem al-Ruwais and Chairman of Zain Saudi Arabia Prince Nayef bin Sultan. (Asharq Al-Awsat)
Minister of Communications and Information Technology Abdullah al-Sawah with CITC Governor Abdulaziz bin Salem al-Ruwais and Chairman of Zain Saudi Arabia Prince Nayef bin Sultan. (Asharq Al-Awsat)

Communications and Information Technology Commission (CITC) and Zain KSA signed an agreement to implement three high-speed wireless broadband projects for remote areas of the Kingdom as part of the Universal Service Fund.

The three projects are expected to provide service to more than 800,000 beneficiaries in 3,900 villages across 28 districts of Riyadh, Eastern Province, Asir Region and Makkah.

Zain KSA confirmed on Sunday that it will exert all efforts to contribute into achieving the objectives of the National Transition Program (NTP) 2020 and Vision 2030.

The agreement was signed by CITC Governor Abdulaziz bin Salem al-Ruwais and Chairman of Zain Saudi Arabia Prince Nayef bin Sultan at the presence of the Minister of Communications and Information Technology Abdullah al-Sawah.

Prince Nayef lauded the efforts the communications ministry aiming at achieving NPT 2020 and Vision 2030 goals, confirming Zain's commitment to contribute in reaching those goals.

CEO of Zain KSA Sultan bin Abdulazizi al-Deghaither stated that the three high-speed broadband projects for remote areas include providing services to more than 800,000 users in 3,900 villages across 28 districts of each of Riyadh, Eastern Province, Asir Region and Makkah.

Deghaither reiterated that Zain KSA had invested heavily in developing its network, which provides high-end technologies during implementation.

These projects include the provision of high-speed broadband services to centers, villages and remote areas in various regions of the kingdom by enhancing investment in infrastructure and increasing wireless broadband networks coverage. Projects will also contribute to facilitating use of e-government services in achieving digital transformation.

Zain Saudi Arabia stocks rose 5.8 percent on Sunday after the company signed the agreement with CITC.

These developments came as CITC launched its index on monitoring the latest developments in information technology and communications sector in the Kingdom by the end of the second quarter of 2017.

According to CITC, the number of subscribers to telecommunications services which reached about 43.6 million subscriptions, of which 3.75 million are for postpaid lines, while subscriptions to mobile broadband services on mobile networks reached about 25.2 million.

The number of subscriptions to fixed-line broadband services reached 3.2 million, including DSL, fixed wireless connections, fiber optics and other wired lines.

As for the number of internet users in Saudi Arabia, CITC said that the number of Internet users in the country reached 24 million users.

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China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
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China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)

China plans to expand exports and imports next year as part of efforts to promote "sustainable" trade, a senior economic official said on Saturday, state broadcaster CCTV reported.

The trillion-dollar trade surplus posted by the world's second-largest economy is stirring tensions with Beijing's trade partners and drawing criticism from the International Monetary Fund and other observers who say its production-focused economic growth model is unsustainable.

"We must adhere to opening up, promote win-win cooperation across multiple sectors, expand exports while also increasing imports to drive sustainable development of foreign trade," Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission, told an economic conference.

China will encourage service exports in 2026, Han said, pledging measures to boost household incomes, raise basic pensions and remove "unreasonable" restrictions in the consumption sector.

He restated the government's call to rein in deflationary price wars, dubbed "involution", where firms engage in excessive, low-return rivalry that erodes profits.

The IMF this week urged Beijing to make the "brave choice" to curb exports and boost consumer demand.

"China is simply too big to generate much (more) growth from exports, and continuing to depend on export-led growth risks furthering global trade tensions," IMF Managing Director Kristalina Georgieva told a press conference on Wednesday.

Economists warn that the entrenched imbalance between production and consumption in the Chinese economy threatens its long-term growth for the sake of maintaining a high short-term pace.

Chinese leaders promised on Thursday to keep a "proactive" fiscal policy next year to spur both consumption and investment, with analysts expecting Beijing to target growth of around 5%.

Business

UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
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UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)

Britain's economy unexpectedly contracted again in October, official data showed Friday, dealing a blow to the Labour government's hopes of reviving economic growth.

Gross domestic product fell 0.1 percent in October following a contraction of 0.1 percent in September, the Office for National Statistics said in a statement.

Analysts had forecast growth of 0.1 percent.

Manufacturing rebounded in the month as carmaker Jaguar Land Rover resumed operations after a cyberattack that had weighed on the UK economy in September, AFP reported.

But analysts noted that businesses and consumers reined in spending ahead of Britain's highly-expected annual budget.

"Business and consumers were braced for tax hikes and the endless speculation and leaks have once again put a brake on the UK economy," said Lindsay James, investment manager at Quilter.

Prime Minister Keir Starmer's Labour party raised taxes in last month's budget to slash state debt and fund public services.

At the same time, Britain's economic growth was downgraded from next year until the end of 2029, according to data released alongside the budget.

Finance Minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in November with fresh hikes, this time hitting workers.
Analysts said that Friday's data strengthened expectations that the Bank of England would cut interest rates next week.

Business

Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
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Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo

Gold prices rose to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high.

Spot gold rose 0.7% to $4,311.73 per ounce by 0945 GMT, its highest level since October 21, and set for a 2.7% weekly gain, Reuters reported.

US gold futures gained 0.7% to $4,343.50.

The dollar hovered near a two-month low, and was on track for a third straight weekly drop, making bullion more affordable for overseas buyers.

Additionally, "the sharp rise in US weekly jobless claims as well as US-Venezuela tensions are underpinning gold and keeping haven demand strong," said Zain Vawda, analyst at MarketPulse by OANDA.

US jobless claims rose by the most in nearly 4-1/2 years last week, reversing the sharp drop seen in the previous week.

The US Federal Reserve trimmed rates by 25 basis points for the third time this year on Wednesday, but indicated caution on additional cuts.

Investors are currently pricing in two rate cuts next year, and next week's US non-farm payrolls report could provide further clues on the Fed's future policy path.

Non-yielding assets such as gold tend to benefit in low-interest-rate environment.

On the geopolitical front, the US is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week.

Meanwhile, India saw widening gold discounts this week as demand remained subdued despite the wedding season, while high spot prices also dented demand in China.

Spot silver rose 0.5% to $63.87 per ounce, after hitting a new record high of $64.32/oz, and is headed for a 9.5% weekly gain.

Prices have more than doubled this year, supported by strong industrial demand, dwindling inventories and its inclusion on the US critical minerals list.

"Silver is supported by industrial demand amid fears of shortages, a continued tight market, and the speculative frenzy, mostly from retail investors which has helped drive inflows to Silver ETFs," said Ole Hansen, head of commodity strategy at Saxo Bank.

Elsewhere, platinum was up 0.8% at $1,708.11, while palladium climbed 2.2% to $1,516.95. Both were headed for a weekly rise.