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Haramain High-speed Train to Start Operating in October

The Haramain high-speed train. (SPA file photo)
The Haramain high-speed train. (SPA file photo)
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Haramain High-speed Train to Start Operating in October

The Haramain high-speed train. (SPA file photo)
The Haramain high-speed train. (SPA file photo)

Public Transport Authority Chief and Acting President of the Saudi Railways Organization (SRO) Rumaih Al-Rumaih announced on Thursday that the Haramain high-speed train will start commercial operations on Oct. 1.

Rumaih said that there will be scheduled weekly trips from Makkah, Madinah, Jeddah and King Abdullah Economic City of Rabigh on Thursday, Friday, Saturday and Sunday between Oct. 1 and Dec. 31. There will be eight services daily on both sides (four trips each side) in the morning and evening until the end of this year.

Starting 2019, the train will operate based on a new schedule.

The ticket rate for the journey between the two passenger stations in Jeddah and Makkah has been priced at SAR40 in the regular class and SAR50 in business class. The trip between Makkah and Madinah costs SAR150 in regular class and SAR250 in business class.

As an initial offer, the rail line will cut prices in half for two months starting from October, confirmed Rumaih.

Mohammed Fida, director general of the Haramain High Speed Train Project, said that tickets will be available on the project’s website from October. This will coincide with the launching of a special App for booking and purchasing of tickets.

He said that the sprawling Jeddah railway station has the capacity to hold 25,000 passengers in an hour. The Makkah Rusaifah station, located 4 km from the Grand Mosque, has a capacity to accommodate 20,000 passengers per hour while the Madinah station, which is 9 km from the Prophet’s Mosque, has a capacity of 4,000 passengers.

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Business

Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
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Saudi PIF, Talaat Moustafa Group Sign Strategic Partnership to Collaborate in Urban Development

Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)
Officials are seen at the signing of the agreement between Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) on Sunday .(PIF)

Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG) announced on Sunday the signing of a non-binding Memorandum of Understanding (MoU) to explore opportunities, cooperate and collaborate in mixed-use real estate projects at developments owned by PIF and its projects across the Kingdom, PIF said in a statement.

By leveraging PIF’s extensive investment capabilities, scale, and ecosystem, alongside TMG’s track record in delivering integrated mixed used developments, the parties aim to unlock opportunities across the residential, commercial, hospitality, and retail sectors, as well as integrated urban environments.

The new agreement would further accelerate project delivery and value creation for PIF and its projects, it said.

The MoU supports PIF’s urban development and livability ecosystem, one of six ecosystems outlined in its 2026-2030 strategy.

The partnership, under PIF’s umbrella, would achieve several operational opportunities, mainly:

- Urban development to build integrated, human-centric communities and destinations that enhance connectivity and elevate the quality of life.

- Mixed-use real estate that develops mega, mixed-use urban communities in addition to the development of offices, commercial spaces, and entertainment complexes supported by integrated basic services.

- Expanded private sector to create a collaborative framework that opens avenues for participation from additional investors to join future phases of projects, and foster knowledge transfers and expand private sector roles as investors, partners and suppliers.

Integrated investment, leadership in regional development

The new alliance will be based on well-established principles from both signing parties.

The MoU is part of PIF’s broader strategic goals to diversify Saudi Arabia’s economy. PIF continues to build regional and international partnerships to diversify the non-oil economy and further unlock the full potential of the Saudi strategic assets and maximizing long-term returns.

TMG is a real estate and tourism conglomerate, and one of the region’s leading fully integrated businesses. For nearly 55 years, the Group has successfully developed fully integrated cities and communities and created world-class hotels and resorts.

TMG brings extensive regional experience in delivering large scale integrated residential, commercial and hospitality projects across the region, enhancing the technical and managerial capacity of this collaboration.

Accelerating homeownership among Saudis

The new partnership aligns with Saudi Arabia’s Vision 2030 strategy to diversify the economy, attract investment and increase private-sector participation in key industries.

It mainly supports efforts to expand housing supply and develop integrated communities as the Kingdom works toward raising homeownership among Saudi citizens to 70% by 2030.

PIF said the non-binding MoU is subject to the satisfaction of certain conditions precedent and obtaining all necessary regulatory and internal approvals.

Business

Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
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Gold Extends Losses on US Interest Rate-Hike Fears

Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)

Gold prices extended losses on Monday on rising fears of a US rate hike after a strong jobs report, while renewed hostilities in the Middle East pushed oil prices higher and fanned inflation concerns.

Spot gold fell 1% to $4,287.66 per ounce by 0544 GMT. Prices fell about 3% on Friday, hitting the lowest since March 24.

US gold futures for ‌August delivery were ‌down 1.2% at $4,311.

"It is all based on ‌the ⁠hawkishness that the ⁠market has started to place on the Fed futures," said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.

The yield on the benchmark 10-year US Treasury note rose after jumping to a two-week high in the previous session, increasing the opportunity cost of holding non-yielding ⁠bullion.

Israel said it struck military targets in ‌western and central Iran on Monday, ‌even after US President Donald Trump reportedly told Israeli Prime Minister Benjamin ‌Netanyahu to refrain from further attacks.

Oil prices rose more than $3 ‌a barrel, deepening concerns over inflation and interest rate hikes.

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

The US economy posted a third ‌straight month of strong job gains in May, confirming the labor market was gaining traction after ⁠stumbling last ⁠year and giving the central bank more room to keep rates steady amid rising inflation due to the Iran war.

Markets are pricing in a Federal Reserve rate hike before year-end, with a 72% chance of a move by December, according to CME Group's FedWatch tool.

Cleveland Fed President Beth Hammack said on Friday that new jobs numbers show the labor market was roughly in balance and near full employment, while continued high inflation may require the Fed to raise rates soon to contain it.

Spot silver was down 2.2% at $66.33 per ounce, platinum lost 2.1% to $1,739.78, and palladium fell 1.5% to $1,207.50.

Business

Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
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Riyadh Air Launches Five New Destinations, Moves Up Inaugural London Flight

Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)
Boeing 787 Dreamliner aircraft (Asharq Al-Awsat)

Riyadh Air, a Public Investment Fund company, has announced the launch of five new destinations - Cairo, Dubai, Jeddah, Madrid, and Manchester - as the first three Boeing 787-9 Dreamliner aircraft in its modern fleet have arrived.

The carrier said the new destinations are part of its expansion plans to strengthen air connectivity between Riyadh and several of the world’s prominent economic, tourism, and cultural hubs, adding that more destinations will join its network in the coming weeks.

The announcement continues Riyadh Air’s operational progress, with its third new aircraft arriving in the Kingdom on Sunday, strengthening its operational readiness and supporting its target of connecting Riyadh to more than 100 destinations worldwide by 2030.

Flights to Jeddah are scheduled to begin June 14, followed by Dubai on June 18 and Cairo on June 25. Flights to Madrid will start on July 17, and Manchester on July 23.

Riyadh Air also announced that it has moved up its inaugural London flight from July 1 to June 10, in conjunction with the early delivery of its new aircraft.

Riyadh Air’s modern fleet features cabins equipped with the latest technologies and enhanced onboard experiences, along with a range of hospitality services designed to the highest international standards, providing passengers with a complete travel experience.