Saudi SAR Signs Agreements, MoU to Develop Railways

The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
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Saudi SAR Signs Agreements, MoU to Develop Railways

The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)

The Saudi Railways Company (SAR) concluded several agreements and memoranda of understanding with global partners to achieve the objectives of the national strategy for transport and logistics.

SAR participated in InnoTrans and the international trade conference in Berlin.

SAR awarded a contract to the French electronics company Thales for developing a signaling and control system for rail networks in the Eastern port of Dammam.

The agreement also includes “upgrading the efficiency of logistic operations and expanding rail networks in the Kingdom.”

SAR recently signed MoUs with Thales and other international partners to develop its national transport strategy and logistic services.

The company also signed a strategic MoU with Alstom Company to explore opportunities for the future of sustainable mobility in the Kingdom and develop and implement solutions related to railway infrastructure and capability aligned with Vision 2030.

The company pointed out that it aims to transfer technology and knowledge, sustainable development and application of the best standards, and strategic cooperation to develop logistics transport services.

Furthermore, SAR signed several agreements with Siemens to transfer knowledge and best practices, improve customer satisfaction experience, and localize the railway sector in the Kingdom.

In addition, SAR announced that it signed an agreement with the University of Birmingham to encourage national cadres and provide the best job opportunities in the railway by organizing training courses and applied studies.

Meanwhile, Saudi Arabia participated in the International Astronautical Conference (IAC) in France. It reviewed its experience in space, potential, and future aspirations for this vital and promising sector.

The CEO of the Saudi Space Authority, Mohammad al-Tamimi, met several agency officials, companies, and sector leaders to discuss bilateral cooperation in space economies and future sectors.

Tamimi met with Deputy Assistant to Executive Secretary of the US National Space Council Chirag Parikh to enhance cooperation in the space field and develop its legislations and regulations.

He later met with the President of the Italian Space Agency, Giorgio Saccoccia, and covered efforts to boost relations between the two sides in the space field.

He also held a meeting with the CEO of the UK Space Agency, Paul Bate, to strengthen and develop cooperation in the space field, and the Chairperson of UAE Space Agency, Sarah al-Amiri, to enhance strategic partnership in the space field and its sectors.

He discussed with Airbus officials the sector's existing projects and development opportunities.



US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
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US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)

US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Bessent, in remarks outlining his vision for US engagement with the IMF and World Bank on the sidelines of the institutions' spring meetings, said that they serve critical roles in the international financial system.

"And the Trump administration is eager to work with them - so long as they can stay true to their missions," Bessent said in prepared remarks to the Institute of International Finance.

"The IMF and World Bank have enduring value. But mission creep has knocked these institutions off course. We must enact key reforms to ensure the Bretton Woods institutions are serving their stakeholders - not the other way around," he said, calling on US allies to join the effort. "America First does not mean America alone."

Bessent said the IMF needed to focus on its key mandate and adhere to strong standards in its lending.

"The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender, and social issues. These issues are not the IMF's mission."

"And sometimes, the IMF needs to say 'No.' The organization has no obligation to lend to countries that fail to implement reforms."

Bessent added that the World Bank must be "tech-neutral and prioritize affordability in energy investment. In most cases, this means investing in gas and other fossil fuel-based energy production."

He added that it could also finance renewable energy projects along with systems to manage energy latency in wind and solar.