Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
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Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)

National development projects launched under “Vision 2030” in Saudi Arabia are witnessing remarkable and steady progress as they move forward from planning to implementation across the Kingdom.

Considered bold, yet achievable, these projects will raise the international bar in terms of quality, environmental friendliness, sustainability, and the use of renewable and alternative energy.

Largescale developments like “The Line”, “Red Sea”, “AlUla”, “AlSouda”, renewable energy programs like The National Renewable Energy Program (NREP), and initiatives like the “Riyadh Strategy” are steadily moving Saudi Arabia towards achieving the goals envisioned by its national transformation plan for the decade.

The Line, for example, offers a never-before-seen approach to urbanization – a 170km-belt of re-imagined urban development with multiple, hyper-connected communities, with natural and walkable spaces.

It is a model of urban design and livability that puts people and the planet in harmony for the 21st century and beyond. Built around nature, rather than over it, large areas of land will be preserved for conservation, supporting NEOM’s environment and rich heritage.

Construction of the smart city will start in the first quarter of 2021 and is set to be a home for more than 1 million people from all over the world and will create a platform for innovation and prosperous businesses.

It will also help in addressing some of the world’s most pressing challenges, like climate change, urban sprawl, traffic congestion, and social disconnection.

Meanwhile, the Riyadh Strategy is on track to generate mega projects, create job opportunities, and expand the Saudi capital’s economic horizons.

It aims to make Riyadh among the top 10 economic cities in the world to drive forward the country’s economic, industrial, and tourism growth in upcoming years.

Moreover, the scheme targets increasing the capital’s population from 7.5 million to around 15 to 20 million in 2030.



Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026.  EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
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Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026.  EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL

Malaysia is seeking new sources of fuel amid a global crunch caused by the war in Iran, though any supplies would need to be able to be processed by the country's refineries, the Economy Minister said on Wednesday.

Malaysian refineries are largely dependent ⁠on crude oil originating ⁠from the Middle East. Some have reduced output due to a lack of feedstock following the closure of the Strait of Hormuz, a ⁠key waterway for global oil and gas supplies.

Malaysia was looking to procure oil from African countries, Russia and Türkiye, among others, minister Akmal Nasir told reporters, according to Reuters.

"It is not just about looking everywhere for supply, but about whether the supply ... is ⁠suitable ⁠for the facilities that we have," Akmal said.

He said the country's energy reserves were sufficient until the end of July based on existing agreements, adding the government was reluctant to rush into any new long-term deals given the volatility in oil prices.


Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
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Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)

Gold fell to an 11-week low on Wednesday, as oil prices rose on renewed hostilities between the US and Iran, fueling concerns about inflation and interest rate hikes.

Spot gold was down 1.7% at $4,191.84 per ounce by 0747 GMT, after hitting its lowest level since March 23. US gold futures for August delivery shed 1.6% to $4,215.60, Reuters reported.

"We're seeing a kind of readjustment broadly ⁠in what global central ⁠banks are going to do, and there's been a major hawkish shift," said Ilya Spivak, head of global macro at Tastylive.

The United States on Tuesday launched strikes against Iran after President Donald Trump said Tehran had shot down a US Apache helicopter in the Strait ⁠of Hormuz. Iran's Revolutionary Guards said they retaliated with attacks against a US base in Jordan and 21 other targets in the Gulf on Wednesday.

Oil prices rose, keeping up expectations that interest rates would stay higher for longer.

While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Traders are now pricing in a more than 70% chance of a US rate hike by December, according to the CME ⁠FedWatch tool.

Markets ⁠are awaiting key US inflation reports this week, including the May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday, to gauge the Federal Reserve's monetary policy stance.

"If we can break the $4,100 level, I think the path of resistance fundamentally changes for gold, and we might be starting to look at $3,500 as the next level into the end of the year," Spivak said.

Spot silver fell 1.3% to $64.54 per ounce, platinum dropped 3% to $1,675.25, and palladium fell 0.7% to $1,213.47.


Saudi Industry Minister Reviews Gold Processing Technologies at Tau-Ken Altyn Refinery in Kazakhstan

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
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Saudi Industry Minister Reviews Gold Processing Technologies at Tau-Ken Altyn Refinery in Kazakhstan

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited the gold refinery operated by Tau-Ken Altyn in Kazakhstan's capital, Astana, on Tuesday.

The minister reviewed the technologies and processes used in gold processing and refining and met with Tau-Ken Altyn chief executive Arnur Aidarkhanov and chief economic and financial officer Ruslan Zhumagulov.

Discussions focused on opportunities for cooperation and the exchange of expertise in the mining and metals industries.

The minister received a briefing on the refinery's operations and its role in enabling Kazakhstan to refine gold domestically and enhance the value added from its mineral resources.

It highlighted the refinery's contribution to strengthening the country's gold and foreign exchange reserves, with the facility regarded as a strategic asset in Kazakhstan's precious metals sector.

Alkhorayef toured the refinery’s facilities, including its gold refining operations, processing units, and gold bullion production lines, which operate using advanced technologies and in accordance with the highest international standards.

He also reviewed the refinery’s accreditation by the London Bullion Market Association, which confirms that its products comply with internationally recognized standards in the global gold market.

The minister's tour was part of his official visit to Kazakhstan, which aims to strengthen economic ties between Riyadh and Astana and build effective partnerships in the mining and metals sectors.