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Production, Services Boost Non-Oil Economy in Saudi Arabia

Saudi Finance Minister Mohammad al-Jadaan.
Saudi Finance Minister Mohammad al-Jadaan.
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Production, Services Boost Non-Oil Economy in Saudi Arabia

Saudi Finance Minister Mohammad al-Jadaan.
Saudi Finance Minister Mohammad al-Jadaan.

Saudi Finance Minister Mohammad al-Jadaan revealed that the Kingdom made tangible progress in economic diversification, citing an increase in the growth rates of the non-oil economy from about 0.2 percent in 2016 to about 3.3 percent in 2019, reaching nearly 5.4 percent in H1 2021.

Jadaan noted that the authorities' efforts contributed to the gradual recovery of the Saudi economy in containing the financial and economic repercussions of the COVID-19 pandemic through plans, programs and policies aimed at facing risks.

Speaking on the occasion of Saudi National Day, he stressed that the Ministry of Finance, in partnership with the National Center for Government Resources Sys., facilitated financial transactions for the public and private sectors.

The Etimad application received over 623,000 payment orders, worth more than $153.3 billion. It completed exchange procedures worth $151.6 billion within 15 days, representing more than 98 percent of the value of the payment orders received.

The volume of trading in the local secondary debt markets increased by more than $18.6 billion in 2020, and the indirect lending initiative contributed to financing small and medium enterprises.

Jadaan stated that the initiative to support the sustainability of companies and the initiatives of the Projects Support Fund contributed to supporting private sector facilities to enhance their role in the economic system to achieve the objectives of Vision 2030.

Since the launch of Vision 2030, the state's public deficit was reduced from 15.8 percent in 2015 to 4.5 percent in 2019.

Saudi Arabia is expected to lower the deficit in 2021 after containing the financial and economic repercussions of the COVID-19 pandemic.

Jadaan said Saudi Arabia had saved SR500 billion over the last four years until mid-2021, backed by its spending efficiency efforts.

According to the Minister, the privatization project is proceeding according to plan, as 17 sectors and 176 initiatives were identified, 32 of which were launched and 18 others awarded to relevant companies.

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Business

Gold Eases as Strong US Jobs Data Tempers Fed Rate‑cut Expectations

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Eases as Strong US Jobs Data Tempers Fed Rate‑cut Expectations

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices ticked lower on Thursday, after unexpectedly strong US jobs data for January dented hopes for more interest rate cuts from the Federal Reserve in the near term, while a firmer dollar added to pressure on the market.

Spot gold edged 0.3% lower to $5,064.90 per ounce by 0820 GMT. US gold futures for April delivery lost 0.2% to $5,086.30 per ounce.

Spot ‌silver fell 0.5% ‌to $83.59 per ounce, after a 4% climb ‌on ⁠Wednesday, Reuters said.

"Gold eased back ⁠from above $5,100 and silver from above $86 after stronger-than-expected US jobs data tempered expectations of imminent Fed rate cuts, lifting the dollar," said Ole Hansen, head of commodity strategy at Saxo Bank.

The US dollar index edged higher, making dollar-priced metals more expensive for other currency holders.

"The renewed focus on incoming economic data suggests ⁠a degree of normalization following the recent volatility ‌spike, while the upcoming Lunar New ‌Year holiday in China may further dampen risk appetite and liquidity," ‌Hansen added.

Fed policymakers appear likely to keep interest rates ‌on hold for longer after data on Wednesday showed the US job market began 2026 on a stronger footing than expected.

US job growth unexpectedly increased in January by 130,000 jobs after a downwardly revised ‌48,000 rise in December, while the unemployment rate fell to 4.3%.

Economists polled by Reuters had forecast ⁠payrolls advancing by ⁠70,000 jobs.

Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Investors are waiting for the weekly US jobless claims report later in the day and inflation data on Friday for more cues on the Fed's monetary policy path.

"I think the CPI (inflation) print on Friday will be key. If we get a softer CPI print coupled with the jobs report data, that could keep gold from advancing much further and could see gold make a foray back below the $5000/oz mark," said Zain Vawda, analyst at MarketPulse by OANDA.

Spot platinum shed 0.7% to $2,117.09 per ounce, while palladium rose 0.7% to $1,704.50.

Business

Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)
An employee at the Riyadh Infrastructure Projects Center (SPA)
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Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)
An employee at the Riyadh Infrastructure Projects Center (SPA)

The Riyadh Infrastructure Projects Center said it coordinated and delivered more than 8,000 infrastructure projects across the Saudi capital in 2025 under a comprehensive master plan launched last year.

The center explained that the plan is built on an integrated spatial and scheduling methodology designed to unify efforts, improve planning and execution efficiency, and reduce conflicts between projects.

The approach helped cut infrastructure project delivery times by 24 percent and generated cost savings through stronger governance, reduced unnecessary road resurfacing, and fewer service disruptions.

The methodology allows projects to be managed within a single regulatory framework that links spatial planning with implementation timelines and provides a centralized source of data.

This framework supports informed decision-making and improves coordination among the energy, water, telecommunications and road sectors.

According to the center, implementation of the master plan led to the resolution of 9,550 spatial conflicts and the management of 82,627 scheduling overlaps, in addition to addressing 436 conflicts related to major public events. These measures reduced project clashes, accelerated delivery, improved operational stability, and minimized the impact of construction on traffic flow and surrounding activities.

The center said the comprehensive master plan is one of its core strategic mandates and has become a unified regulatory reference that strengthens integration among government entities and raises the level of institutional coordination.

Working with more than 22 relevant stakeholders, the center exceeded its first-year targets by 108 percent.

It added that the achievements reflect a commitment to sound regulatory practices that support the sustainability of infrastructure projects, enhance service quality, and maximize developmental impact across the Riyadh region.

Business

Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
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Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)

Syria is moving swiftly to reclaim its role as a regional energy player, as the head of the Syrian Petroleum Company, Youssef Qiblawi, outlined ambitious plans to open the country’s oil and gas sector to major international firms, including Chevron, ConocoPhillips, TotalEnergies and Eni.

In comments to The Financial Times, Qiblawi said Syria has explored less than a third of its hydrocarbon potential. He noted that trillions of cubic meters of gas remain untapped in largely untouched areas, awaiting international expertise and technology to be brought into production.

Strategic alliances and offshore exploration

Signs of a new energy map are already emerging. Chevron has signed an agreement with Qatar’s Power International Holding to begin exploration in an offshore block, with field operations expected to start within two months.

Plans extend beyond that first project. QatarEnergy and TotalEnergies are considering participation in a second offshore block, while talks are under way with Italy’s Eni over a third.

ConocoPhillips has also strengthened its presence through a previously signed memorandum of understanding, reflecting what Qiblawi described as growing confidence among global energy companies in the commercial potential of Syria’s energy sector.

The production challenge

After years of conflict, the Syrian government has reasserted control by force over oilfields in the northeast that were previously held by Kurdish forces. Qiblawi described the condition of these fields as poor, saying production has fallen from about 500,000 barrels a day to roughly 100,000.

He attributed the decline to sabotage and the use of explosives to boost short-term output at the expense of long-term reservoir health.

Qiblawi said he would offer international companies existing fields to rehabilitate, allowing them to use the revenues to fund exploration elsewhere. “That would be costly, but I will give them some pieces of cake to generate money,” he said.

Closing the technology gap

Syria is seeking to bridge a significant technical gap, particularly in deep-water exploration. While seismic surveys and preliminary mapping of potential fields have been completed, advanced technology is lacking. Talks are planned with BP in London, while the government says it remains open to cooperation with Russian and Chinese firms.

Industry estimates suggest Syria holds proven reserves of around 1.3 billion barrels of oil, alongside vast unexplored areas, especially offshore.

Separately, Reuters reported that a large consortium is preparing to launch extensive exploration and production operations in northeastern Syria.

The group includes Saudi Arabia’s TAQA alongside US energy and oilfield services companies Baker Hughes, Hunt Energy and Argent LNG.

The consortium aims to develop four to five exploration blocks in areas previously under Kurdish control, with executives framing the effort as a step toward unifying the country’s resources and delivering tangible economic gains.

Toward energy stability

With around 2,000 engineers currently assessing damage in the northeast, the Syrian government hopes to publish a full recovery timetable by the end of February.

Officials at the Syrian Petroleum Company say they are optimistic that gas production can be doubled to 14 million cubic meters a day by the end of 2026, supported by renewed regional investment led by Saudi and US firms in energy and infrastructure projects.