Global Bechtel to Establish Transport System Connecting NEOM Cities

NEOM Co. has awarded a contract to Bechtel for executive project management work on the development of the base infrastructure for NEOM cities. (NEOM Twitter)
NEOM Co. has awarded a contract to Bechtel for executive project management work on the development of the base infrastructure for NEOM cities. (NEOM Twitter)
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Global Bechtel to Establish Transport System Connecting NEOM Cities

NEOM Co. has awarded a contract to Bechtel for executive project management work on the development of the base infrastructure for NEOM cities. (NEOM Twitter)
NEOM Co. has awarded a contract to Bechtel for executive project management work on the development of the base infrastructure for NEOM cities. (NEOM Twitter)

Saudi Arabia’s NEOM Co. has awarded a contract to US-based Bechtel for executive project management work on the development of the base infrastructure for NEOM cities, as the Saudi Vision 2030 giga-project advances work to create the world’s leading destination to attract talent and investment.

Bechtel was selected to oversee and create resource-efficient utilities and a highly advanced transport system to connect NEOM’s cognitive cities.

Commenting on the award, NEOM CEO Nadhmi Al Nasr said: “Built from the ground up as a model of future living, NEOM will be one of the largest, most sophisticated and advanced infrastructure projects ever undertaken globally, and we are delighted to have a major industry leader like Bechtel on board to work with us to realize our ambitions.”

Bechtel Chairman & CEO, Brendan Bechtel said in a statement: “NEOM is one of the most complex projects in living memory and we are proud to be part of it. The vision for a futuristic, innovative and sustainable ecosystem is unique and bold, and we believe NEOM will change the way new cities are developed by future generations. We have helped our customers shape the Kingdom’s history with many key projects and we are honored to be a partner in building its future.”

Last July, NEOM awarded a contract to develop the digital infrastructure in its cities, through building and operating a 5G network with the Saudi Telecom Group.

NEOM has also entered into a partnership with Air Products and ACWA Power, worth $5 billion, to establish the world’s largest project to produce hydrogen and ammonia in a clean and environmentally friendly manner, which will be ready for operation in 2025.

Cognitive cities are technically enhanced and digitally sustainable societies that benefit from data in a greater proportion than smart cities, in order to provide exceptional livelihoods that improve the quality of life of residents and support business sectors.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.