Saudi Arabia Launches Ambitious Regional Transport Projects to Boost Connectivity

Saudi Minister of Transport and Logistics at the center of the attendees during the opening of the Saudi International Rail Exhibition and Conference (Asharq Al-Awsat). 
Saudi Minister of Transport and Logistics at the center of the attendees during the opening of the Saudi International Rail Exhibition and Conference (Asharq Al-Awsat). 
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Saudi Arabia Launches Ambitious Regional Transport Projects to Boost Connectivity

Saudi Minister of Transport and Logistics at the center of the attendees during the opening of the Saudi International Rail Exhibition and Conference (Asharq Al-Awsat). 
Saudi Minister of Transport and Logistics at the center of the attendees during the opening of the Saudi International Rail Exhibition and Conference (Asharq Al-Awsat). 

The second edition of the Saudi International Rail Exhibition and Conference has emerged as a key platform for unveiling an ambitious roadmap for both domestic expansion and regional collaboration in the transport sector. Over two days, the event gathered government officials, industry leaders, and experts from around the world to exchange insights and showcase the latest innovations in railway technology.

Saudi Minister of Transport and Logistics and Chairman of the Saudi Railway Company (SAR), Saleh bin Nasser Al-Jasser, announced that the Kingdom’s railway network now stretches over 6,000 kilometers, with further expansion planned to cover new regions in the coming years. He revealed ongoing cooperation with eight neighboring countries on joint projects to enhance land and economic connectivity, noting that the Gulf Railway Project stands as a prime example of such partnerships.

Al-Jasser emphasized that rail transport has become a cornerstone of national development, facilitating trade, expanding sustainable mobility, supporting the logistics sector, and improving road safety. He noted that SAR achieved record numbers last year, transporting more than 13 million passengers and over 28 million tons of freight and minerals across its four networks.

The minister highlighted a series of major agreements signed last year, including the purchase of 10 new trains and the launch of the region’s first luxury desert tourism service, the “Desert Train.” He also announced the Qiddiya High-Speed Rail project, a line linking King Salman International Airport, King Abdullah Financial District (KAFD), and Qiddiya City. Operating at speeds of up to 250 km/h, the train will cut travel time to 30 minutes, strengthening Riyadh’s urban mobility and regional links.

SAR CEO Dr. Bashar bin Khalid AlMalik noted that the global rail industry is expanding rapidly, with G20 countries operating over 900,000 kilometers of track, including more than 33,000 kilometers of high-speed rail. Annual global investment in rail infrastructure and operations now exceeds two trillion riyals, he added, highlighting the importance of private-sector participation alongside governments.

Saudi Arabia’s rail network exceeds 5,500 kilometers - roughly the distance from Riyadh to Madrid - underlining its strategic location linking three continents. SAR’s operations have saved over 113 million liters of fuel and reduced millions of tons of emissions, supporting the Saudi Green Initiative. By 2035, the company aims to increase freight volumes fivefold and quadruple passenger numbers.

During the ministerial session, transport ministers from Saudi Arabia, Bahrain, Jordan, and Syria stressed the strategic role of railways in driving economic growth and fostering regional integration. Al-Jasser said that 50% of the government’s transportation strategy budget is allocated to rail, and that cooperation with Gulf states aims to unify technical standards, infrastructure design, signaling systems, and operational safety. This has already led to the creation of the GCC Railway Authority.

Al-Jasser added that Saudi Arabia is working bilaterally and multilaterally with eight neighboring states to integrate networks, with projects like the India–Middle East–Europe Economic Corridor (IMEC) showcasing successful international cooperation.

Bahraini Transport Minister Sheikh Abdullah Al-Khalifa underscored the importance of the 1986 land link between Bahrain and Saudi Arabia for his country’s economy. For his part, Jordanian Transport Minister Dr. Nidal Al-Qatamin praised Saudi Arabia’s rapid rail progress under Vision 2030, noting the opportunity to connect to the Kingdom’s network at the Jordanian border.

On the sidelines of the event, Meto Trajkovski, Managing Director and Partner at Boston Consulting Group, stated that developing Gulf rail networks will not only benefit Saudi Arabia but also boost neighboring economies, positioning the region as a land bridge between Asia and Europe. He noted that rail lines have been critical to the Kingdom’s mining sector and that public–private partnerships will be essential to sustain growth in this capital-intensive industry.

 

 



Syria Signs Landmark Offshore Oil Field Deal

Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
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Syria Signs Landmark Offshore Oil Field Deal

Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
Caption: A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi

Syria ’s state-owned petroleum company signed a memorandum of understanding with the US and Qatar on Wednesday for the development of the country’s first offshore oil and gas field.

Syrian Petroleum Company's deal with US energy giant Chevron and the Qatar-based Power International Holding was signed in Damascus in the presence of the US's special envoy to Syria, Tom Barrack, The AP news reported.

Syria's state news agency, SANA, said that the agreement aims to strengthen strategic partnerships in the energy sector and will cover cooperation in offshore exploration and the development of oil and gas resources in Syria’s territorial waters, as well as broader efforts to support investment and energy-sector development.

The deal marks Syria’s first formal step toward offshore energy exploration as the government seeks to expand hydrocarbon production and attract foreign partners.

Syria’s oil and gas sectors were adversely impacted by the country’s nearly 15-year conflict that killed half a million people and caused wide destruction.


Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Extends Gains as Renewed US-Iran Tensions Fuel safe-haven Bid

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold rose further on Wednesday after logging its biggest daily gain in 17 years in the previous session, as investors flocked to the safe-haven asset amid fresh US-Iran tensions.

Spot gold was up 2.2% at $5,046.47 per ounce, as of 1218 GMT, building on a 5.9% rise on Tuesday.

US gold futures for April delivery climbed 2.7% to $5,068.90 per ounce.

"It is a confluence of risk factors that's really driving the demand. One, there is that central bank independence question, and two, there's all the geopolitical risk aspects," said WisdomTree commodities strategist Nitesh Shah, Reuters reported.

The US military said on Tuesday it shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea. The incident came as diplomats sought to arrange nuclear talks between Iran and the United States.

Meanwhile, US President Donald Trump said on Monday that the investigation into Federal Reserve Chair Jerome Powell should be taken to the end, raising fresh concerns about the central bank's independence.

Gold is rebounding after tumbling nearly 10% on Monday, extending losses from Friday, in the sharpest two-day sell-off in decades. The rout was triggered by Trump's announcement of Kevin Warsh as his pick to lead the Fed and compounded by CME margin hikes. The metal is currently up over 17% for the year.

Market attention will be on the ADP private payrolls report, due later in the day, for clues into the Fed's policy path. Investors currently expect at least two rate cuts in 2026.

"With the Fed still expected to cut further rates this year, this should allow gold to reach $6,200/oz later this year," said UBS analyst Giovanni Staunovo.

Non-yielding bullion tends to perform better in low-interest-rate environments.

Meanwhile, spot silver rose 5.7% to $90 an ounce on Wednesday. The white metal hit a month-low of $71.33 on Monday following a record high of $121.64 on Thursday last week.

Spot platinum added 4% to $2,297.58 per ounce, while palladium gained 5.3% to $1,825.


Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)
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Turkish Treasury Says Sold 2 Bln Euro of Eurobond, Lowest Spread in 15 Years

General view of the Istanbul Finance Center (Reuters)
General view of the Istanbul Finance Center (Reuters)

The Turkish Treasury said on Wednesday it sold 2 billion euros ($2.37 billion) worth of its latest 8-year eurobond at a yield of ‌5.20%, adding ‌that ‌it ⁠had the lowest ‌spread among euro-denominated issuances over the past 15 years.

The bond will mature on March ⁠10, 2034, Reuters quoted it as saying, ‌adding that the ‍yield ‍was below the ‍fair value implied by the dollar yield curve and was priced at approximately MS +242 basis points.

With this ⁠transaction, the total amount of funds raised from international capital markets in 2026 has reached approximately $5.9 billion, the Treasury said.