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SIMAH, BENEFIT Launch Credit Information Exchange Project

The project aims to enhance transparency in financial transactions
The project aims to enhance transparency in financial transactions
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SIMAH, BENEFIT Launch Credit Information Exchange Project

The project aims to enhance transparency in financial transactions
The project aims to enhance transparency in financial transactions

Saudi Arabia and Bahrain have launched the technical linking process of the credit information exchange project between banking institutions operating in the two countries.

The Bahrain Electronic Network for Financial Transactions (BENEFIT) and the Saudi Credit Bureau (SIMAH) revealed on Sunday that this step comes in implementation of the Gulf Cooperation Council’s Supreme Council decision issued at it 37th session in 2016.

The decision stipulates approving to exchange credit information in accordance with the work plan and the comprehensive framework and the mechanism for facilitating the exchange of credit information among the GCC member states.

The project aims to enhance transparency in financial transactions in the Gulf and provide financial tools that contribute to reducing credit risks associated with any financial transaction for any economic activity, in a way that promotes the growth of these activities.

Saudi Central Bank Governor Fahad al-Mubarak said this step comes in line with objectives of the Kingdom Vision 2030’s Financial Sector Development Program, which targets launching strategic projects that enhance cooperation frameworks among GCC states, offer greater investment opportunities and ensure their stability and economic growth.

Mubarak explained that the financial sector relies on such strategic projects to achieve GCC states’ common goals.

Bahrain’s Central Bank Governor Rasheed al-Maraj, for his part, said the initiative is an implementation of both governments’ visions and directives and the future role in developing and enhancing banking transactions.

The project provides decision-making support processes for commercial relations and partnerships in accordance with an advanced system of information and audited data provided by the authorities concerned with credit information reports, which enhances confidence and transparency and provides broader areas of mutual commercial work.

This step maximizes the role of the credit information industry and is considered a key force to tighten the grip of control and supervision, increase levels of transparency and contribute to supporting the stability of the financial sector of the GCC states.

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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.

Business

Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further US rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high.

Spot gold was up 1.7% at $4,411.01 per ounce, as of 0822 GMT, having climbed down from the record high of $4,420.01 hit earlier in the day. Spot silver climbed 2.5% to hit $69.44, Reuters reported.

US gold futures for February delivery rose 1.3% to $4,444.00 per ounce.

Bullion has gained 67% ⁠so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.

Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.

"With December usually producing positive returns for gold and silver, seasonality is on their side," said StoneX ⁠senior analyst Matt Simpson.

"Given that gold has already risen 4% this month and we're nearing the end of the year, bulls may want to tread with caution as volumes are to deplete and odds of profit-taking are also likely on the rise."

Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.

Traditionally viewed as a safe-haven asset, gold has been supported by heightened geopolitical and trade tensions, steady central bank buying and expectations of lower interest rates next year.

A ⁠softer dollar has provided an additional tailwind by making the metal cheaper for overseas buyers.

Markets are currently pricing in two US rate cuts for next year despite the Federal Reserve signaling caution. Non-yielding assets such as gold tend to benefit in lower interest rate environments.

Simpson said two Fed rate cuts were penciled in for 2026, with a faster US jobs slowdown and a shift to a more dovish Fed likely to add further upside to gold.

Elsewhere, platinum jumped 4.3% to $2,058.35, hitting its highest in more than 17 years, while palladium climbed 4.1% to $1,784.00, a near three-year high.

Business

UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
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UK Growth Revised Down in Second Quarter 

Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)
Shoppers fill the pavement on Regent Street in central London on December 21, 2025. (AFP)

Britain's economy expanded less than initially estimated in the second quarter, according to revised official data released Monday, dealing a fresh setback to the Labour government.

Gross domestic product was revised down to 0.2 percent in the April-June period from a previous estimate of 0.3 percent, the Office for National Statistics said in a statement.

Growth in the third quarter stood at an unrevised 0.1 percent, the ONS said, marking a sustained slowdown from the 0.7 percent expansion recorded in the first three months of the year.

"The economy is still pretty weak and is heading into 2026 with very little momentum," noted Alex Kerr, UK economist at Capital Economics.

Prime Minister Keir Starmer has struggled to revive Britain's sluggish economy since his Labour party came to power in July 2024.

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 her November budget with fresh tax hikes to bring down government debt, this time hitting workers.

The Bank of England last week cut its key interest rate to 3.75 percent after UK inflation eased faster than expected and as the economy weakens.