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)
TT
20

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 Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
20

Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.