عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Global Alliance for Railway Project to Link Eastern and Western Saudi Arabia

Officials speak at a panel discussion on the sidelines of the Municipal Investment Forum on Tuesday (Yazid Al-Samrani)
Officials speak at a panel discussion on the sidelines of the Municipal Investment Forum on Tuesday (Yazid Al-Samrani)
TT
TT

Global Alliance for Railway Project to Link Eastern and Western Saudi Arabia

Officials speak at a panel discussion on the sidelines of the Municipal Investment Forum on Tuesday (Yazid Al-Samrani)
Officials speak at a panel discussion on the sidelines of the Municipal Investment Forum on Tuesday (Yazid Al-Samrani)

Saudi Minister of Transport and Logistics Eng. Saleh Al-Jasser unveiled on Tuesday an international coalition led by a Chinese company, with 11 other international firms, to complete the design of the railway Landbridge Project that will connect the eastern and western parts of the Kingdom.

The minister pointed to the presence of 22 investment opportunities, including four regional airports, to be offered to the private sector.

He made his comments at the second edition of the Municipal Investment Forum (Furas), which was held in Riyadh and attended by a number of ministers and officials.

He noted that partnership and cooperation with the municipal and housing system, and the national strategy for transportation and logistics included investments exceeding 600 billion riyals ($160 billion).

Speaking during the same event, Majid Al-Hogail, Minister of Municipal and Rural Affairs and Housing, announced the adoption of the Municipal Investment Portal (Furas) as a unified national portal for offering real estate investment opportunities with Saudi government agencies.

Al-Hogail added that municipal investments were related to five programs of Vision 2030, including privatization, housing, quality of life, serving the guests of Rahman, and financial sustainability.

Eng. Khaled Al-Falih, Minister of Investment, talked about the distribution of investment opportunities according to the National Investment Strategy, which was estimated at 12.4 trillion riyals ($3.3 trillion).

He explained that 20 percent of investments went to the real estate sector at a value of 2.5 trillion riyals ($666 billion), while 14 percent for transportation and logistics services, at a value of 1.7 trillion riyals ($453 billion), followed by tourism (9 percent), with a value of 1.1 trillion riyals ($293 billion).

Bandar Alkhorayef, Minister of Industry and Mineral Resources, stated that the National Strategy for Industry enables Saudi Arabia to embrace advanced industries with high economic value, revealing efforts to increase the number of factories from 12,000 to 36,000 in the next stage.

On the sidelines of the event, Al-Hogail attended the signing of three agreements, including an executive program agreement for bilateral cooperation between his ministry and South Korea’s Ministry of Land, Infrastructure and Transport.

The forum featured more than 5,000 investment opportunities, suitable for all segments of investors, including entrepreneurs, owners of small and medium enterprises, and large investors in various economic activities across Saudi cities.

Most Viewed

 
 
Business

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
TT
TT

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.