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Saudi Arabia Targets Tuwaiq with $760 Bn Projects

Saudi Minister of Energy Prince Abdulaziz bin Salman and Minister of Investment Khalid al-Falih during the signing ceremony of an agreement with Tuwaiq (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman and Minister of Investment Khalid al-Falih during the signing ceremony of an agreement with Tuwaiq (SPA)
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Saudi Arabia Targets Tuwaiq with $760 Bn Projects

Saudi Minister of Energy Prince Abdulaziz bin Salman and Minister of Investment Khalid al-Falih during the signing ceremony of an agreement with Tuwaiq (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman and Minister of Investment Khalid al-Falih during the signing ceremony of an agreement with Tuwaiq (SPA)

Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and the National Center for Industrial Development CEO, Abdul Rahman al-Qirtas, signed an agreement to support the sustainable growth of the Kingdom’s manufacturing sector.

The partnership takes Vision 2030 ambitions a step closer towards economic diversification and localization, with $760 billion invested into the renewable energy sector enabling sustainable development of energy supply chains.

Prince Abdulaziz stated that the Energy Ministry supports the establishment of the Tuwaiq Casting and Road Company to contribute to the localization of the energy sector in its various projects.

He noted that energy projects in oil and gas, petrochemicals, conventional, renewable energy, and hydrogen are significant tributaries in the national economy.

Prince Abdulaziz stated that the system aims to localize 75 percent of the materials required in energy sector projects, seeking to attract Saudi investments and capabilities worth $69.3 billion over the next decade.

He explained that the energy system established distinct projects to localize supply chains for the energy sector components, including the Tuwaiq Casting and Metal Industries project.

Prince Abdulaziz stressed that the project provides the main components needed by the energy sector and other sectors, making these projects essential in increasing the local content and sustainability of the energy supply chains.

For his part, the Investment Minister indicated that the Ministry is interested in supporting and developing this category of qualitative investments, which lay the foundations for establishing great industries.

Falih explained that casting and metal methods are the cornerstones of many industries, such as the machinery and equipment industry, paving the way for the development of many manufacturing industries, in line with Vision 2030.

He pointed out that the Ministry facilitated the provision of government incentives that enabled the launch of qualitative investment that would launch several strategic value chains.

Tuwaiq Casting and Road Company is expected to contribute to a $5.5 billion increase in the domestic product and localize supply chains for machinery and equipment.

Furthermore, the Chairman of the board of directors of Saudi Arabian Industrial Investments Company (Dussur), Mohammed Abunayyan, said the agreement is one of the facilities provided by the Saudi government to investors who aim to construct strategic and qualitative projects in line with Vision 2030.

The agreement aimed to localize promising industries, create quality jobs, contribute to raising the gross domestic product, and achieve the desired economic diversification, said Abunayyan.

Tuwaiq Casting and Roads Company was established in 2020, in partnership between Dussur, Aramco, and Doosan, with an investment volume of more than $2 million, aiming to produce 60,000 tons annually of industrial iron products of varying sizes.

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US Treasury Chief Claims Successes in Isolating Iran

FILE PHOTO: US Treasury Secretary Scott Bessent speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: US Treasury Secretary Scott Bessent speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. REUTERS/Abdul Saboor/File Photo
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US Treasury Chief Claims Successes in Isolating Iran

FILE PHOTO: US Treasury Secretary Scott Bessent speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: US Treasury Secretary Scott Bessent speaks to the media after two days of meetings with a Chinese delegation, in Paris, France March 16, 2026. REUTERS/Abdul Saboor/File Photo

US Treasury Secretary Scott Bessent said on Saturday that he had sent envoys around the world to pressure countries to economically isolate Iran, hailing new restrictions targeting the country's airlines and banks.

"At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime," he said on X. "These efforts are delivering results."

Bessent noted that Türkiye and Oman have halted incoming flights from private carrier Mahan Air, while the United Arab Emirates has stopped all flights by Iranian airlines.

Dubai, the UAE's commercial hub, is a major destination for Iran's carriers, with multiple daily flights, a large Iranian community and close business links.

Iran's ISNA news agency, citing officials, reported that five countries had revoked the Iranian republic's flight permits: Azerbaijan, Georgia, Iraq, Oman and the UAE.

But it said flights were still operating to China -- which is refusing to yield to US pressure -- and Russia via the two main airlines, national carrier Iran Air and Mahan.

Mahan had announced that it would no longer serve Türkiye at the request of the Turkish authorities, but flights continue several times a day in both directions, via Iran Air or smaller Iranian carriers, according to the Tehran and Istanbul airport websites.

ISNA said Afghanistan, Armenia, Belarus, Malaysia, Pakistan and Tajikistan were still also being served.

Bessent had said on Monday that all Iranian airlines "will be shut down around the world".

He also highlighted new banking restrictions.

On Wednesday, the UAE central bank blocked transactions to and from Iran by branches of Iran's Bank Melli, accusing it of violating laws on money laundering, terrorism and arms proliferation.

Last week, Türkiye revoked the license of Iran's Bank Mellat, a semi-private financial entity that has been subject to Western sanctions for years.

A Wall Street Journal article shared by Bessent said Jonathan Burke, the Treasury's assistant secretary for terrorist financing, traveled across the Middle East and Europe over two weeks to push the plan to impose what Bessent called "economic D-Day" on Tehran.

The US Treasury has held discussions with more than 50 countries, the Journal reported.

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China, US Agree to $30 Billion Tariff Cut, AI Dialogue

WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
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China, US Agree to $30 Billion Tariff Cut, AI Dialogue

WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP

China and the US have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch dialogue on AI, under an eight-point consensus reached during Chinese President Xi Jinping's visit to the US, China's Ministry of Foreign Affairs said.

The two sides recognized the work of their economic teams and endorsed steps including the establishment of a trade council, the tariff-reduction arrangement and an extension of outcomes from earlier talks in Kuala Lumpur, the ministry said.

The United ⁠States and China ⁠had earlier agreed to extend by two months a trade truce that was due to expire on November 10, allowing more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday.

The leaders of ⁠the world's two largest economies ended a three-day summit that showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state media Xinhua reported on Saturday.

On artificial intelligence, the two sides agreed to establish a dialogue to discuss the technology's risks and benefits, with the next round of discussion set for November, and to set up a communication channel for AI-related incidents, according to the ⁠ministry.

They ⁠also agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of Twenty summit, with both leaders signaling their intention to attend the gatherings hosted by the other, Reuters reported.

On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, the ministry said. They also recalled that China and the United States fought as allies in World War Two.

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Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
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Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo

Gold prices rose on Friday but was on track for a weekly loss, as rising US Treasury yields and growing expectations of Federal Reserve rate hikes weighed on the metal.

Spot gold was up 0.6% at $4,303.19 per ounce by 1210 GMT, but was down about 1.7% so far this week. US gold futures rose 1% to $4,339.

US and Iranian negotiators in New York are seeking a deal that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.

"Gold finds support today as oil prices pull back on renewed hopes for a US-Iran deal," said Nikos Tzabouras, a senior market analyst at Jefferies-owned Tradu.com.

"That said, the precious metal is heading for weekly losses, as higher Fed rates and bond yields raise the opportunity cost of holding gold."

The Fed raised interest rates by a quarter-point last week, its first hike in three years, and flagged more hikes follow. Traders are pricing in a 71% chance of an October hike and a 95% chance of an increase in December, according to the CME FedWatch Tool.

Although gold is traditionally seen as a hedge against inflation, higher rates dampen demand as investors shift to yield-bearing assets.

Gold demand in India picked up modestly this week as lower prices drew in buyers ahead of the festive season.

Oil prices fell, and the dollar eased about 0.3%, making greenback-priced bullion more affordable for holders of other currencies.

"Lingering deficit fears could revive the debasement trend that drives investors toward hard assets like gold. Alongside persistent central bank demand, the precious metal has a credible case for a strong fourth-quarter recovery, should the macro winds begin to shift," said Tzabouras.

Spot silver gained 1.4% to $64.82 per ounce, platinum added 1.7% to $1,777.38 and palladium fell 0.4% to $1,269.77. All three metals were poised for weekly losses.