Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectorshttps://english.aawsat.com/home/article/3719466/saudi-arabia-uk-discuss-strengthening-collaboration-industrial-and-mining
Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has met in London with Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, the Saudi Press Agency reported.
Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining, SPA said Wednesday.
Both sides explored investment opportunities in the industrial and mining sectors, and strengthened ongoing collaboration.
The Kingdom's total non-oil exports to the United Kingdom amount to SAR1.53 billion whereas its total non-oil imports from the United Kingdom amount to SAR10.50 billion.
According to the SPA, the ministers emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom's Vision 2030 objectives aimed at diversifying the economy.
With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted.
The Kingdom's mineral wealth is estimated to be worth $1.3 trillion. Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors.
Aramco Confronts Repercussions of War with Emergency System as Markets Await Its Resultshttps://english.aawsat.com/business/5336571-aramco-confronts-repercussions-war-emergency-system-markets-await-its-results
Aramco Confronts Repercussions of War with Emergency System as Markets Await Its Results
Pipelines in the Saudi desert. (Aramco)
As markets anticipate Saudi Aramco's announcement of its financial results for the third quarter of 2026 on Tuesday, the repercussions of the US–Israel war on Iran stand out as one of the most prominent factors testing the company's ability to maintain its operations and the flow of its supplies to global markets.
Despite attacks that struck oil facilities and disruptions to shipping traffic through the Strait of Hormuz since the outbreak of the war on February 28, the company continued to rely on a system of infrastructure and operational alternatives developed over decades. These measures included pipelines, alternative export outlets, and international inventories, alongside accelerating repairs to damaged facilities and sourcing maintenance requirements locally.
Chief among these alternatives is the East–West pipeline, which transports crude oil from the Eastern Region to the port of Yanbu on the Red Sea, bypassing the Strait of Hormuz and providing an export outlet when navigation through the strait is disrupted.
The importance of this route stems from advance planning to diversify export outlets. This was underscored by Saudi Minister of Energy Prince Abdulaziz bin Salman at the International Petroleum Conference in October 2026, when he stressed the need for providing alternatives before crises occur, pointing to the role of strategic infrastructure in boosting the security of energy supplies.
In parallel with these alternatives, Aramco bolstered its measures to manage attacks and disruptions by accelerating the repair of damaged facilities, securing maintenance materials and spare parts locally, and utilizing crude inventories both inside and outside the Kingdom. The company is also studying additional options to transport oil away from maritime corridors that are vulnerable to disruption.
Saudi Minister of Energy Prince Abdulaziz bin Salman at the International Petroleum Conference in October 2026. (SPA)
These measures take on particular significance in light of the repercussions of the war that broke out on February 28, which extended to oil facilities in the Gulf, coinciding with the disruption of shipping traffic through the Strait of Hormuz and escalating concerns over the continuity of supplies to global markets.
Aramco's facilities were among those targeted by the attacks. Two days after the outbreak of the war, the Ras Tanura refinery was targeted by two drones that were intercepted. Their debris caused a limited fire and minor damage, without affecting the supply of petroleum products to the domestic market.
In confronting these risks, the company focused on accelerating damage repair and restoring operations, while ensuring the continuous flow of oil to global markets.
Aramco's President and CEO Amin Nasser revealed aspects of these preparations in a Reuters interview published on October 15. The measures included utilizing drones to assess damage, securing repair materials, and deploying specialized teams to handle multiple incidents simultaneously.
Response teams and repair inventories
Aramco has bolstered its incident response capabilities and accelerated the repair of damaged facilities through an emergency system that includes specialized teams, inventories of repair materials and spare parts, and tools to assess damage and determine technical requirements.
Nasser explained that Aramco developed specialized rapid-response teams following the 2019 attacks targeting the Abqaiq oil processing facility, and has since worked to boost its readiness to handle incidents, including simultaneous ones.
According to Nasser, the company produces locally or maintains in its warehouses approximately 90 percent of the materials required for repairs, which reduces reliance on imports and speeds up the restoration of operations.
Nasser said Aramco's response speed is more than six times the industry average, allowing damaged facilities to resume operations within days in many cases.
The emergency system is not limited to facility repairs, but also encompasses business continuity plans, the utilization of domestic and international inventories, and multiple routes for transporting and exporting crude oil, which helps the company maintain supplies despite production and shipping disruptions.
Aramco's President and CEO Amin Nasser at a petroleum conference in Riyadh. (Asharq Al-Awsat)
Restoring the capacity of the East–West Pipeline
With growing reliance on the East–West pipeline to bypass shipping disruptions through the Strait of Hormuz, its role has emerged as a primary corridor for transporting oil from the Eastern Region to the port of Yanbu on the Red Sea, and from there to global markets.
However, this route was not immune to the repercussions of the war; one of its pumping stations was attacked in April, which reduced flows by around 700,000 barrels per day. On April 12, the Ministry of Energy announced the restoration of the pipeline's full operational capacity, which stands at around seven million barrels per day.
The concept of establishing the pipeline dates back to the early 1980s during the Iraq–Iran War, when Saudi Arabia, under the directives of King Fahd bin Abdulaziz, decided to diversify its oil export outlets in anticipation of shipping disruptions in the Gulf. In 1995, its capacity was raised to around five million barrels per day, as reviewed by Energy Minister Prince Abdulaziz bin Salman during the International Petroleum Conference in October 2026.
Infrastructure readiness
On April 9, the Ministry of Energy announced that the targeting of a pumping station reduced pipeline flows by some 700,000 barrels per day, while subsequent attacks also impacted production at the Manifa and Khurais fields. Just three days later, the Ministry confirmed the restoration of full pumping capacity on the East-West pipeline and the recovery of affected production at the Manifa field, with work ongoing at the Khurais field.
In September, the pipeline was preemptively shut down to verify its safety following a new attack. On October 6, the Minister of Energy said operations had resumed within five to six days, with flows reaching around 5.8 million barrels per day, compared to its maximum capacity of seven million barrels per day.
These developments reflect the importance of rapidly repairing pumping stations and restoring operations at a time of increased reliance on export routes via the Red Sea to compensate for shipping disruptions in the Strait of Hormuz.
An integrated system
In its announcement of first-quarter results for 2026, Aramco said that it had activated business continuity plans to manage the repercussions of the war. The company utilized the East–West pipeline along with domestic and international storage capacities, in addition to leveraging the diversity of its assets and infrastructure.
In a speech delivered in London on October 5, Nasser stated that the company's resilience also relies on global strategic inventories, spare production capacity, multiple grades of crude, domestic gas inventories, and the Bahri tanker fleet. Facility preparations also encompass backup equipment and the segregation of critical utilities to limit the impact of disruptions.
Storage facilities at Ras Tanura. (Aramco)
Additional export options
Alongside boosting the efficiency of existing infrastructure, Aramco is studying additional options to transport oil to global markets, aiming to reduce reliance on maritime corridors vulnerable to disruption.
Nasser stated that the company is exploring alternative routes without disclosing their details, explaining that they will be announced once a final decision is reached.
This coincides with a Saudi push to expand oil transport capacity through pipelines. In statements made in October, the Minister of Energy spoke of a target to increase the capacity of oil export pipeline routes to ten million barrels per day, as part of ongoing efforts to bolster supply security.
Diversifying crude transport options enables the rerouting of exports when certain pathways are disrupted and mitigates dependence on vital maritime checkpoints, while expanding the pipeline network introduces an additional layer of readiness to counter supply disruptions.
Overseas inventories
Supply management options during crises are not limited to altering transport routes. Storing crude oil outside the Kingdom allows volumes to be held close to consumer markets, providing greater flexibility in meeting customer needs when shipping lanes are disrupted or tanker arrivals are delayed. Saudi Aramco is actively seeking to expand these options, with its latest step coming via an initial understanding with Singapore.
On October 26, Saudi Arabia and Singapore announced an initial understanding to store Saudi crude oil in the Jurong Rock Caverns on Singapore's Jurong Island.
The facility is located underground at a depth of around 150 meters, with a total capacity of nearly nine million barrels of liquid hydrocarbons. The storage of Saudi crude oil at the facility is expected to begin during the second half of 2027.
Singapore is not the company's only international storage point, as Aramco maintains storage arrangements in Okinawa and Kiire in Japan, Ulsan in South Korea, Rotterdam in the Netherlands, and facilities linked to the Sumed pipeline system in Egypt. These strategic locations keep crude close to consumption centers and provide vital alternatives for meeting customer demand during shipping disruptions.
Saudi Market Rises 0.35% to 9,873 Points in Early Tradinghttps://english.aawsat.com/business/5336563-saudi-market-rises-035-9873-points-early-trading
Saudi Market Rises 0.35% to 9,873 Points in Early Trading
An investor walks past the "Tadawul" logo in the Saudi market (Reuters)
Saudi Arabia’s benchmark stock index, the Tadawul All Share Index (TASI), rose 0.35% to 9,873 points in early trading on Monday, gaining 34.87 points from its previous close of 9,838.
Cisco Holding led the gainers, rising 6.66% to 35.22 riyals, followed by Miahona, which climbed 4.72% to 42.12 riyals.
Riyadh Cables advanced 4.02% to 96.95 riyals.
Among the decliners, GIG led losses, tumbling 9.01% to 25.66 riyals, followed by Bawan, down 6.25% at 23.72 riyals. Tasheel also shed 4.46% to 19.08 riyals.
Gold Rises on Softer Oil; Markets Parse Fed Signalshttps://english.aawsat.com/business/5336554-gold-rises-softer-oil-markets-parse-fed-signals
Gold Rises on Softer Oil; Markets Parse Fed Signals
A salesman presents gold bars at a jewelry shop inside the Gold Market at the Old Souk in Dubai (EPA)
Gold prices bounced on Monday, after a selloff in the previous session, as weaker oil prices tempered inflation concerns, while investors assessed comments from the Federal Reserve for clues on the path of US interest rates.
Spot gold rose 0.8% to $3,903.90 per ounce by 0757 GMT, after hitting a one-year low in the previous session. US gold futures for December delivery gained 0.4% to $3,913.20.
Bullion slumped 3.5% to its lowest since October 2025 on Friday, falling below its key $4,000 per ounce level amid a selloff in technology stocks that led to margin calls, and the forced sale of safe-haven assets such as gold.
"We're just getting a bounce after the selloff, along with oil prices coming off to start the week, which is providing a little bit of a relief for precious metals generally," said Kyle Rodda, senior financial market analyst at Capital.com.
Oil prices fell more than 3% after Reuters reported that Iranian negotiators were in Doha on Sunday for a third consecutive day of talks with Qatari mediators aimed at pushing for a deal to end the US-Israeli war on Iran.
Elevated energy prices often raise the expectation that the Fed will keep interest rates higher for longer, increasing the opportunity cost of holding non-yielding bullion.
Investors are now focusing on the November 3 US midterm elections and their potential impact on fiscal policy and broader market sentiment.
Meanwhile, a trio of Fed officials made the case on Friday for more interest rate increases to combat high levels of inflation, in the first round of commentary made by central bankers after last week's monetary policy meeting at which policymakers left short-term borrowing costs steady.
"Gold faces a difficult near-term environment in which technical selling and liquidity concerns are overshadowing its longer-term investment appeal," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.
Spot silver climbed 2.5% to $50.33 per ounce, platinum steadied at $1,431.50 and palladium gained 0.9% to $986.00.
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