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Saudi Arabia Signs Cooperation Agreements to Develop Contracting Sector

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
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Saudi Arabia Signs Cooperation Agreements to Develop Contracting Sector

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)
The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority. (Asharq Al-Awsat)

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said that the Future Projects Forum (FPF) will contribute to raising the efficiency and competitiveness of contractors and enable them to keep pace with the latest technologies to implement development projects within the Kingdom’s Vision 2030.

The Forum, which kicked off in Riyadh on Monday, will also enhance communication between the local and international public and private sectors, according to the minister.

Secretary-General of the Saudi Contractors Authority Thabet Al-Sweid said the FPF, which extends over three days, would feature various projects pertaining to oil and gas and others within the Kingdom’s Vision 2030.

He added that the virtual conference is attended by more than 10,000 local and foreign contractors and stakeholders, in addition to 39 entities, including ministries and companies, such as Aramco, SABIC, the Red Sea Project and Amaala.

The director of Mega Projects at SABIC, Dhaifallah Al-Maliki, noted that the company was seeking to support contractors in raising the quality of projects in terms of safety and execution speed.

The coronavirus pandemic has had a major impact on all sectors, Maliki said, stressing that SABIC has contributed to fighting its repercussions out of its social responsibility, with a budget equivalent of 123 million riyals.

The company has also encouraged local contractors to enhance their participation in the local content and contribute to the implementation of the best standards in the economic activity.

For his part, Khaled Al-Saif, Chairman of the Saudi Contractors Authority, said that the forum aims to raise the efficiency and competitiveness of contractors, and to keep pace with the technical requirements and capabilities necessary to implement future projects within Saudi Vision 2030.

Amaala, a premium tourist project that extends along the northwest coast of the Kingdom, signed an MOU with the Saudi Contractors Authority, to cooperate in several areas, including the establishment of an electronic platform for project sharing.

The opening ceremony of the FPF saw the signing of several MOUs with the Saudi Contractors Authority, including an agreement with the Center for Legal Studies and Research to activate joint cooperation between the two sides.

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New Aramco Digital Network to Enable Secure Industrial Connectivity across Saudi Arabia

New Aramco Digital Network to Enable Secure Industrial Connectivity across Saudi Arabia
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New Aramco Digital Network to Enable Secure Industrial Connectivity across Saudi Arabia

New Aramco Digital Network to Enable Secure Industrial Connectivity across Saudi Arabia

Aramco Digital, the technology subsidiary of Saudi Aramco, is set to launch the Kingdom’s national industrial communications network operating in the 450 MHz band. Designed to deliver secure, highly reliable industrial connectivity across Saudi Arabia, the network will support sectors that require continuous operations and dependable communications for critical assets and facilities.

As part of the launch, Aramco Digital will introduce a comprehensive portfolio of 450 MHz-based industrial digital solutions, including tailored connectivity packages for various sectors and a new generation of smart radios developed specifically for demanding industrial environments, SPA reported.

These smart radios combine rugged, industrial-grade design with advanced capabilities such as AI, enhanced sensing technologies, extended battery life through improved energy efficiency, and real-time data processing at the device level. Together, these features will support operational accuracy, reliability, and continuity in complex operating conditions.

The network will enable a broad range of Industrial Internet of Things (IIoT) applications, including asset condition and performance monitoring, fleet and equipment tracking, air quality and environmental sensing, smart video surveillance, smart metering, lighting and infrastructure control, and industrial mobility and fleet management solutions. These capabilities will enhance operational transparency, support automation, and improve efficiency across both industrial and service sectors.

The network is intended to underpin the Kingdom’s next phase of industrial development and support the objectives of Saudi Vision 2030. By providing a highly reliable national communications infrastructure, the network will enable advanced automation, intelligent systems, and digital services in vital sectors.

Business

Oil Rises as Market Focuses on Venezuela and US Sanctions Plans

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev
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Oil Rises as Market Focuses on Venezuela and US Sanctions Plans

A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025. REUTERS/Pavel Mikheyev

Oil prices rose on Thursday after two days of declines as investors assessed Venezuela developments and reports on progress of proposed US sanctions legislation against countries doing business with Russia.

Brent crude futures were up 59 cents, or 0.98%, at $60.55 a barrel by 1038 GMT. US ‌West Texas Intermediate ‌crude gained 58 cents, or 1%, ‌to $56.57.

Higher ⁠prices ​are ‌led by the US President allowing the Russia sanctions bill to advance, as it raises fears of further disruption to Russian oil exports, said PVM analyst Tamas Varga. Republican Senator Lindsey Graham said on Wednesday that Trump had given the green light on the legislation, adding that the bill could be put ⁠to a vote as early as next week.

Both benchmarks fell more than ‌1% for a second day on Wednesday, ‍with market participants expecting ‍abundant global supply this year. Analysts at Morgan Stanley forecast ‍a surplus of as much as 3 million barrels per day in the first half of 2026. US gasoline and distillate stocks increased by more than analyst expectations in the week ended January ​2, while crude stocks fell, the Energy Information Administration said on Wednesday. On Tuesday, Washington announced a deal with ⁠Caracas to gain access to up to $2 billion of Venezuelan crude. The deal initially could require the rerouting of cargoes that were bound for China, sources told Reuters. Chinese independent refiners that consume much of the country's Venezuelan imports could switch to Iranian oil to make up the shortfall. The US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of President Donald Trump's aggressive push to dictate oil flows in the Americas and force ‌Venezuela's socialist government to become an ally.

Business

Gold Falls as Commodity Index Rebalancing Sparks Selling Pressure

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola//File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola//File Photo
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Gold Falls as Commodity Index Rebalancing Sparks Selling Pressure

UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola//File Photo
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola//File Photo

Gold prices fell on Thursday as investors braced for futures selling tied to a commodity index reshuffle, with a stronger US dollar adding pressure by making the metal costlier for overseas buyers.

Spot gold fell 0.6% to $4,428.06 per ounce, as of 1115 GMT. US gold futures for February delivery fell 0.6% to $4,436.30.

"Gold and silver remain under pressure as the annual commodity-index ‌rebalancing gets ‌underway. Over the next five days, COMEX ‌futures ⁠could ​see ‌selling in the region of $6 to $7 billion in each metal," said Ole Hansen, head of commodity strategy at Saxo Bank.

The annual Bloomberg Commodity Index rebalancing, designed to keep the index aligned with the current state of the global commodity market, begins this week, Reuters reported.

"(The US-Venezuela conflict) added a small georisk premium at the beginning of ⁠the week which is now deflating as the attention turns to the rebalancing," ‌Hansen added.

Meanwhile, the US dollar hovered ‍near a one-month high ‍as investors assessed mixed economic data ahead of Friday’s nonfarm payrolls ‍report.

Data on Wednesday showed US job openings dropped to a 14-month low in November while hiring resumed its sluggish tone, pointing to ebbing labor demand.

Investors are now awaiting the US non-farm payrolls data for ​more clues on monetary policy, with markets pricing in two interest rate cuts by the Federal Reserve ⁠this year.

On the geopolitical front, the US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday.

Spot silver lost 3.2% to $75.64 per ounce, after hitting an all-time high of $83.62 on December 29.

HSBC sees gold hitting $5,000 per ounce in the first half of 2026 on geopolitical risks and rising fiscal debts, and expects silver to trade between $58 and $88 in 2026, driven by supply deficits, robust investment demand, and high gold prices, but warned of a market correction later in the year.

Spot platinum was ‌down 4.2% at $2,211.94 per ounce, while palladium shed 2.4% to $1,721.61 per ounce.