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ACWA Power Wins Makkah Excellence Award for Rabigh 3

Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
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ACWA Power Wins Makkah Excellence Award for Rabigh 3

Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo

ACWA Power announced receiving the Makkah Excellence Award for Rabigh 3 for water desalination based on reverse osmosis technology.

The new desalination plant is designed with a capacity of 600,000 m³ / day of potable water.

It is considered one of the largest desalination stations through reverse osmosis in the world, with an innovative design that guarantees efficiency and confidentiality compared to any other station.

Prince Khalid Al-Faisal bin Abdulaziz, the advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region, handed the award to ACWA Power Chairman Mohammad Abunayyan during the award distribution ceremony.

The award sheds light on the company’s commitment to maintaining the highest levels of operating excellence and economic feasibility.

It also stresses the company’s contribution to achieving the sustainability goals in Saudi Arabia.

“Rabigh 3” supports the accomplishment of the Saudi Vision 2030 goals.

It aims to nationalize industrial projects and create a strong domestic economic impact. It further seeks to create local job opportunities for the Saudi youths.

The ultimate goal is to boost transformation and development in the water and energy sectors in a way that embodies the role of ACWA Power as one of the pioneering Saudi firms in this domain.

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Business

Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
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Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)

Gold prices rose on Monday, driven by growing expectations of a US interest rate cut that pressured the dollar, ahead of a Federal Reserve policy meeting this week.

Spot gold rose 0.3% to $4,209.43 per ounce by 0851 GMT. US gold futures for December delivery fell 0.1% to $4,239.40 per ounce.

The dollar index edged lower, hovering near the one-month low reached on December 4, making dollar-priced gold more affordable for overseas buyers.

"Gold is benefiting from a weaker U.S. dollar and market participants expecting the Fed to cut interest rates this week," said UBS analyst Giovanni Staunovo.

Data last week showed that US consumer spending grew moderately in September. That reflected a slowdown in economic momentum amid rising costs and weakness in the labor market as private payrolls saw their steepest decline in over two-and-a-half years in November.

According to CME's FedWatch tool, markets are pricing in an 87% probability of a 25-basis-point rate cut at the Fed's December 9-10 policy meeting, following the release of weak economic data and dovish remarks from several Fed officials.

Lower interest rates typically bolster demand for non-yielding assets like gold.

"We still look for more rate cuts next year, which should push gold to $4,500/oz next year," added Staunovo.

Silver was up 0.3% at $58.43 per ounce, after hitting a record high of $59.32 on Friday.

"Silver is benefiting from the same factor as gold. Additionally the expectation of improving industrial demand as a result of monetary and fiscal stimulus helped silver to outperform gold in recent weeks," Staunovo said.

The white metal has doubled in price this year, driven by supply deficits and its designation as a critical mineral by the US.

Elsewhere, platinum gained 0.6% to $1,650.90 and palladium rose 1% to $1,471.26.

Business

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port
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Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

The Saudi Ports Authority (Mawani) signed a contract with Arabian Agricultural Services Company (ARASCO) to establish a logistics center for storage and distribution at King Abdulaziz Port in Dammam, reported the Saudi Press Agency on Monday.

Valued at SAR200 million, the center will span 40,000 square meters and aims to bolster food security in the Kingdom while increasing port capacity.

The move aligns with the objectives of the National Transport and Logistics Strategy to solidify the Kingdom's position as a global logistics hub.

The contract further strengthens Mawani’s ongoing efforts to boost the efficiency of national supply chains and optimize operations at King Abdulaziz Port.

The investment is designed to bolster King Abdulaziz Port's capabilities in grain unloading and storage by constructing warehouses capable of handling up to 100,000 metric tons.

Business

Iranian Products Featured at Arab, Global Expo in Makkah 

The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
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Iranian Products Featured at Arab, Global Expo in Makkah 

The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)

The Iranian pavilion at the Arab and Global Expo in Makkah displayed a variety of Iranian products from numerous sectors, attracting a large number of visitors.

The pavilion featured food items, spices, sweets, and nuts, as well as textiles, leather goods, handicrafts, and handmade items, all representing Iranian heritage.

The pavilion's participation aims to strengthen trade relations with the Saudi and Gulf markets and open new channels for economic cooperation.

The exhibition provides an important platform to showcase the quality and competitiveness of Iranian industries.

The Arab and Global Expo in Makkah, running until December 12, is one of the most prominent trade events, bringing together companies and institutions from several countries to promote trade and present innovative and diverse products to visitors.